Crypto diehards will tell you that Bitcoin will destroy the banks. Banks will say that the crypto frenzy is the latest bubble ready to burst. Both are wrong. They should not be warring factions, but suitable allies. The rise of cryptocurrency signals
Regulating crypto could create American super apps
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How the Metaverse Will Change Crypto and DeFi, and Why Banks Need to Get Onboard
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Why banks need the invisibility superpower to be relevant in the future
The Age of Assistance, a term made popular by Google, is turning the financial services industry on its head. Consumers today are living in micro-moments, with ease of access and exposure to a large and diverse set of digital services, customers are no longer satisfied with just getting what they want. Today’s consumer demands flexibility in how and where they engage financial services to get what they want. Banks that take advantage of this shift will outpace their customers and seize a new generation of customers across a multitude of channels. Banks that fail to adapt, risk extinction.
Technology is evolving faster than ever. It is critical that financial services companies learn to adapt to the new digital ecosystem that has risen from this rapid digital transformation. Digital transformation is not solely about having your brand visible and present everywhere. That is an impossible, futile journey with a very high capital requirement. I believe the true power of a digital transformation initiative is when banks understand the power of invisibility — by partnering, leveraging customer trust, and building an ecosystem centered around the customer, the banks can be more relevant by building an invisibility fabric around the customer. Banks need to focus on leveraging digital to make their services simple, seamless, and invisible so that their customers do not face any complexities.
3 COVID-19 Digital Transformations Financial Institutions Must Act On Now
As the impact of COVID-19 has accelerated, banks and credit unions have been encouraging people to use alternative options outside of going into their local branch. Since mid-March, most financial institutions have been consistently providing information and educating customers through remote channels. Many have also increased their remote support options to help with day-to-day banking transactions and offering fee waivers and, in some cases, deferred payments for credit cards, mortgages and auto loans.
In addition to this accelerated digital adaptation, financial institutions have quickly adapted to a new reality of many employees working from home, which will inevitability lead to branch network consolidation.
To this point, the primary focus of banks and credit unions has been on ensuring that immediate client needs have been addressed. As these fundamental needs are met, institutions will need to help customers understand these new trends in banking.
How Economic Impact of COVID-19 is Pushing Banks to Digitize
As COVID-19 impacts the global economy and infiltrates every business across every industry, financial services companies present some of the most unique challenges. The banking industry must now adapt to a remote employee and consumer base, pushing the role of ‘banker’ into a purely digital experience. This extreme experience has given several insights on how consumers interact with banks, and what banks need to be doing in order to help customers during this time of remote living.
The biggest issue is that people will not have access to financial service branches. Banks should begin to operate under the assumption that there will be no branches open, and customers may be sequestered for an extended period of time — a wakeup call for why banks need to be digitally enabled.
How Should Banks Approach Our New Reality?
With customers being isolated, banks need to shift further to emphasize their digital options and utilize social media and omnichannel outlets to pro-actively engage with clients. It is the perfect time to capitalize on a captive audience. Taking a stronger marketing angle focused around social media and personalization will bode well for banks as people are spending more time than ever on mobile devices, laptops, and TV.
Banks need to take the lead in re-assuring the customer base and asking how they can help in an empathic and personalized way. Help the customers add value to their lives during this time of uncertainty, offering options that make them feel more secure.
The Digital Paradigm Shift for mid-market Private Equity (PE) firms
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Why a Platform Business Model is key to accelerating Top Line Growth at Financial Services
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Digital Asset Journey – From crypto currency to corporate digital asset ecosystems
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The Product Engineering Paradigm: Moving from idea to production at the speed of customer expectation
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The Rise of Digital Intelligence Platforms
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Insight to Impact: Leveraging Digital Intelligence Platforms For Personalised Financial Services
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Modernizing Legacy Platforms: The Weakest Link in Your Digital Strategy
Seventy percent of all legacy applications in large corporations still leverage COBOL, according to recent study by Information Week. What’s more, many core applications within financial services continue to run on mainframes (e.g., AS/400s). Applications that were “modernized” in the
Banking as a Platform of Trust
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The Rise of ‘AI First’ World in Financial Services
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Open APIs – Leveraging Banking As a Service to Compete and Collaborate
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Data Analytics as a Service in Asset Management: Moving from Assumption to Fact-based Modelling
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2017 and Beyond How Asset Managers are Preparing for the Digital Future
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What Kendrick Lamar can teach Financial Services about Cloud Adoption
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Procurement in Financial Services: From Fight to Delight
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DevOps: Stepping out of the IT Shadows
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Why the Chief Digital Officer Should be the Optimus Prime of Your Organization
There is a very high probability that you are viewing this article on your phone, tablet or other mobile device. Digital is now part of our daily life and some will say it has even made its way onto Maslow’s
Blockchain in Financial Services: The Hype and the Reality of the Adoption Cycle
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Robo-Advisors: Smart Colleagues or Financial Advisor Kryptonite?
Investment management has always been a traditionally relationship-oriented business. It requires a certain level of trust, faith and sense of community for people to hand over their life earnings, college funds, and retirement money to a third party. Technology today
How Snoop Dogg is helping to disrupt the world of fintech
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Risk Management and Rosters: Sapient Global Markets Goes Major League
“Your roster is no different than a portfolio of securities. Those are your assets. That’s what you’ve put your investment in, so it only makes sense that you should monitor your assets.” In a recent article posted by the Boston
No Country for Lone Banks – How Banks can promote innovation and collaboration
Banks deal with risk every day. Large organizations still struggle with building a culture of calculated risk when it comes to exploring new ideas and innovation. For banks to succeed, leaders have to build a culture which embraces innovation, partnership,
Why banks should care about digital mobile payments disruption
Apple Pay, Android Pay, Samsung Pay, Square,Bitcoin and many such names have one thing in common. These are all modern digital payment frameworks and none of these are banks! A number of factors are driving digital mobile payments and banks