26
Jun

Digital Banking 2018: Finding your Fintech Soul Mate

Posted by: AmberRoberts in: Financial Services -


It seems every day a new shiny tech company enters the scene, touting a solution to a problem that consumers may not even know they had. While banks have fully accepted that tech startups are friend not foe, the tough question to answer is which one is right for my organization? Bank and tech industry leaders sat down at Digital Banking 2018 to discuss criteria and best practices for finding the right tech partner. Here are our highlights:

 

  1. Know what you are looking for: Ask for customer feedback on potential new features. Have a clear vision internally about what you want to do to serve customer needs better, and then go seek that out with a laser focus.
  2. Find a thought partner: Look for a thought partner who respects you and the product roadmap. Ensure they understand your near- and long-term vision, which is key to determining if their technology is right for your business.
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26
Jun

How Culture is Key for Innovation at Today’s Banks

Posted by: AmberRoberts in: Financial Services -

Just a few years ago we were pondering if, when and how banks will answer to consumer desires for simplification, speed and integration when it comes to everyday money matters. Today, technology is table stakes in the world of banking, and the new question being asked is how banks can shift their organizations to be successful in a tech-driven world.

At this year’s Digital Banking conference, a common theme across financial institutions of all sizes was the importance of culture in our rapidly shifting, tech-forward environment. Here are cultural best practices from the banks who are truly embracing technology:

  1. Overcommunicate: If the entire organization feels they are part of new technologies, there will be more internal buy-in. Explain what the organization is doing and why. Talk to all levels of staff and update them regularly.
  2. Create digital ambassadors: Financial institutions have created digital ambassadors successfully and stand behind the approach. The “ambassadors” can range from digital natives to novices; what’s important is that they are trained to understand new tech inside and out, and they are capable of encouraging their colleagues and customers to embrace the advancements. Ambassadors can engage in the field, at the branch level and in the back office.
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26
Jun

Digital Banking 2018: Making Customer Experiences Better

Posted by: AmberRoberts in: Financial Services -

Coming off another year at Digital Banking 2018 in Austin, Texas, there were some clear differences worth highlighting from previous years.

First, Artificial intelligence is not just being talked about, it’s happening. Most sessions and conversations touched on AI in some way, and we’ve seen banks make tangible moves, pointing to BofA’s Erica as just one example.

AI is expected to drive most interactions with customers soon, and it is forcing banks to retrain and hire employees with new skills.

The overall technology and banking conversation has also shifted. It seems that financial institutions have moved past trying to create new/better/cooler products and services, and instead, they are focusing on solving problems of customers and making customer experiences better.

What’s coming? A bank as we know it today will not be leading banking in the next 15 years, a technology company will. That prediction comes from futurist and author Brett King.

Banks could be challenged and surpassed by technology companies already playing in the payments space (Apple, Alibaba) or by another disruptor. Time will tell.

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