#Postal #Banking is promoted by USPS as a profitable business, and by some Democrats as a great way to get banking services to the unbanked. It does, however, raise questions about the Postal Service’s ability to deliver, costs,and whether it could undercut payday lenders without running deficits.
Financial Technology
#Finxact has won backing from the American Bankers Association and #Accenture for a new #cloud-hosted #core #banking system.
Financial Technology
Artificial intelligence and #machine #learning capabilities are increasing in financial services, but a #lack of #collaboration between #banks and #within banks is holding #back progress, according to Nisha Talagala, vice president of engineering and CTO at ParallelM, an “MLops” software company based in California whose portfolio consists of 50% financial services clients. Talagala told Bank Innovation an obstacle […]
Bank Innovation
74% of survey respondents say improving #customer experience is currently their top strategic priority
In Pixar’s Finding Dory, Dory’s father comforts her when she cannot get a seashell out of the sand. He advises that “when something is too hard…there is always #another way.”
#Banks seem to have a similar philosophy these days in turning to digital technologies as a way to work around limitations of their legacy systems and empower their operations to elevate customer experience. Based on our recent survey of 80 #bank operations leaders in North America, three-quarters (74 percent) said that improving the customer experience is currently their top strategic priority, and up to 40 percent of bank spending on digital transformation will be in operations by 2020.
Faced with a complex legacy IT environment (cited by 38 percent of bankers as the largest barrier to their digital transformation) banks can now combine key technologies available today to upgrade their operations without a major IT overhaul. Leading banks are embracing micro-services, robotic process automation, artificial intelligence and other digital technologies to plug-and-play new customer-facing apps and processes within or around their existing legacy systems. Nearly half (48 percent) of survey respondents said they already use cloud-based applications, with another 27 percent planning to do so in the next year; 22 percent said they are using artificial intelligence, with another one-third (33 percent) planning to do so in the next year; and 16 percent said they use robotic process automation, with another one-third (33 percent) planning to so in the next year.
As banks tap into such technologies to open their business models, make their processes and data more transparent, and integrate with broader ecosystems, the role of banks’ operations organizations is shifting. They are becoming more intelligent, enabling leaner operations and quicker, insight-led decision making. Almost half (45 percent) of respondents said they foresee banking operations’ primary role in three years as achieving straight-through processing through digital technologies and fully harnessing the potential of customer and transaction data residing in operational systems. Doing so will enable banks to extract value trapped inside operations, such as customer data that could be used for innovative new products, services and processes—in essence, bringing the #back #office to the #front #line. It’s another way that banks can do a hard thing: Constantly, consistently improving customer experience and customer journeys.
See what else surveyed bank operations leaders had to say in our full report, “2018 North America Banking Operations Survey: Back office, it’s time to meet the customers,” and discover other ways to deliver a superior bank experience.
The post Another way to the bank customer? Bring the back office to the front line appeared first on Accenture Banking Blog.
#Millennial #women have the funds available to start #investing, but are #held #back by a fear of beginning the process, as well as the typical reason most millennials aren’t investing: #debt, a study released yesterday by loan provider #SoFi found. While 53% of millennial women have emergency money set aside — about three- to six-plus […]
Bank Innovation
EXCLUSIVE (SAN FRANCISCO) — Welcome #back to the #fintech boom. At this time last year, fintech was in a downturn. Fintech venture funding was down more than 9% year-over-year; valuations seemed stuck. But the fintech market has rebounded. In 2017, in the United States, overall VC funding — a barometer of startup activity and appeal …Read More
Bank Innovation
British neobank #Monzo has reinstated a popular #feature for its current account, #debit top-ups via card, Android and Apple Pay, but warned customers that the feature may not be “sustainable” for the bank. In a statement on the Monzo blog posted today, the bank noted that it had brought #back the debit top-up feature — […]
Bank Innovation
EXCLUSIVE – October saw a plethora of new #credit cards. From traditional #banks such as HSBC releasing its Premier World Elite Mastercard Credit #Card, to ride-share app Uber’s first foray into the market, it seems like everyone is interested in launching a new credit card promising to deliver what the other doesn’t. The distinction each […]
Bank Innovation
Two distinct streams have surfaced in #fintech: passive and #active investment. Betterment is the poster child for passive investment, recently booking $ 70 million in venture funding and has continued to enhance its services. But the active investment strategy for investors is far from dead in fintech. Pierce Crosby, head of business development at partnerships at […]
Bank Innovation
Ant is not impressed with #Euronet’s recent moves in its tug-of-war #over #MoneyGram. Ant released a statement this morning aimed at “setting the record straight on Euronet and its hostile proposal” for money transfer service MoneyGram. Ant Financial first announced of its intent to acquire MoneyGram in January. The statement was signed off by Doug Feagin, […]
Bank Innovation
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