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  • user 3:35 am on January 26, 2018 Permalink | Reply
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    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 January 26, 2018 Permalink | Reply
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    Top 5 Trends to Watch in 2018 

    EXCLUSIVE — It’s not even a month into and already so much has changed. The , which shocked everyone by surpassing $ 17K, further shocked everyone by dropping below $ 10K. Then of course there are various other events sweeping the financial services space, from new tax laws in the U.S., to the rise of [&;]
    Bank Innovation

     
  • user 12:18 pm on January 25, 2018 Permalink | Reply
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    Bitcoin Joins American Express and PayPal on 2017 List of Social Media Darlings 

    Express is the “most-loved” financial service on in , according to a recent report, followed by , Vanguard and . NetBase examined 55 brands across sectors including banking, credit cards, investment banking, payment services, insurance, online lenders and crypto. To find out which brand was the consumer favorite, at least on social [&;]
    Bank Innovation

     
  • user 12:19 am on January 25, 2018 Permalink | Reply
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    Bank of America Merrill Lynch’s API Gateway Seeks to Connect EMEA Clients with Fintechs 

    EXCLUSIVE- Echoing the mandate of PSD2, of Lynch today unveiled an API that to its commercial to and other third-party vendors. As of now, the API gateway is available to only clients with accounts in (Europe, the Middle East and Africa).  Bank of America Merrill Lynch [&;]
    Bank Innovation

     
  • user 3:52 pm on January 24, 2018 Permalink | Reply
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    Banks Using Clinc Can Chat With Customers Through Mobiles, Alexa or Google Home 

    Banking on mobile is much more convenient when the customer can use voice, rather than tapping on a small screen. Isbank in Turkey, which sees fast growth in mobile banking, will launch a voice app based on from this quarter.
    Financial Technology

     
  • user 12:18 pm on January 24, 2018 Permalink | Reply
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    Innovation Hub Motive Labs Seeks to Solve Major Pain Points of Retail Banks 

    EXCLUSIVE &; The two fundamental keys to most challenges and payment companies face on the front are personalization and efficiency, according to Alberto Corvo, a founding partner at focused investment firm Partners. To help banks find these solutions, Corvo&;s Motive Partners, along with Allied Irish Bank, Bradesco, Emirates NBD,  Royal [&;]
    Bank Innovation

     
  • user 12:19 am on January 24, 2018 Permalink | Reply
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    BofA Eliminates Free Checking Accounts, Now Charging $12 Fee to Low-Balance Customers 

    EXCLUSIVE- Bank of America has quietly shuttered its account, now requiring to keep a certain minimum balance in their , or set up direct deposit of at least $ 250, to avoid a $ 12 monthly fee, the Wall Street Journal reported yesterday. The &;s eBanking customers, all of which were switched into accounts [&;]
    Bank Innovation

     
  • user 12:18 pm on January 23, 2018 Permalink | Reply
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    Does Disney World Have Plans to be a Cashless World? 

    Walt is piloting a resort at its Animal Kingdom Lodge next month. According to a WDW report, starting Feb. 12, Jambo House at the Animal Kingdom Lodge Resort will be the first location to go cashless for both purchases and services. Forms of payments that will be acceptable at the resort includes [&;]
    Bank Innovation

     
  • user 3:35 am on January 23, 2018 Permalink | Reply
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    Pulse survey results suggest banks should ask merchants to the Open Banking dance 

    The American square evolved from 16th-century English folk dances, in which the dancers are prompted or cued through a sequence of dance steps by a caller to the beat of the music. The caller is typically on a stage beside the musicians, giving full attention to directing the dancers.

    Payments stakeholders in Europe are gearing up for , a new type of square dance where they are answering the regulatory compliance calls of the revised Payment Services Directive (PSD2). If they pick the right partners and are skilled enough in the dance, then they’ll stick around long enough to benefit from the new value being created. But if they are not careful, they risk falling over their own feet. need partners in this new dance and some of the most important are retail .

