Originally Published on Digitalist Magazine With the advent of robo-advisors, artificial intelligence (AI), and virtual assistants, the next wave of the financial technology revolution could arrive sooner than anticipated. A report by EY, “Unleashing the Potential of Fintech in Banking,” highlights that collaborations with startups (and not competition) can provide fresh tech solutions for banks. Shared services and knowledge will improve product offerings through data analytics tools like predictive analytics, offering deeper engagements with customers. How are banks currently leveraging fintech? Albeit independently, banks are building in-house technology in response to the growing fintech challenge. In 2017, JPMorgan appointed a new team for the automation ofRead More →

Faced with unprecedented challenges, banks have started racing to embrace AI to gain a competitive advantage. With the advent of chatbots, personal assistants, and robo-advisors, it may not be too hard to imagine that the next wave of technology could revolutionize the traditional style of banking. An Accenture report recently indicated that within the next three years, banks will deploy Artificial Intelligence (A.I.) as their primary method to interact with customers. In early 2016, Swedish-speaking Amelia became the first non-English deployment of IPsoft’s AI platform at SEB, one of Sweden’s largest bank. The bank adopted “digital employee” Amelia to integrate into its front-office. The cognitive agent solves problems just like humans “butRead More →

Big Data tools not only simplify lengthy analytical procedures in any industry, but they also provide a competitive advantage to banks. With new regulations, banks are looking at ways to make compliance procedures more effective and accurate. Big data in banking is slowly gaining momentum and becoming an inevitable necessity across the banking industry. As traditional data management structures become obsolete, the community banks struggle to comply with external competitive and regulatory pressures. The need to execute analytics tools in the community banking system is gradually becoming more of a compulsion than an option. Gartner’s 2014 CIO survey shows that financial firms encourage investing inRead More →

Banking is getting branchless, contemporary and digital at a very fast pace. As banks compete to gain competitive advantage, the need for managing big data and analytics becomes more relevant. Big Data has transformed the way traditional banks worked in the past and has been very helpful in informing decision-making. Through associated big data tools, banks can gain greater visibility into customers’ behaviors, assess the probability of risk and help small businesses. Big Data combines various data sources like the company, its channel partners, customers, suppliers, social media and even external data suppliers. Typically, the data collected in banks is so complex that it isRead More →

Banking sector has witnessed many technological changes in recent years that offer more personalized services. The shift towards getting more digital just got more exciting with the introduction of many user-friendly technologies. As banks try to make banking quicker and secure, the option for digital innovations keeps getting more and more competitive. The first quarter of 2015 introduced some very interesting banking innovations that could revolutionize the banking experience for customers. Read More →

Banking Industry has evolved tremendously over a period of time. Nowadays, modern banking sector is doing away with its traditional methods and shifting focus to a more advanced and digitally connected network. While many countries are still struggling to get basic banking facilities, there are others that are growing not only in number but facing fierce competition from non-banks. As we all know, banking, in recent years, is not all about depositing and taking loans but much more. Read More →