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  • user 12:18 pm on February 27, 2018 Permalink | Reply
    Tags: , , , , , Leveling, , ,   

    Leveling the Playing Field: Cloud as the Enabler of Innovation in Financial Services 

    The words “fast”, “affordable”, and “hassle-free” are seldom used in conjunction with products. However, broader trends are revolutionizing how companies deliver new experiences and engage with customers across the industry. Today’s business differentiators, such as the use of chatbots to automate interactions with customers, are possible due to the advances in provided by …Read More
    Bank Innovation

     
  • user 12:18 am on February 27, 2018 Permalink | Reply
    Tags: Be Fixed, , , Sieve   

    ACH Is a Sieve of Fraud That Needs to Be Fixed 

    EXCLUSIVE &; This month, my company, Royal Media, was robbed. This was a civilized heist, mind you. No guns were involved, no one got hurt — in fact, not a sound was even heard. It was a faceless theft, as well. Its discovery started with an innocuous question by a colleague: “Do you have a Walmart credit …Read More
    Bank Innovation

     
  • user 3:35 pm on February 26, 2018 Permalink | Reply
    Tags: , , , bilateral, , , ,   

    Banking born again: The power of Open Banking bilateral trading 

    The Turritopsis dohrnii, commonly known as the immortal jellyfish, is an extraordinary survivor. Through the rare, natural transformation of cells, an adult can revert to the polyp stage at any time—essentially being reborn as a young jelly.

    Read the report
    Read the report

    The trend is beckoning traditional vertically integrated toward a similar transformation, where they can hit the reset button on their business models to pursue new opportunities, grow their business and guarantee their continued relevance. Driven by regulation, competition—or both—banks are increasingly using APIs to make certain customer data available to third parties. Those third parties can then embed that information into their platforms to improve offerings (theirs and, often, the banks’) and benefit end customers. This reciprocal exchange is causing a rare, natural effect: that can fuel a rebirth in banking.

    On the outbound side, banks become exporters of not only customer data, but also bank-owned algorithms and business processes. It also positions banks as advisors to help create new products and services that help third parties and consumers capitalise on bank exports. By enticing and training developers to use their API-delivered component services, for example, banks can offer existing customers new services like single sign-on, the ability to pay with credit card reward points, and open accounts right from third-party sites. Consider how Mint.com is extracting and consolidating customer account information to help consumers organise and manage their personal finances. Mastercard is unbundling its services, like consumer credit check or identity management, and offering them to fintechs and other banks. Through such exports of information and services, banks can amplify their reach, distribution and customer loyalty.

    On the inbound side, banks can easily and meaningfully plug-and-play product and service features from third-party partners into their own customer-facing offerings. By doing so, they can embed themselves in more transactions—from banking products they don’t already offer, to home, auto, consumer goods purchases, travel and other non-banking services. Through its partnership with OnDeck, for example, JPMorgan Chase offers small businesses loans that lie outside its traditional risk appetite. Even new challenger banks like Starling in the UK are adopting a marketplace strategy, where they offer third-party products on their app, in addition to their own current accounts. The extreme version of inbound open banking would be to only offer third-party products, making money from orchestrating a full platform-based business to improve customer service, build customer loyalty, generate new fees and lower operating costs—without the ‘bank’ having its own balance sheet.

    More and more bank executives are seeing Open Banking as an opportunity rather than a threat. But seizing that opportunity requires mastering both the art of interdependence and bilateral trade. It requires investing to regenerate the bank and open up to third parties, creating value from both export and import flows, and differentiating the brand within and beyond financial services.

    I invite you to read our report, The Brave New World of Open Banking, to learn more.

    The post Banking born again: The power of Open Banking bilateral trading appeared first on Accenture Banking Blog.

    Accenture Banking Blog

     
  • user 12:18 pm on February 26, 2018 Permalink | Reply
    Tags: , , , , , ,   

    Japanese Cryptocurrency Exchanges Report 669 Cases of Money Laundering 

    Japan’s have reported a total of 669 suspected to the country’s National Police Agency, according to a by Nikkei Asian Review. cryptocurrency exchanges have been having a rough time lately with a major hack ($ 550 million) and some major technical glitches – one that almost cost one exchange …Read More
    Bank Innovation

     
  • user 12:18 am on February 26, 2018 Permalink | Reply
    Tags: , Architect, , , , , Gray, , , Marley, , Principal   

    Marley Gray, Principal Architect at Azure Blockchain Engineering for Microsoft, Joins Bank Innovation 2018 

    EXCLUSIVE &; , at for , has joined the speaker faculty for . Bank Innovation 2018 will take place March 5-6 in San Francisco. At Azure Blockchain Engineering, Gray serves as principal architect leading the design and development team of Microsoft’s blockchain middleware platform code-named, “Bletchley.” Before …Read More
    Bank Innovation

     
  • user 12:18 pm on February 25, 2018 Permalink | Reply
    Tags: , , , , , ,   

    Wells Fargo Has No Plans to Ban Cryptocurrency Purchases on Its Cards 

    EXCLUSIVE – will not be joining some of the other big in banning its customers from purchasing with their credit/debit , Bank Innovation has learned. Wells Fargo, senior VP of senior vice president, design and delivery leader in the Innovation Group at Wells Fargo told Bank Innovation in a recent interview …Read More
    Bank Innovation

     
  • user 3:36 am on February 25, 2018 Permalink | Reply
    Tags: , , , , ,   

    Culture change happens when organisations are transformed by people 

    POWER TO THE

    Last time we introduced some core ‘beliefs’ that are key to successful . Now we’re going to look at these beliefs in a bit more detail: In particular, what’s the role of the individual in culture change?

