#Control Tower originated in 2017 and moved into production in 2018 using #agile methodology to get from announcement to #launch in a matter of months.
Financial Technology
#Citizens #Bank, an owner bank of TCH, will begin faster #payments on its #commercial #accounts in #2019.
Financial Technology
Since its February #launch, #PurePoint #Financial, a hybrid physical/online #neobank owned by Mitsubishi UFJ Financial Group, or more specifically MUFG Union Bank N.A., has gained 30,000 accounts, with $ 5 billion in deposits, and plans to build a #mobile app. The app will have full banking functionality but have built-in solutions around checking, payments, PFM and offer […]
Bank Innovation
Whether it’s a consumer lender like Goldman Sachs’s Marcus or a point-of-sale lender like Affirm or even SMB #lenders like BlueVine, there is a lot of perceived opportunity in the lending market. Add a P2P dimension to that, and you have #Lenmo. The new app is launching in the next few weeks in Apple’s app store, […]
Bank Innovation
CLS and IBM have developed a secure environment for #banks and #fintechs to create and share #blockchain apps.
Financial Technology
In my last blog, I discussed how #technology and talent are the building blocks for #banks’ transformation to what Accenture calls “the New”.
But now let’s take a step back. Around five thousand years ago, humans in what is now China and Europe began working with an alloy of copper and tin. Combined, these two soft metals formed #bronze, a material harder than other metals available at the time.
In the Bronze Age that followed, civilization made great leaps in agriculture, writing and government, all enabled by the gains in productivity from this valuable alloy.
I don’t think it is unrealistic to believe that we are looking at the start of a new Bronze Age, an era of unleashed potential made possible by a new alloy: the combination of human and #artificial #intelligence (AI) in the workplace.
Our recent research into the attitudes of financial services executives and workers toward the future of the workforce indicates that this belief is widely shared. Nearly seven in ten (69 percent) financial services executives said the industry would be completely transformed by intelligent technologies, and nearly two-thirds (63 percent) said they expect AI to result in a net gain in jobs in their organization over the next three years. Bankers were even more optimistic at 74 percent and 67 percent, respectively. And 62 percent of all financial services employees (67 percent in banking) said they expect intelligent technologies to create opportunities for their work.
Across the board, survey respondents said they believed that AI would cause more jobs to be reconfigured than eliminated and that reconfigured jobs would be more strategic. Contradictions emerge, however, as many firms indicate that their people may not be ready for this transformation. Financial services executives say only one in four of their employees are ready to work with intelligent technologies, and nearly half (47 percent) say the growing skills gap is the leading factor affecting their workforce strategy. Yet only a small number (3 percent) indicate they plan to significantly increase their investment in reskilling over the next three years. Firms will need to resolve these contradictions to make real progress in creating the human/AI alloy needed for the new Bronze Age.
A few banks and insurers have already started applying AI to their HR management, but the journey through the three levels has not yet been made at scale and will require significant investment in talent management, retraining and redeployment. The new Bronze Age will confer advantages on firms that can harness the human/AI alloy, but doing so will require a serious commitment to the human as well as the AI part of the mix.
Learn more about Accenture’s research into automation and the future of the workforce in our report, Reworking the Revolution.
The post Will artificial intelligence launch a new Bronze Age? appeared first on Accenture Banking Blog.
Should #fintech companies with #banking ambition get a #license or partner with a bank for one? This is an important distinction for a challenger bank, almost an existential question. Berlin, Germany-based challenger bank N26, which has a banking license in Europe, has decided to go with the partnership route for the license in the U.S., […]
Bank Innovation
PREMIUM – Add another #challenger #bank to the mix, this time in Eastern Europe. Polish bank #Alior is working on launching a digital-first bank later this year, Bank Innovation has learned. Alior Bank, headquartered in Warsaw, was founded in 2008 and has more than 3 million customers, 216 branches, 219 high-tech mini branches that it […]
Bank Innovation
PREMIUM — The #German #challenger #bank N26 surpassed one #million #users, the bank announced yesterday — a significant feat for any neobank. The bank has doubled its customer base since last August. To put this in perspective, U.K.-based challenger bank Revolut, which just last month reached unicorn status thanks to a $ 250 million series C […]
Bank Innovation
Financial services provider Teachers Insurance and Annuity Association (#TIAA) announced today that it is now a full-service #bank. TIAA began this move last June when it acquired the direct bank EverBank, which ti combined with itw own TIAA Direct brand. At the time of the acquisition, EverBank had $ 27.8 billion in total assets and $ 19.3 billion in […]
Bank Innovation
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