Published By: InMoment
Published Date: Aug 08, 2019
According to research from Digital Banking Report2, FinServ organizations must focus on five crucial CX priorities in order to meet the needs of their evolving clients:
-Digital Experience Enhancement
-Advanced Analytics for Personalization
-Proactive Sales and Advisory
Adobe article that condenses/highlights key findings from the Econsultancy Digital Marketing in the Financial Services and Insurance
Sector 2017 Study, an in-depth, 5000+ word report covering FSI executives’ opinions on:
– General trends in retail banking, investment banking, and insurance
– Internal structures their companies are using to execute digital transformation
– The biggest threats/disruptions in the industry
– The biggest priorities in 2017 (leaders are focusing on both customer retention and customer acquisition, mainstream is focusing just
on customer retention)
– Main sources of sales and leads (digital + mobile are steadily increasing sources)
– Digital marketing budgets & investment areas (leaders are investing more in digital marketing automation and analytics)
– Use of the cloud and AI to automate analysis and marketing
– The importance of multichannel personalization
– Innovation in the types/formats of products/services provided (leaders are focusing on i
This report is intended to serve as a guide to an effective digital banking conversion/change management plan. From your initial kickoff meeting to post-launch, you’ll learn about the key components required for success. The framework is the result of interviews with Q2 personnel who have been personally involved in thousands of hours of digital banking conversions, across hundreds of FIs, with every major core banking system on the market over the course of the past twenty years.
In the application economy, speed, innovation and quality have become table stakes. If you can’t meet your customers’ expectations, they will surely find a competitor who can. Whether your organization is in one of the sectors facing the most intense digital competition—insurance, banking, telecommunications or retail—or in a more traditional industry, how rapidly and successfully you embrace a software-driven digital transformation strategy will likely have a profound effect on your organization’s long term viability. Within this transformation sphere, the development of “omnichannel” or “digitally-connected multi-channel” capabilities is a key priority. CA Technologies can help you deliver a consistent, integrated and quality customer experience, regardless of how your customers choose to interact with you.
The financial services industry has been significantly impacted by the increasing use of technology from smartphones to wearables. This transformation in methods of transacting has enabled more personalized engagement, allowing customers to use multiple channels simultaneously to engage in seamless, multi-dimensional banking. This has also increased both the potential and complexity of creating a positive customer experience.
Resistance to change is futile. Financial services are becoming more embedded in the banking customer’s everyday life, driving unprecedented levels of change across the industry. The unfolding digital economy is ushering a new era of technology adoption in banking. From cloud to open banking APIs, these play a defining role in enabling banks to create new digital products and services, refresh the bank branch, find new customer segments, and monetize underutilized data and information assets.
Published By: Cognizant
Published Date: Oct 23, 2018
In the last few years, a wave of digital technologies changed the banking landscape - social/ mobile altered the way banks engage with customers, analytics enabled hyper personalized offerings by making sense of large datasets, Cloud technologies shifted the computing paradigm from CapEx to OpEx, enabling delivery of business processes as services from third-party platforms.
Now, a second wave of disruption is set to drive even more profound changes - including robotic process automation (RPA), AI, IOT instrumentation, blockchain distributed ledger and shared infrastructure, and open banking platforms controlled by application programming interfaces (API). As these technologies become commercialized, and demand increases for digitally-enabled services, we will see unprecedented disruption, as non-traditional banks and fintechs rush into all segments of the banking space. This whitepaper examines key considerations for banks as they explore value in the emerging Digital 2.0 world.
In the Application Economy, speed, innovation, and quality, have become table stakes. If you can’t meet your customers’ expectations, they will surely find a competitor who can. Whether your organization is in one of the sectors facing the most intense digital competition (like insurance, banking, telecommunications or retail), or a more traditional industry, how rapidly and successfully you embrace a software-driven digital transformation strategy will likely have a profound effect on your organization’s long term viability. In this Whitepaper, learn how the Application Economy is driving Digital Transformation in companies, and how you can position your organization for success.
In today's digitalized economy, web applications and the browsers that connect
to them predominantly rely on the Secure Socket Layer (SSL) and Transport Layer Security
(TLS) protocols to encrypt sensitive business information and personally identifiable
information (PII) – such as customers’ credit card details, user account passwords,
corporate sales and payroll data, etc. – before sending them securely over the internet.
