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 […]

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 […]

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 […]

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 […]

Enterprise renovation usually involve putting different systems in place to ensure operational efficiency and effectiveness. For instance, a recent report from EY surveyed 250 C-level executives at FIs across the globe, stated that 65% of executive’s enterprise saw increase in revenue, 62% witness improved customer experience and 60% experienced innovative services due to their enterprise […]

Customers at the centre of mainstream financial services have been experiencing momentous Digital-only services. A recent study from J.D. Power found that digital only banks deliver higher customer experience and mobile experience compared to traditional ones. It also found that only 43% of customers who use digital-only branches consider them as their primary bank. Digital-only […]

[gdlr_core_space height=”30px”] [gdlr_core_space height=”30px”] Many individuals and businesses in countries around the world are yet to access affordable financial services due to low literacy level, regional limitations such as lack of basic amenities, unavailable credit records and so on. The Innovation in financial inclusion report by EY stated that 1.6b of the world’s population are […]

Financial Services are experiencing AI application in three major areas: Firstly; Machine Learning; to produce propensity models. Banks and insurance companies are putting machine learning on websites or mobile channels for real-time target marketing. ML predict the product propensity of their customers based on their behavioural data in real-time. Secondly, it is applied around natural […]