PREMIUM – U.K. challenger bank #Monzo has made headlines recently for massive losses that quadrupled year-over-year. #Loses were recorded at £33.1 million ($ 43.6 million) in 2017, up from £7.9 million ($ 10.4 million) the previous year, according to the Financial Times. But customers may care more that the digital-first bank had a win when it comes to […]
Bank Innovation
There is a correlation between an FI’s #revenues and its #digital strategy. A new report from advisory firm EY suggests that the more mature an FI’s digital strategy is, the more revenues it is likely to generate. According to the report, released late June, 65% of executives believed that their revenues improved thanks to their firm&8217;s […]
Bank Innovation
PREMIUM – #Cannabis businesses, even when they are legal, have difficulty securing bank accounts, and therefore often deal in cash. But as regulators across the world consider legalizing this market, it may be time for #banks to take note of this new customer. Most recently, Canada announced plans in October to legalize the sale, production, […]
Bank Innovation
It’s not just startups that need watching — neobanks are springing up across the globe, and a particular breed is becoming more common &8212; those backed by traditional #banks. These banks are usually digital-only, but some may have physical branches. For a while, traditional FIs did not concern themselves with these neobanks, which typically offered […]
Bank Innovation
“Customers are disillusioned with traditional #banks, but they still have one key advantage over fintechs,” says Paul Thomas, Managing Director of Provenir, “and that’s customer loyalty.” As an industry veteran Thomas has seen digital disruption affect all parts of the financial services industry, from the market launch of low-cost overseas payments to the development of […]
Bank Innovation
The global professional services company PwC announced via email it will shutter its #DeNovo #platform, which delivered #insights and analysis on #fintech startups, at the end of June. The email reads, in part: At the end of June we will retire DeNovo in its current form. Going forward, we are shifting our resources to specific […]
Bank Innovation
If you have the business idea and you want to grow it, there are several ways that you can adopt. Maybe your friends and family are able to lend support financially or you can go for some other option as well. Surely a bank cannot help you because your loan is a #small amount. There […]
Bank Innovation
In my last blog, I discussed how #technology and talent are the building blocks for #banks’ transformation to what Accenture calls “the New”.
But now let’s take a step back. Around five thousand years ago, humans in what is now China and Europe began working with an alloy of copper and tin. Combined, these two soft metals formed #bronze, a material harder than other metals available at the time.
In the Bronze Age that followed, civilization made great leaps in agriculture, writing and government, all enabled by the gains in productivity from this valuable alloy.
I don’t think it is unrealistic to believe that we are looking at the start of a new Bronze Age, an era of unleashed potential made possible by a new alloy: the combination of human and #artificial #intelligence (AI) in the workplace.
Our recent research into the attitudes of financial services executives and workers toward the future of the workforce indicates that this belief is widely shared. Nearly seven in ten (69 percent) financial services executives said the industry would be completely transformed by intelligent technologies, and nearly two-thirds (63 percent) said they expect AI to result in a net gain in jobs in their organization over the next three years. Bankers were even more optimistic at 74 percent and 67 percent, respectively. And 62 percent of all financial services employees (67 percent in banking) said they expect intelligent technologies to create opportunities for their work.
Across the board, survey respondents said they believed that AI would cause more jobs to be reconfigured than eliminated and that reconfigured jobs would be more strategic. Contradictions emerge, however, as many firms indicate that their people may not be ready for this transformation. Financial services executives say only one in four of their employees are ready to work with intelligent technologies, and nearly half (47 percent) say the growing skills gap is the leading factor affecting their workforce strategy. Yet only a small number (3 percent) indicate they plan to significantly increase their investment in reskilling over the next three years. Firms will need to resolve these contradictions to make real progress in creating the human/AI alloy needed for the new Bronze Age.
A few banks and insurers have already started applying AI to their HR management, but the journey through the three levels has not yet been made at scale and will require significant investment in talent management, retraining and redeployment. The new Bronze Age will confer advantages on firms that can harness the human/AI alloy, but doing so will require a serious commitment to the human as well as the AI part of the mix.
Learn more about Accenture’s research into automation and the future of the workforce in our report, Reworking the Revolution.
The post Will artificial intelligence launch a new Bronze Age? appeared first on Accenture Banking Blog.
PREMIUM – If you walk into #HSBC‘s flagship New York #branch, the chances that you will be greeted by a #robot are pretty high. The bank’s innovation team, which unveiled its SoftBank Robotics-run robot Pepper yesterday, hopes that this will draw more #traffic into the branch, and thus #increase business. The innovation team at HSBC […]
Bank Innovation
PREMIUM – #PayPal has rolled out a new feature that will help its retail clients increase conversions, making it easier for shoppers to become buyers. The payments giant built this solution to address pain points of cluttered online checkouts for both the consumer and retailer. The feature is called #smart #checkout #button. Shoppers are presented with relevant […]
Bank Innovation
Reply