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How Banks Can Ace Customer Experience In The Digital Age

Posted by Anna Mielczarek on 06-Dec-2018 07:30:00

Meeting demands and expectations of digital customers is not easy at all, in fact it seems that for many organisations, attracting and retaining customers by utilisng emerging technologies might be their greatest struggle. According to Gartner, 89% of companies will mostly compete on the basis of customer experience they provide, and financial institutions are no exception. Especially when we realise how easy it is to switch between banks thanks to the emergence of challenger banks which can provide their customers with paperless and seamless digital experience.

So, what is an outstanding digital banking experience that can help banks win over new customers, but at the same time keep the existing ones?

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Topics: Digital Transformation, Finance, Emerging Technology, Customer Experience

Digital Transformation Spending to Approach $2 Trillion by 2022

Posted by Anna Mielczarek on 04-Dec-2018 07:30:00

According to the International Data Corporation’s (IDC’s) Worldwide Semi-annual Digital Transformation Spending Guide, global spending on the technologies and services behind Digital Transformation (DX) business practices, products, and organisations is forecast to reach US$1.97 trillion (around £1.54 trillion) in 2022!

Digital Transformation spending is expected to steadily expand throughout the 2017-2022 forecast period, achieving a five-year compound annual growth rate of 16.7%.

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Topics: Digital Transformation, Finance, retail, transport, AI

Finance Leaders No Longer View Digital Change as The Top Priority

Posted by Anna Mielczarek on 29-Nov-2018 07:30:00

It might seem that Digital Transformation has become the top priority for a great majority of today’s businesses. Factors such as emerging technologies; increasing demands of the customers regarding their relationship and experience delivered by companies; pressure to change and innovate, and enterprise mobility have an enormous influence on how modern companies operate these days.

And when we hear how Digital Transformation can benefit our firms, whether it is improving and transforming customer experience, encouraging collaboration between departments, updating skillset and knowledge, or fostering a digital culture – it comes as no surprise that businesses not only need to, but also want to change.

But is it the truth? Well, not entirely; especially when it comes to finance leaders.

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Topics: Digital Transformation, Leadership, Emerging Technology, Finance

Cybersecurity: The Greatest Challenge for The Financial Sector?

Posted by Anna Mielczarek on 20-Nov-2018 07:30:00

Cybersecurity has always been a concern for banks and financial institutions. As data becomes more relevant and in most cases crucial to the core business activities, cybersecurity has quickly evolved into a great challenge to plethora of organisations. And these organisations have every right to worry but, it is the financial sector that should make cybersecurity awareness its top priority.

According to 2018 half year fraud update by UK Finance, which represents almost 300 UK-based, banking, mortgage, markets and payments services providers, financial services firms have been facing an unprecedented level of cyberattacks in recent months. UK Finance distinguishes and publishes data on losses due to few different kinds of fraud, these are: unauthorised fraudulent transactions made using payment cards, online and telephone banking and cheques, and authorised push payment (APP) scams. 

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Topics: Emerging Technology, Challenges, Finance, Digital Transformation, Disruption and Change

Lloyds Bank Invests in New Digital Banking Platform

Posted by Anna Mielczarek on 13-Nov-2018 07:30:00

On Tuesday, the 6th of November Lloyds Banking Group announced that it had invested in a FinTech company as a part of digital shake-up aimed at enhancing the bank’s digital presence.

A £3bn transformation and technology investment programme includes the investment of £11m for a 10 % stake in cloud-based core banking start-up Thought Machine, which focuses on building technology to revolutionise current online banking system.

Thought Machine’s core product, Vault is able to run any type of banking product. It aims to simplify outdated online systems while providing customers with maximum security and reliability.

However, that’s not all – Lloyds Bank plans to cut 6,240 jobs whilecreating 8,240 new digital positions as part of its huge shift towards Digital Transformation.

