The Digital Banking Report is honored to have the opportunity to partner with Efma and Infosys Finacle in the development and publication of their 9th Innovation in Retail Banking report. With the results of a global survey of more than 250 financial institutions, case studies from organizations of all sizes and insight contributions from some of the most respected innovators in banking, this is a must-read for all executives involved in the innovation process. As has been found in previous years' reports, the innovation agenda has become intertwined with the digitalization agenda, where transforming back-office core processes and customer facing experiences are brought together by application of data and advanced analytics. The level of investment in both digitalization and innovation has increased in lockstep with each other as a result. The report illustrates the varying priorities of organizations of different sizes and the challenges and opportunities in the marketplace.
The Scotiabank Digital Banking Lab at Ivey Business School hosted a special evening event in Toronto featuring Ray Sharma, HBA '96, Executive Managing Partner of Extreme Venture Partners – a venture capital firm investing in financial technology (fintech) startups. Ray will provide an in-depth analysis of the fast-paced trends in the fintech space, and navigate us through the impact of artificial intelligence, crowdfunding, and block chain on the financial sector. The Digital Banking Lab is funded by a generous 3-million donation from Scotiabank. Its goal is to provide research, education, and outreach on digital disruption and fintech innovation.
From start-ups to multinationals, organisations are using technology in an innovation wave that is disrupting industries such as finance and banking, retail, hospitality, travel and government. But it's not just the usual suspects such as Facebook and Twitter, or gig economy powerhouses such as Airbnb, Airtasker and Uber that are leading the digital charge. Organisations across a multitude of industries are looking for innovative ways to use data and technology to improve services and revolutionise the customer experience. For instance, Commonwealth Bank has recently announced the testing of its own chatbot, using AI (artificial intelligence) to assist customers with more than 200 banking tasks. However, in this era of digital disruption, it's no surprise that Australians are worried about the impact digital transformation will have upon the workforce and job security.
The banking industry continues to be surrounded by uncertainty, with no definitive path for success. Despite this uncertainty, financial institutions must focus on innovation and new digital technologies that will provide a springboard for future growth. Since the financial crisis of 2008, the banking industry has been challenged by economic uncertainty, new regulations, an onslaught of competition and an erosion of trust. Over time, some of these challenges have become'business as usual', while there are new unknowns, such as the implications of Brexit for the UK and the European Union (EU) and the election of Donald Trump as President in the United States. In a survey of almost 300 senior banking executives worldwide, EY found that only 11% of the respondents expected the financial performance of their banks to improve significantly over the next 12 months.