    To gauge how successfully their change programmes are progressing, need to understand what’s going on enterprise-wide. There are various ways they can do that, from tracking what people are actually doing—their day-to-day functions—through to in-depth behavioural analytics. All of that provides a good basis for benchmarking the maturity level of the organisation, deciding how to measure success and, of course, how to move the dial.

    Those insights inform how organisations prioritise the design of change programmes around structure, people and behaviours. Crucially, it helps them think about designing the appropriate structure for driving the change the organisation needs.

    It’s only with the right structure that people’s behaviours—including decision-making, empowerment and lowering the centre of gravity—will start to change. Once people have more empowerment through the new structure, they need to learn how to use this to behave more productively.

    This is where small, incremental changes come into their own. As people begin to do things differently, this becomes a form of habit. And as that , new behaviours start to permeate the enterprise and become embedded. Think about this as a cycle—from understanding to design to structures—all geared to enabling people to behave differently and make changes to how they operate.

    To bring this to life, think about the incremental changes that an organisation might want to set in motion. A great example? The number of people that typically attend meetings. This can easily be changed so only people with the opportunity to make a decision actually go along.

    If a staff member and their direct superior are both scheduled to attend, they need to make sure that only one of them goes. Otherwise, it sends out the signal that there’s a lack of delegation. It also shows that people are not sufficiently empowered.

    The follow-on? Whoever does attend must make a decision. That’s more efficient for everyone. There’s no need for a follow-up meeting. Incremental changes like these help to encourage a culture where people have more confidence in their own judgement.

    Other focuses for incremental change could be the time it takes to get new products or services to customers—or introducing greater customer-centricity. Whatever the objective, it’s all about being able to continuously rework an organisation’s structure in pursuit of a particular goal, rather than having to do a major restructuring once every five years.

    One priority will be the creation of agile, multi-disciplinary teams formed to solve specific customer problems with a scrum-style approach. This too comes back to analytics, of course. For these teams to come together with the right capabilities, organisations need to know what’s going on enterprise-wide.

    Using analytics, they can get those insights and use them to carry out the workforce planning that’ll ensure they get the right skills through the door for those teams and rapidly pivot the organisation to adapt to new situations.

    Also, a connected point, individuals need to take more responsibility for their own skills so they can continue to be relevant. The emphasis is on people planning their own careers, rather than relying on management to do that for them. If employees have universal skills, then they’ve got applicability to a whole range of situations, not just a single role.

    A good way forward is for the business to think about developing an internal consultancy function, which can be hired on a project-by-project basis. Designing in that kind of flexibility puts the emphasis on individuals to really understand their worth, short and long term. This new kind of enterprise is less paternalistic than what went before. And it’s much more dynamic.

    Employees actively want a gig career, where they evolve a portfolio of skills and keep on learning new ones. And older people within the organisation are often, perhaps counterintuitively, more receptive to this new way of working. They acknowledge that they’re not digital natives, and as a result may feel disconnected, from their co-workers and quite possibly their children. The moral? Don’t make assumptions about the workforce.

    Circling back to where we started, it’s all about setting the direction for change, making sure everyone in the organisation knows they have a role to play in that change, and crucially, continuously tracking progress towards clearly defined objectives.

    Thanks for reading.

    The post Culture change happens when organisations are transformed by people appeared first on Accenture Banking Blog.

    Accenture Banking Blog

     
  • user 12:18 am on February 25, 2018 Permalink | Reply
    Tags: , , , , , , ,   

    TD Online Banking Was Down for Over a Week, and Customers Are Not Happy 

    EXCLUSIVE—   service for U.S. of TD Bank was for a after the bank updated to its digital services, prompting multiple customers to flock to social media to express outrage, frustration, or calls to leave the bank. The bank, which noted that it has experienced “ challenges” as a result …Read More
    Bank Innovation

     
  • user 12:18 pm on February 24, 2018 Permalink | Reply
    Tags: , , , , , , , , , ,   

    With Less Than 100 Days to Comply, U.S. Companies Need to Get Comfortable with GDPR Fast 

    EXCLUSIVE— While businesses and in the United Kingdom are moving (slowly) towards compliance with the General Data Protection Regulation, many U.S. are still figuring out if the regulation applies to them. Unfortunately, these companies have precious little time to waste, according to the Beyond Borders conference that took place in NYC yesterday: …Read More
    Bank Innovation

     
  • user 12:18 am on February 24, 2018 Permalink | Reply
    Tags: , , , , , , Scarlett, Sieber,   

    Scarlett Sieber, VP of USAA Labs at USAA Bank, Joins Bank Innovation 2018 

    EXCLUSIVE – With a new role at Vice President of at USAA , veteran Bank . Bank Innovation 2018 will take place March 5-6 in San Francisco. Meet Sieber at our Innovation Bar, where she will be joined by fellow innovation &;bartenders&; Ryan Gilbert, General Partner at Propel Venture …Read More
    Bank Innovation

     
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