In the last few years, the digitization of the banking business has made significant progress. The corona pandemic has accelerated this again—technologies from the field of artificial intelligence, in particular, offer the institutes enormous opportunities.
Delivering intuitive, secure, personalized, and smooth user experiences was an essential part of digital commerce long before the COVID-19 era. Digital transformation is a term that we hear repeatedly, and that looks different for every company. Essentially, it’s about using technology and data to digitize, automate, innovate and improve processes and the customer experience.
While the financial services industry has seen rapid technological advancement and change over the past decade, the pandemic has accelerated the pace of that change. Consumers visit fewer stores, use more digital channels and raise the bar for seamless, personalized service.
The Particular Importance Of Artificial Intelligence For Banks
The focus of today’s review on exciting topics and trends from the international financial scene is dedicated to the opportunities of digital technologies. Here artificial intelligence (AI) plays a central role.
Artificial intelligence has long been considered the holy grail for financial services. As a data-rich industry, the pairing is already perfect, and the advantages are unmistakable. Whether financial institutions want to deploy a top-level customer service chatbot or provide financial services at a more granular level in line with increasingly stringent regulatory guidelines, there is little that AI cannot do to move the financial industry forward.
Digital Transformation Is Essential For Survival
No industry was able to escape the consequences of the coronavirus pandemic. Regardless of whether the impact of COVID has been very positive or challenging, it has forced companies around the world to re-evaluate and realign strategies to adapt.
The extent of the pandemic-induced restrictions that continue to change daily life raises the question of how companies can reconcile a dramatic move to digital and the benefits that come with it while ensuring business continuity and innovation both during and after COVID while protecting themselves from fraud can?
The Deceptive Certainty Of Proven Banking Technology
The need for security is widespread. But what about innovation to ensure the future safety and to differentiate yourself from the competition? Does the requirement of being “proven” make sense for technology at all?
“Digital First” As A Philosophy For Financial Institutions
Digitization does not mean starting an application or correcting a website. Instead, the digitization of banks means that they can offer end-to-end digital products and services, including banking and payments. There are three main approaches to making core banking digital-first.
Artificial Intelligence And Machine Learning Are Changing The Banking Business
Artificial intelligence and machine learning have been a “hot” topic in the financial world for several years. By introducing intelligent solutions, companies gain a substantial competitive advantage to cope with the changing industry landscape. AI offers a deeper understanding of customer needs and enables new business processes. Financial institutions can thus optimize and quickly refine their market offer for the fast-moving world.
New User Experience Through Artificial Intelligence
“How many days until the next team meeting?”, “Can you set the timer to 15 minutes?”, “Can you order a pizza in my favorite restaurant?” How nice would it be if someone followed our orders and organized the day for us?
Technology Dominates The Banking Business
Modern financial brands that do well today have one thing in common: They are dominated by technology. Neobanks and modern financial companies are setting new industry standards and paces for AI and data analysis.
Other Interesting Topics Of The Financial Week
Together For The Digital Euro
The European Commission and the European Central Bank are working together to study the political, legal, and technical issues that arise from the possible introduction of a digital euro.
Customers Expect Personalized Offers
More than ever, bank customers expect a personalized experience, starting with the purchase of financial services across the entire customer journey. As the competition between traditional and nontraditional players increases, a robust personalization model is required to create unique experiences that set a brand apart.
What Is Walmart Planning In Banking?
Walmart announced a strategic partnership with leading FinTech investment firm Ribbit Capital last week. The joint efforts aim to create a new FinTech startup that will develop and offer modern, innovative, and affordable financial solutions. But what exactly is the retail giant planning in the banking business? Will Walmart’s huge retail network become a distribution network for the newly formed FinTech startup?