Hong Kong Fintech Innovation Lab Led with Blockchain And AI
#Blockchain and artificial intelligence are common themes in #fintech, including at this year’s Accenture #innovation lab in #Hong #Kong.
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SegWit2x Was Canceled: Crypto World Is Mostly Fine With It
EXCLUSIVE—#SegWit2x, a controversial change to the #bitcoin #blockchain, will no longer happen, bitcoin holders and #cryptocurrency enthusiasts found out yesterday. Aside from the initial shock, bitcoiners seem to be #fine to wave goodbye to SegWit2x. Some even seem to be celebrating, at least according to Twitter: ?ALERT? Our wish has come true! #NO2X !!! The […]
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Bank of America Lays Foundation for Merchant Payments-Focused Lab
EXCLUSIVE – After its recent partnership with digital product Innovation Company Stuzo, #Bank of #America’s #merchant services business is laying the #foundation for an innovation lab. “It [the partnership] helps us have a conversation with our merchants about their overarching goals,” Michael Roberts, chief marketing and digital strategy officer of Bank of America Merchant Services […]
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New AI-Driven Credit Model for LendingClub Spooks Investors
EXCLUSIVE— Online lender #LendingClub Corp. reported revenue at an all-time high, growth in loan originations, and declining losses during its third quarter earnings yesterday, but its guidance for the fourth quarter has sent its stock plummeting. LendingClub stock fell 22% in the hours after the company’s earnings call. The decline comes after the company’s CFO, Thomas […]
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Banks decide whether Open Banking will be the rose or the thorn
When it comes to #Open #Banking, regulatory, technological and competitive pressures are forcing #banks to confront the choice posed by French critic, journalist and novelist Alphonse Karr: “We can complain because #rose bushes have thorns, or rejoice because thorns have roses.”
Recent Accenture research indicates that banks in Europe (where Open Banking is being mandated) and in North America and Asia Pacific (where, at the moment, it is optional) appear to be choosing to admire the flowers.
View the results Our recent poll of 100 payments executives suggests that banks are seeing the opportunities inherent in allowing customers to share access to their financial data (such as bank account balances and transaction history) with non-bank third parties, so that those third parties can then create apps and services in which banking is embedded. Ninety percent of respondents expect Open Banking to boost revenues by up to 10 percent. Nearly two-thirds of North America banks say that implementing Open Banking is critical to remaining relevant and competing with new entrants, such as fintechs and tech giants like Google, Apple, Facebook and Amazon. A minority of banks (37 percent in North America, 29 percent in Europe and 23 percent in Asia Pacific) already distribute banking products through third parties to consumers with whom they do not have a primary relationship, although these are often through traditional distribution partnerships rather than digital embedding.
Yet like a rose bush, Open Banking also comes with some thorny threats. Half of the banks are concerned that Open Banking will make them more vulnerable to security breaches and fraud, because banks must expose their proprietary software and application programming interfaces (APIs) to allow outsiders to integrate their services. This concern is particularly prevalent in Europe, where nearly two-thirds of banks think Open Banking will increase risk; a point maybe not unconnected with the new European GDPR data protection regulations and the stiff fines that will be levied for breaches. The other risk posed by Open Banking is a business one, and is the concern that banks will become commoditised product providers with their transactional services and their brands buried deep in transaction flows controlled by non-bank competitors.
When it comes to Open Banking, the ability of banks to focus on the flowers and not the thorns will be helped by three strategic actions:
- Position Open Banking initiatives as a strategic growth priority, an efficiency opportunity, and a chance to improve the customer experience. Consider Citibank’s CitiConnect service.
- Treat data as a new digital business and monetise it. That is what the fidorOS platform aims to do.
- Proactively help retailers who are familiar with PSD2 to use Open Banking to improve their products and services and be first to the table with value-added propositions and new services. For example, Mastercard recently announced that it is opening access to its #blockchain API for merchants to create new digital commerce experiences.
Banks can turn Open Banking to their advantage, and are likely to see revenue decline if they adopt just a basic compliance mentality. But doing so depends on how they look at it: as a #thorn to their existing value chain that they must minimise or avoid, or as an attractive new path to new products and services, incremental revenue streams, and a better experience for their customers. Done correctly, banks will be able to admire a glorious bouquet of roses at the centre of their business, rather than continually hunting for Band-Aids to stem the bleeding from pricked fingers.
