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How Banking Providers Can Achieve Hyper-Relevance in the Amazon Age

@machinelearnbot

The subject of'personalization' has dominated CX conversations in the financial industry recently. But making banking interactions more relevant requires more than just using a customer's first name in the salutation of an email. Here's what financial institutions can learn from pioneering tech firms like Amazon, Netflix and Google who have raised the bar. Subscribe to The Financial Brand via email for FREE!"Personalization" is not a new or novel concept in banking. For centuries, financial institutions have prided themselves on the personal experience they delivered to each customer.


Increasing Challenges Could Destroy Bank Profitability

#artificialintelligence

The banking industry is faced with competing priorities, continued internal challenges and heightened competition that could make profits evaporate. With consumer expectations increasing, the cost of'catching up' could make some organizations disappear altogether.


Moving From Digital Banking To Embedded Experiences

#artificialintelligence

Before online and digital banking became part of daily life, every transaction, including shopping for financial services, opening an account, making a deposit or withdrawal, and even checking an account balance or interest payment required a phone call, a branch visit, or maybe both. Digital transformation enabled consumers who prefer a simpler way of banking to perform most such tasks in the comfort of their home or on a mobile device. But, have we gone far enough to simplify the consumer's daily life? More importantly, have banks and credit unions changed the underlying processes and legacy cultures, or simply used new technology and advanced devices to "polish" legacy banking? And, has our focus really been on delivering an improved customer experience – or just to find ways to chop delivery costs?


Moving From Digital Banking To Embedded Experiences

#artificialintelligence

Before online and digital banking became part of daily life, every transaction, including shopping for financial services, opening an account, making a deposit or withdrawal, and even checking an account balance or interest payment required a phone call, a branch visit, or maybe both. Digital transformation enabled consumers who prefer a simpler way of banking to perform most such tasks in the comfort of their home or on a mobile device. But, have we gone far enough to simplify the consumer's daily life? More importantly, have banks and credit unions changed the underlying processes and legacy cultures, or simply used new technology and advanced devices to "polish" legacy banking? And, has our focus really been on delivering an improved customer experience – or just to find ways to chop delivery costs?


Top 10 Retail Banking Trends and Predictions For 2019

#artificialintelligence

Despite recent uncertainty in the financial markets, the economic outlook for the banking industry remains positive. Regulatory forces are encouraging innovation and new digital technologies provide opportunities to improve customer experiences. There are strong indications that banking organizations worldwide understand the primary trends impacting the industry as well as the actions that are needed to respond to competitive pressures. The question is whether banks and credit unions will prioritize the deployment of human and financial resources to respond to these changes. Will legacy financial institutions embrace change, take appropriate risks and disrupt themselves to meet the needs of consumers, small businesses and corporate customers?