    PSD2 allows consumers to grant merchants access to their bank accounts for direct payments, rather than using a credit or debit card. By using bank-to-bank payments, merchants can clear and capture funds faster and significantly reduce—if not eliminate—the fees they pay for card and processor interchange services. The British Retail Consortium estimates that merchants in the UK alone could save £650 million per year1, thanks to the PSD2-required Interchange Fee regulation. Innovative application programming interfaces (APIs) will play an important role in enabling retailers to deliver faster, more personalised shopping experiences at a lower cost.

    Smart banks will view merchants as attractive dance partners—and will help them optimise Open Banking to reap benefits and grow their business—despite it cannibalising existing bank revenue streams. If banks sit on the sidelines, then the merchants will undoubtedly find other partners.

    For example, banks can offer APIs that give merchants access to the bank’s capabilities. A recent Accenture online of 50 payment executives within the European retail industry indicates that most plan to implement PSD2-related APIs over the next two years. Only nine percent of the retailers who are familiar with PSD2 do not have any immediate plans to do so; 63 percent of them cited slow customer adoption as the main reason. Most of the retailers we polled would consider embedding bank account balance displays, payment initiation, and bank account transaction history APIs into their point-of-sale (POS) systems.

    Considering high levels of consumer confidence in banks handing their data and transactions, banks are in a strong position to take on and dominate the new role of registered account information service providers (AISPs). In that role, banks can aggregate their massive amounts of customer transaction data (that is approved by regulation and authorised by consumers) to isolate and identify spending patterns based on age, region, store location, and so forth. (Think Nedbank Market EdgeTM) Merchants will value and pay for such insight to gain a better understanding of their market and to tailor their offers. Seventy-four percent of retailers familiar with PSD2 say that access to better consumer information is most important to their organisation, followed by API-initiated payments (53%), fraud reduction (53%) and the ability to generate offers at the POS based on insight from bank account data (51%). As AISPs, banks can serve as financial advisors to both merchants and their shoppers to monetise their data.

    Like the AISP role, banks are well positioned to serve as PISPs, initiating direct payments to merchants on behalf of their customers. Seventy-six percent of consumers we surveyed are likely to choose traditional banks as their PISP over third-party PISPs. Merchants are also likely to choose to partner with PISP banks to accelerate the bypassing of card networks for online payments, improve their merchant service fee structure, and gain access to ancillary services. Over the next three years, 65 percent of European merchants plan to use a third party to provide AISP or payment initiation service provider (PISP) services. In operating a PISP service, a bank would have the opportunity to capture an additional slice of transaction revenue while also providing opportunities for customer loyalty schemes and cross-selling. Accenture estimates PISP services could account for up to 16 percent of online retail payments by 2020. It’s an opportunity for banks to help merchants deliver more seamless shopping while also protecting their own relationships with customers, and avoiding being cut out of the value chain by merchants and other non-bank players.

    Whether collaborating in promenade or do-si-do style, banks and merchants can perform a variety of Open Banking dance moves to strategically lead the migration away from card payments. Banks can become “the dance caller,” giving full attention to directing the migration towards new revenue models and market relevance. Those who sit with their arms crossed on the sidelines are unlikely to be part of the long-run future of the industry.

    I invite you to share your thoughts on the near-term dance partnership between banks, merchants and consumers.

    [i] Currencycloud.com, “How Will EU Interchange Caps Affect the Industry?, February 27, 2016. https://www.currencycloud.com/en-us/news/blog/how-will-eu-interchange-caps-affect-the-industry/

    The post Pulse survey results suggest banks should ask merchants to the Open Banking dance appeared first on Accenture Banking Blog.

    Accenture Banking Blog

     
  • user 12:18 am on January 23, 2018 Permalink | Reply
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    There’s No Room For Another Consumer Payment App in the U.S. 

    EXCLUSIVE— The march of mobile banking and payments continues across the U.S., but it may be smarter for those startups looking to break into that market to look at other regions, Eric Wiesen, general partner for Bullpen Capital, told Bank Innovation. “In the U.S., my guess is that mobile payments will continue to grow perfectly [&;]
    Bank Innovation

     
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