Banking in the cloud consists of the largest, and most significantly regulated industry in the world, running on an entirely unregulated infrastructure, according to the CTO at one of London’s largest #banks.
Financial Technology
N26 plans to build on its success in Europe to come to the U.S. — it will be one of the better funded challenger #banks to enter the American market.
Financial Technology
#Square launched a rewards #program for its #Cash card yesterday called Cash Boost. Around noon Eastern time the company tweeted it would begin rolling the service out. By 5 PM it announced it had rolled out the service to 100% of its customers. This update, assuming it happened during that timespan, did not require an […]
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.
EXCLUSIVE— When #Goldman Sachs & Co. launched its Marcus #digital bank in late 2016, the conventional wisdom was the investment bank wanted to expand into #retail #banking. But, apparently, that’s not the whole story. Marcus, it seems, is an asset #pricing play, Goldman&8217;s CEO implied yesterday. “It’s not just the way people are communicating prices, the […]
Bank Innovation
#Payworks is bringing Chinese payment service #AliPay to the #European point-of-sale. The POS payment gateway provider has partnered with Ant #Financial in order to integrate the AliPay service with European acquirers, the companies announced today. This marks an expansion for AliPay in Europe. It first arrived on the continent in 2015. With the partnership, AliPay will […]
Bank Innovation
The real problem with #data nowadays is how to make sense of it. That’s why #Visa and #Amazon have partnered together to enable more transparency in transaction data for Amazon Business account holders. Amazon announced the launch of the enhanced data tool today, which will allow business #clients to gain more visibility into their transaction data, […]
Bank Innovation
The real problem with #data nowadays is how to make sense of it. That’s why #Visa and #Amazon have partnered together to enable more transparency in transaction data for Amazon Business account holders. Amazon announced the launch of the enhanced data tool today, which will allow business #clients to gain more visibility into their transaction data, […]
Bank Innovation
SAN JOSE, Calif. — #Chatbots and IoT #could reach the fullest impact on the banking world by working within the existing financial infrastructure, instead of trying to disrupt it, according to an expert panel at Bank Innovation 2017. These technologies should be thought of as additional channels connecting consumers, clients, and issuers to the financial […]
Bank Innovation
It only takes AI, #chatbots, and #blockchain to make #banking a #social activity. That’s why one soon-to-be bank in London has them all. The goal of #BABB (which stands for Bank Account Based Blockchain) is to make everyone a bank by #using blockchain, but also by applying tools and technologies like machine learning, chatbots, biometrics, […]
Bank Innovation
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