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In today’s competitive landscape, customer acquisition and retention remain the key expectation of financial institutions. During engagement, customers make decisions based on their quality of service perception. Firms that focus on maintaining efficient omnichannel experience gets an average of 89 percent customer loyalty as against 33 percent, received by firms with little or no effort, a recent Aberdeen report states....
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Massive amount of cash, large transaction volume and multiple access channels make banks top priority targets for cyber criminals. As financial institutions get better at defending, attackers get better at hacking. For instance in the first quarter of this year, more than 947,027,517 malicious attacks were identified by Kaspersky from online points in 203 countries. It detected PC-malware...
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A recent Fiserv survey of 2,000 UK adults indicates that by next year, £3.4 billion and £9.4 billion will be transferred weekly via mobile and online banking platforms respectively with an aggregate of £12.8 billion per week. It added that UK mobile banking customers will double resulting in 32.6 million users by next year. “Capabilities like mobile alerts (for instance, JETHRO’s JDelivery), instant payments...
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GATE annual report estimates 2.07 billion customers worldwide will use mobile wallet to make payments or send money in 2019. This is largely due to strong reliance on mobile phones. China is the largest adopter of mobile wallet payments leading with 56%, followed by India, Africa and the middle east. Presently, World bank estimated 2 billion of the world’s population (excluding...
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IBM IBV recently surveyed 500 bank executives and found that only 16% respondents said their infrastructure can detect security breach as they occur while 81% can only detect new patterns after 4 weeks, implying that many financial institutions are struggling to adjust to the changing threat landscape. Additionally, the capacity to connect criminal activities across multiple channels and...
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More than ever, digital transformations have been impacting every industry at an unprecedented rate. Many Financial Institutions have adopted some form of digital innovation while others are leveraging several solutions powered by emerging technologies (such as AI, ML, NLP and more), yet less than half of 43% corporate banking executives surveyed by BCG have a comprehensive digital strategy...
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There is need for Financial Institutions to ensure efficient service delivery across various channels in order to stay competitive in the market place; At the branch, efforts must be made to ensure customers get pleasant banking experiences; Hiring and maintaining skillful staff is key to realizing enterprise objectives; Automating all cash processes will improve efficiency; Personalization, utilizing efficient CRM...
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Ovum recently surveyed 226 bank representatives;, 65% stated that their payment systems require major upgrade or replacement in the next 3 years. The payment landscape around the world is changing due to the need to meet increasing customer demands, domestic and regional level regulation, payment infrastructure changes, value-added service delivery and the potential of revenue generation such...
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Cyber-criminals continue to evolve with tricks and turns aimed especially at financial transactions. Incidents, like the WannaCry and Petya ransomware scams, also indicated continuous vulnerabilities in worldwide financial online security, costing banks and FIs about USD 360 billion yearly in the last three years, the Global Banking and Finance Review states. The first half of 2018 saw 81...
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The Payment landscape in the US is experiencing digital innovations. In a recent Accenture report detailing five important payment trends to keep in view, “about 64 percent of North American consumers plan to use a mobile wallet by 2020—a 39 percent rise in the user base in three years”. Mobile wallets enable financial institutions to provide efficient customer...
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