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Most Banks Still Not Ready For AI, Robotics: Study - CXOtoday.com

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Technology investments in the banking sector will revolve around'topical' areas such as information security, advanced analytics and open banking APIs, as opposed to'future-looking' areas such as conversational AI, robotic process automation, the Internet of Things, augmented reality or virtual reality. However, 70% of organizations planned to support a conversational AI solution, with close to 25% having made investments in AI, according to Infosys Finacle, part of EdgeVerve Systems, a product subsidiary of Infosys, and Efma that launched the ninth annual study of Innovation in Retail Banking. The study reveals digitizing products and services, customer journey and security as top focus areas for innovation and transformation. According to the report, retail banks continue their thrust on innovation in all functional areas, with customer experience and channels (both at 78%) being at the forefront. Other segments that have witnessed higher spends in innovation include products (67%), process improvement (64%) and marketing (57%).


Securing Banking's Role as Relationship Gatekeeper

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The primary advantage legacy banking organizations have is their breadth of customer relationships. Despite increased competition, banks and credit unions can still position themselves as the principal gatekeeper and facilitator of the overall financial service relationship.


Five Innovation Trends That Will Define Banking in 2019

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The global banking sector is becoming both more strategically focused and technologically advanced to respond to consumer expectations while trying to defend market share against an increasing array of competitors. A great deal of emphasis is being placed on digitizing core business processes and reassessing organizational structures and internal talent to be better prepared for the future of banking. This transformation illustrates the increasing desire to become a'digital bank'. The importance of innovation and developing new solutions that take advantage of data, advanced analytics, digital technologies and new delivery platforms has never been more important. We are seeing organizations innovate in targeting, expanding services, re-configuring delivery channels, delivering proactive advice, integrating payments and applying blockchain technology.


Five Innovation Trends That Will Define Banking in 2019

#artificialintelligence

The global banking sector is becoming both more strategically focused and technologically advanced to respond to consumer expectations while trying to defend market share against an increasing array of competitors. A great deal of emphasis is being placed on digitizing core business processes and reassessing organizational structures and internal talent to be better prepared for the future of banking. This transformation illustrates the increasing desire to become a'digital bank'. The importance of innovation and developing new solutions that take advantage of data, advanced analytics, digital technologies and new delivery platforms has never been more important. We are seeing organizations innovate in targeting, expanding services, re-configuring delivery channels, delivering proactive advice, integrating payments and applying blockchain technology.


Digital Innovation Transforming the Banking Industry

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While new entrants are changing the face of banking, traditional financial institutions can still dominate by partnering, hiring, crowdsourcing, and piloting new solutions that focus on the customer experience. There is no lack of rhetoric around the'disruption of the banking industry.' Even without the answers to these questions, it is agreed that banking is going to look a lot different a decade from now (or maybe even by 2020). In the report, "Banking Reimagined: How Disruptive Forces will Radically Transform the Industry in the Decade Ahead", Deloitte examine how current and future trends will come together to influence the future of banking. The question surrounding the banking industry today is not whether the industry will be transformed, but how it will be transformed.