Even more than winning on mobile, #banks would like to minimize security threats. Banks lost $ 16.8 billion to fraudsters last year, according to a Javelin report, and the number of U.S. customers victimized by such attacks increased to 16.7 million, up from 15.4 million in 2016. Protecting customers is paramount for executives. A global study […]
Bank Innovation
Ancient Greek playwright Aeschylus wrote that “When one is willing and #eager, the Gods join in.” In my first post of this series, I pointed out that #bank executives believe their #employees are resistant to AI and that, on average, only 26 percent of their workforce is ready to work with intelligent technologies. We think that pessimism is misplaced, as our survey of bank employees indicate that they are more willing and eager to work with AI than their bosses believe.
#Banks need to seize this opportunity and leverage their employees’ enthusiasm for AI.
Of the more than 1,300 bank employees from large organizations who participated in our Future Workforce Survey, 40 percent are very confident in their abilities to work with intelligent technologies (vs. 33 percent cross-industry). Just over two-thirds said they believe AI will create opportunities in their work, while 72 percent expect it to make their jobs simpler. The majority foresee improved career prospects, while two out of three think AI will improve their work-life balance. Despite this optimism, they know these benefits won’t accrue automatically and 75 percent say it’s “important” or “very important” that they develop their skills to be able to work with AI over the next three to five years.
Banks need to seize this opportunity and leverage their employees’ enthusiasm for AI. Their people are not only impatient to thrive in an intelligent enterprise that can disrupt markets and improve their working experience; they are also eager to acquire the new skills required to make this happen. Yet, somewhat surprisingly, only three percent of bank executives said their organization plans to significantly increase its investment in training programs in the next three years. This low level of commitment, at a time when a new era of work is imminent, will radically curtail their ability to deploy and benefit from AI at scale. This is the primary disconnect at the heart of our survey findings and a wake-up call for bank executives.
Banks fully capitalizing on human-machine collaboration depends on their ability to fundamentally reimagine work. It means redesigning jobs as people move to project-based work. It means refreshing traditional job descriptions and thinking more about the tasks and the interactions between humans and machines in executing those tasks, rather than traditional job descriptions. It also means ensuring that almost all bank employees are conversant with new IT skills and can master new tasks. The employees are willing and eager, so the c-suite gods of the banking industry must now join in to give them the help they need to thrive in the world of the intelligent enterprise.
I invite you to read the complete survey.
The post Bank employees are eager to collaborate with machines appeared first on Accenture Banking Blog.
#Bank of America expects to be finished rolling out its AI-driven #virtual #assistant #Erica by mid-summer. The bank first launched Erica in March and will continue rolling out Erica through June, according to an email sent to Bank Innovation. Here is a map of the states where Erica is live. See how Erica #works in […]
Bank Innovation
The most vulnerable aspect of a #bank‘s #security is the people — employees and customers — or so the story goes. But four security experts came together to discuss the issue and opinions differed. For example, can you still call #humans the #weak #link when #banks fail to use the best #technology? This means education […]
Bank Innovation
INV #Fintech, the sister accelerator to #Bank Innovation, announced a partnership today with the Berlin-based #Open Bank #Project to provide #sandbox and development services to the startup and its 13 partner companies. The sandbox will #offer startups in the INV Fintech accelerator a secure digital space to access and incorporate bank data into their applications. […]
Bank Innovation
U.K. challenger #bank #Metro Bank could extend its AI-driven money management #tool #Insights, designed for its retail side, to its business customers. Formed in partnership with Israeli AI company Personetics, Metro Bank is currently preparing to roll out Insights in beta over the summer. After that phase, it will be available to the rest of […]
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.
#Saxo offers access to global capital markets through a platform that investors and investment managers can access through an API.
Financial Technology
Co-Author Abidemi Ogunbowale-Thomas, Digital Senior Manager
The objective? Fostering #cultures where hard-to-find and hard-to-retain engineers will feel included, respected and inspired.
In our experience, too many organisations are still failing to look after their engineers. Why’s that such a mistake? Because to #thrive in the digital era, organisations need the agility that comes from bringing #technology to the decision-making core of the business. And that means radically reassessing the role of engineers within the organisation.
Up to now, engineers have often been taken for granted. They’re the people who get the code written. End of story. That outlook needs to change. As a starting point, #banks need to recognise that engineering is an art form.
Engineers and technologists see themselves as digital artisans, craftspeople who’ve studied hard to acquire and hone their specialist skills. And they expect work that challenges and stimulates them in equal measure. If they don’t get it, their productivity can be critically affected.
The benefits of sharing the bigger business picture can be seen at Facebook: Engineers there get to see the monetary impact, positive or negative, of their work. Adopting a similar approach doesn’t just lead to better solutions; it’ll make your engineers feel like they’re part of something bigger than coding. That will increase their job satisfaction and, as a result, their effectiveness.
By tying these three strands (learning, tools and transparency) together, banks will cultivate skilled, fulfilled engineers who are also business savvy. Cultures like these are the lifeblood of the Netflixes and Googles of this world, where the work engineers do is integral to the broader business strategy. But from what we see, banks are still lagging a long way behind.
We’ve provided a comprehensive to-do list. But what’s the fundamental message? Ultimately banks won’t change their cultures until they commit to bridging the divide between the business and IT. Technologists have to be business-aware. And business people need to understand technology. This is imperative for the future. And guess what? The future’s already started.
The post Building bank cultures where engineers can thrive appeared first on Accenture Banking Blog.
EXCLUSIVE – When college student #Ollie #Purdue set out to create the student-centered digital current accounts company #Loot, the idea was to solve a personal problem. “What’s the minimum I can earn, and the minimum I need to work to last me till the next payday?” Purdue related to #Bank Innovation. At the time, Purdue was […]
Bank Innovation
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