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Topics: Digital Transformation, Challenges, Change and Innovation, Finance

Digitalisation Will Make Most Banks Irrelevant by 2030 - Gartner

Posted by Anna Mielczarek on 06-Nov-2018 07:30:00

Traditional banks and insurance companies are facing extinction in the next 12 years due to increased digitisation in the financial services sector. 80 percent of traditional banks and financial services firms will be made irrelevant by 2030, and only 20 percent of traditional financial firms will remain as ‘winners’ according to a new research by Gartner.

These findings were presented to the audience on the 29th of October at Gartner Symposium/ITxpo 2018 on the Gold Coast, Australia by David Furlonger, vice president and distinguished analyst at Gartner.

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Topics: Digital Transformation, Challenges, Change and Innovation, Finance

Going Digital Creates New Risks in The Financial Sector

Posted by Anna Mielczarek on 30-Oct-2018 07:30:00

The massive global movement of companies going digital is continually forcing essential changes in what new products and services are created, and how they are delivered to financial services customers.  The position of well-established, traditional banks is changing dramatically due to the emergence of new start-ups companies, and new business and operating models they use and promote.

In its recent paper ‘Moving from analog to digital: a new paradigm for risk management.’ EY states that industry transformation is afoot on an unprecedented scale.

Demographic change; radical new technologies and data usage; a changing regulatory paradigm; and a fast-changing and ever-more-complex ecosystem of competitors, partners and vendors are all listed as key trends that are supporting Digital Transformation. And although, they do force the necessary changes and provide firms with new opportunities, there are also associated with an uncertainty.

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Topics: Digital Transformation, Emerging Technology, Challenges, Finance, Risk Management

Are Banks Still Not Ready for Digital Transformation?

Posted by Anna Mielczarek on 23-Oct-2018 07:30:00

Digital Transformation can be a real challenge for the financial sector. In the past few years a great majority of well-established, traditional banks have tried to become more digital in order to address the emergence of new challenger banks that have been slowly taking away their customers. But unfortunately, many projects end in failure as financial institutions have a hard time getting real results. Most banks are focusing on polishing the front end so much that they almost seem to forget that it must be supported by back end as well. And this approach results in crushing systems which leave customers unable to log into their bank accounts.

So, what are some of the examples of banks not being fully prepared for digital changes they have implemented?

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Topics: Digital Transformation, Emerging Technology, Finance, Challenges

Artificial Intelligence in the Banking Sector

Posted by Anna Mielczarek on 18-Oct-2018 07:30:00

The pace at which companies are investing in artificial intelligence (AI) continues to gain momentum and the financial sector is no exception. In fact, according to Business Insider report ‘AI is one of the most commonly referenced terms by financial institutions (FIs) and payments firms when describing their vision for the future banking sector as it can be applied to almost every area of financial services.’

But that’s not all! As stated by global management consultancy Accenture, banks that invest in AI and human-machine collaboration tools could boost their revenue by over a third (34%) by 2022.

Moreover, AI is considered one of the most important disruptive technologies for today’s banks, as a recent PwC survey revealed that 72% of senior management see AI and machine learning (ML) as key sources of competitive advantage. The same survey also highlighted that 52% of firms in the financial services sector are already making substantial commitments to AI, with 66% projecting significant investments by 2020.

So, it seems that these numbers speak for themselves – when it comes to financial services AI is a must!

But how exactly AI can help banks improve their operations and bring them closer to their customers?

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Topics: Digital Transformation, Emerging Technology, artificial intelligence, Finance, AI

B60 Blog in Swedish: 3 Vägar till en förändrad bank

Posted by Anna Mielczarek on 11-Oct-2018 10:13:11

Att ta beslutet om utveckling av Digital anpassning av företaget är bara det första steget på resan, och i många fall även det enklaste. Efter detta måste du ta beslutet om hur du ska förändra din organisation. Vilken väg som är bäst blir i många fall grunden till segdragna diskussioner inom företaget. Ska du göra om företaget i grunden och skapa en helt digital organisation? Eller borde du fokusera på förändringar utåt som är mer synliga för dina kunder?

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Topics: Digital Transformation, B60 Blog in Swedish, Finance, Success, Change and Innovation