Banks have built historic reputations on being steady and solid, traditionally making incremental improvements to operations based on an understanding of change as something that is occasionally necessary, but preferably avoided. Yet in a market distinguished by uncertainty, the only way to be ready for the future is to invest in change itself.
New technologies have infiltrated every corner of the world during the digital age, but four stand out as frontrunners. The DARQ forces of distributed ledger technology, artificial intelligence, extended reality and quantum computing, working independently and together, are ready to guide businesses and society into a bold new frontier.
Reshaping Consumer Banking for a New Age: Opportunities to Leverage from TikTok and the Social-Media Renaissance
Banks need to meet customers where they are at, which today means social media. Personalisation, accessible solutions and relevance are key to reaching Millennial and Gen Z consumers, and banks must amend their strategies to serve these generations of bankers. By aligning their goals with those of social media, banks can stay in the loop.
Kieran Donoghue, the Irish Development Authority’s Global Head of Strategy, Public Policy and International Financial Services examines the continuing uncertainty around Brexit and role that Ireland can play as a strategic partner to the United Kingdom’s (UK) financial services industry.
It is hard to believe that we just wrapped up another year. The beginning of a new year is one of the best times to both reflect on the previous years successes, while looking ahead at what the biggest challenges, priorities and opportunities will be for companies as they enter the new year.
As the landscape of financial services continues to change, it’s critical to stay ahead of the game. ATMs were groundbreaking achievements once upon a time, while more recently, mobile baking was the logical next step in banking’s maturation.
The financial services industry relies more on information technology than any other sector. That makes perfect sense given the high-speed and detail-oriented nature of the industry. Unfortunately, it’s costing a lot more to protect and maintain financial data these days.
For European banks, regulations (GDPR, MiFID II, PSD II, Open Banking) are aligning at a time when they are already warding off digital disruptors intent on wooing customers with convenient, cutting-edge technology-based offerings. Financial institutions that adopt a wait-and-see approach will likely lose ground in a rapidly changing financial landscape, but those who adapt and maximize their formidable advantages will prevail.
Introduced in 2015, PSD2 grants third party providers (TPPs) access to bank customers’ (both consumers and businesses) online account & payment services in a secure and regulated manner.
By John Manning, International Banker In early March, Ulster Bank announced that from October onwards, it will be closing nine…