SSL/TLS encryption ensures information transmitted over the internet through e-mails,
e-commerce and online banking transactions and a myriad of cloud and online services
are kept secure.
For the past decade, financial institutions have created sophisticated digital platforms for consumers to access, save, share and interact with their financial accounts. As sophisticated as these digital platforms have become, cyber criminals continue to pose an ever-present risk for everyone – from individual consumers to large corporations
In his recent article, 2018 Outlook: Customer Experience and Security Strike a Balance, Andrew Davies, vice president of global market strategy for Fiserv’s Financial Crime Risk Management division, explains how and why security will become a key differentiator for financial institutions as they respond to a changing landscape, which includes:
•Global payment initiatives
•Open Banking standards
•Artificial intelligence and machine learning
•Consumer demand for real-time fraud prevention and detection
Banking engagement is about to come full circle. Over the past few decades, banks have pushed customers to digital and self-service channels, with significant consequences. As customers take their transactions from the branches to the digital channels, banking has become less and less personal. Conversational Banking allows banks to have the best of both worlds as this always-on, personalized banking will be available at a fraction of the cost of relying on human agents alone. It is both instantaneous and personal. It feels intimate but is cost-effective. Read more to see how banks can start.
Banking engagement is about to come full circle. Over the past few decades,
banks have pushed customers to digital and self-service channels, with
significant consequences. As customers take their transactions from the
branches to the digital channels, banking has become less and less personal.
Will this trend continue? To predict the future let’s first review how we got here.
Learn how YES BANK is reaching more customers in API economy.
Digital banking requires applying new technologies to reach new customers. YES BANK approach of using APIs in Mobile banking is helping them reach new customers and open new markets and participating in the API economy.
Only a handful of industries have been transformed by the digital age the way banking has. Internet and mobile banking, digital wallets, and a raft of new and innovative products have redefined “the bank” from a local, brick-and-mortar branch to an anytime-anywhere process. The new banking environment has opened opportunities for national, regional, and community banks alike, which are no longer constrained to serve only customers located in the areas where they maintain a physical branch presence. But it has also brought challenges associated with collecting, processing, analyzing, storing, and protecting vast amounts of new data, from multiple locations and sources.
Published By: Datastax
Published Date: Jan 17, 2018
In today’s fast-paced business climate, companies are seeing dramatic shifts in their market. Customer expectations
are changing faster than ever due to digital disruption in areas like commerce, banking, transportation, healthcare,
utilities, and media consumption. Technology is being used to disrupt traditionally “safe” industry norms. Data is being
generated at levels never seen before, but companies are having a tough time understanding how to find the gold within
For the past decade, financial institutions have created sophisticated digital platforms for consumers to access, save, share and interact with their financial accounts. As sophisticated as these digital platforms have become, cyber criminals continue to pose an ever-present risk for everyone – from individual consumers to large corporations.
In his recent article, 2018 Outlook: Customer Experience and Security Strike a Balance,
Andrew Davies, vice president of global market strategy for Fiserv’s Financial Crime Risk Management division, explains how and why security will become a key differentiator for financial institutions as they respond to a changing landscape, which includes:
• Global payment initiatives
• Open Banking standards
• Artificial intelligence and machine learning
• Consumer demand for real-time fraud prevention and detection
Oracle's Digital Innovation Platform for Open Banking is a cloud-based, open API solution built on an enterprise-grade IaaS and PaaS platform. The solution offers high-value, predictable integrations, open-marketplaces with fintech and banking API services. (30 characters/spaces possible)
The banking industry has been talking about improving the customer experience with customer-centric banking for a long time.
From a recent study of French retail banks, neobanks and online banks are winning the customer experience battle. To retain customers, traditional banks will need to improve their overall customer experience, a key priority as reported in DBR Research’s Digital Banking Report 2018. All three of the top trends for 2018 are related to improving the overall customer experience. Failing to address these key trends will hurt laggards.
Just because you have a digital presence doesn't mean your work is done, it just means that you need to continue to innovate to attract and retain your customer base. But what makes for a successful banking customer journey?
Read this solution brief to learn the five pillars of success for the banking customer journey.
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