A recent Financial Brand report highlighted 10 Tech. strategies Financial Institutions can implement immediately .        .        .     ..  ...          .             .:

 

1. Consumer Experience Enhancement

Financial Instituitions should provide a digital account opening procedure that enables customers to open accounts with ease. Additionally, systems should provide real time alerts and suggestions for subsequent actions. It is important to revamp all interactive platforms. For instance the back office should have an electronic banking outlook.


2. Harnessing Data & Analytics

Using Business Intelligence and Analytics tools to gain insight from massive available data will ensure better customization and channel enhancement. The removal of the barriers hindering data flow in a company will result in the effective use of advance analytics. Also, you can consider partnering with analytics vendors to further enhance the usability of data. Making use of real-time data will ensure optimal utilization of opportunities. Furthermore, FI’s should explore the usage of Artificial Intelligence and Machine Learning in risk and fraud analysis to enhance services.

3. Provide Services on preferred Multiple Channels

Financial Instituitions should ensure services are delivered on preferred customer platforms. Details on how to use available technologies should be provided. These will result in customer acquisition and retention.

4. Make Use of Open Banking

The usage of APIs will continue to be an important trend in 2018. Review available data privacy contracts to identify risk, benefits and possible changes. Financial Instituitions should consider partnering with FinTech and non-financial firms for data sharing possibilities. They should have API policy for third-party data access and service offerings within digital banking environment.

5. Develop FinTech Collaboration

Banks should partner with FinTech companies for more product offerings. This may require replacing legacy systems, incorporating new technologies and the adopting new IT structure.

6. Enhance e-Payment Functionalities

Financial Instituitions should ensure optimum functionalities on digital payment platform and create an interactive process for unsubscribing and signing-up new customers for product usage via email and SMS texts. Also, the immediate creation of mobile wallet & P2P strategy for prompt execution in 2018. In addition, It is important to actively resolving customer issues.

7. Ensure Up To Date Compliance & Regulation

Keep abreast of new industry trends and automate reoccurring processes. A standard and up-to-date Know Your Customer (KYC) policy must be in place and employed during customer sign-on. It should be inserted in all bank systems. This may be achieved using AI and digital technologies. Put in place an internal compliance obligation policy that ensures staff awareness.

8. Employ Innovative Technologies

Recently evolving technologies include: Blockchain, Virtual Reality, Drones, Augmented Reality, 3-D printing, Robotics, Artificial Intelligence and Internet of Things. These employ the use of data transformation and advanced technologies. Getting feedback from counterparts already using them and implementing suitable ones the enterprise.

9. Contest with new Industry competitors

Traditional banking standards will be threatened by large Tech firms due to open banking and the arrival of P2P. Think of a unique strategy with immense impact on customer experience. Consider partnerships that will deliver competitive benefits. Reduce branches and leverage on technology solutions such agency banking solution.

10. Consider Blockchain Functionalities

There are many advantages of Blockchain uses in banking. For instance, it can serve as a channel for transferring data and banking records, identity management, and so on, resulting risk reduction, money saving and income generation.