I invite you to read more about our survey findings.
The post Banks decide whether Open Banking will be the rose or the thorn appeared first on Accenture Banking Blog.
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BNP Paribas Integrates WeChat Pay, Year After Its Alipay Launch
EXCLUSIVE – BNP #Paribas opened Chinese mobile payment service #WeChat Pay to its retail partners in Europe today. The payment solution will first debut at two flagships stores owned by retail conglomerate Galeries Lafayette Group in Paris. The plan is to gradually add WeChat Pay to all its other retail partners across Europe. The idea behind […]
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Big Corporate Payers Want More Information, Greater Transparency
Big users of bank payment services are looking for #more #information about payments and ways to simplify or reduce reconciliation.
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4 Startups to Watch: Templum, AppZen, NKM Capital, and More
EXCLUSIVE- With mobile banking, artificial intelligence, #cryptocurrency, and other modern banking tools on the rise, the emergence of new players in the #fintech space is a daily occurrence With that in mind, here are five #startups to keep an eye on this week: #Templum ICOs, or Initial Coin Offerings, are growing #more and more popular […]
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Intuit Unveils New SME Lending Product, QuickBooks Capital
EXCLUSIVE – Business software provider #Intuit today launched its first loan #product through #QuickBooks called QuickBooks #Capital. Users will be able to access the product in the homepage of their existing accounts with QuickBooks. These products are short term working capital loans ranging from $ 5,000 to $ 35,000 over a period of three to six months. […]
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Really want to change your bank’s culture? Change with the business.
#Culture transformation programmes are ten-a-penny in businesses across all industries. That’s no surprise. The pace of #change—technological, economic and competitive—means all large organisations must now think very differently about how they operate and the way their people work.
For #banks, some extra pressures are pushing them in this direction. Tougher post-crisis regulation has introduced multiple layers of complexity and bureaucracy into their businesses. These can get in the way of agility and responsiveness. Personal accountability for decision-making can stifle spontaneity. And traditional hierarchical structures encourage rigidity (and discourage innovation).
All this at a time when disruptive competition from non-traditional sources poses a hugely potent threat. Bank leaders know they must adapt or lose relevance. They have to encourage their people to collaborate better, have greater trust in leadership, make decisions rapidly and, crucially, be more agile and innovative at every level of the enterprise.
Culture change is an agenda we hear all the time in our work with financial services businesses. And in this blog—the first in a short series—we’re introducing what we’ve learned from experience. The bottom line? Culture change is the outcome. Transforming how business is done is essential to make it happen.
Whatever the organisation, the primary objective for culture change is the same: getting back to your ‘prime’. Or put it another way: As businesses mature with age, looking ahead entails looking back. Improved agility and responsiveness hinge on rejuvenation and re-energisation.
We identify five core ‘beliefs’ that are key to making this happen. In this blog, we’ll introduce them. Next time, we’ll examine them—and what they look like in practice—in greater detail.
Firstly, culture change must be insight-driven. As a baseline, businesses need a laser-sharp focus on where they are today, how they’re behaving as an organisation, and how well they’re doing against key measures. That means a data-powered approach is essential. It’s not enough to base culture change programmes on a few engagement surveys or sentiment reviews on Glassdoor. Precision is critical. And that includes understanding how employee behaviours are being reinforced in their day-to-day jobs—and how to change them.
Secondly, successful culture change programmes put people (customers and employees) at the centre. Linked to this is the third key belief: They’re also co-created. That means leaders, colleagues and employees at every level need to be involved in shaping and enabling change. It’s the only way to build and sustain trust in the organisation.
The fourth belief: Recognise how tiny changes can make a massive difference to performance. It’s all about understanding the cumulative effect these changes will have. That means experimentation. Hypothesise, prototype, proof of concept, scale. Repeat.
Lastly, embed change everywhere. That means leaders must be demonstrably committed, living out the change and embodying it in everything they do. It’s through their example that others will be encouraged to shift their behaviour.
Next time, we’ll take a closer look at these beliefs. Meanwhile, thanks for reading.
The post Really want to change your bank’s culture? Change with the business. appeared first on Accenture Banking Blog.
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