Chief financial officers’ talents are too often lost to mundane, routine tasks that do not add much value to their important positions as their CEOs’ main advisers. Fortunately, technological innovations are removing much of the burden, freeing CFOs to fulfill their roles as prime movers and shakers, guiding their companies to new heights. Cloud technology, enterprise resource planning and artificial intelligence are proving to be time-saviors for today’s busy CFOs.
With all of the new developments in banking these days, it’s easy to lose touch with what really matters: the customer experience. To enhance their customers’ journeys and earn their loyalty, research shows that bank staff need to develop effective communication channels, listen and then learn what matters most to customers. What’s important to them may not be precisely what bank employees expect.
Banks once were the movers and shakers of the financial world, but in the aftermath of the global financial crisis, mired in new regulations, many have lagged behind rising fintechs in technological innovation. What fintechs have discovered is artificial intelligence’s considerable contribution to meeting customer needs and maximizing operational efficiencies. Now that the regulatory climate has eased, banks are catching up and employing carefully implemented AI to help them achieve their customer-centric goals.
With federal regulators becoming more receptive to large deals, bank merger approvals have sped up under the Trump administration. Although the anticipated merger activity volume has slowed relative to early 2019 projections, the fact remains that attention to detail in the execution of these combinations has never been more important.
A persistent problem in Africa is the financial-inclusion deficit. With 11 million citizens in South Africa alone being either underbanked or unbanked, the need to gather them into the banking fold is urgent. Recognizing this imperative, innovative teams such as Nedbank’s Retail and Business Banking have prioritised customer-centric digital avenues to reach more customers, entrenching themselves as the money experts who do good and give clients back the gift of time.
Artificial intelligence is infiltrating almost every industry, including banking, and automating tasks in ways that outperform humans. But is this cause for nail-biting or rejoicing? A lot depends on how intelligently artificial intelligence is first viewed and then put to work by humans. Banks worldwide, such as Alawwal bank in Saudi Arabia, are proving that this powerful technology, if exploited smartly, will be transformational for banks and customers alike.
In the age of specialization, many organizations turn to intermediaries to do business. They take the form of partners, suppliers, distributors, or agents, and many firms can have thousands of “feet on the ground” doing work on their behalf around the globe.
What’s not to like about a process that simultaneously slashes costs and boosts efficiency? Increasingly, senior executives of financial-services firms, with eagle eyes focused on the bottom line, are jumping enthusiastically into the RPA game. Perhaps surprisingly, others in these organizations, such as IT employees, are reluctant. But adopting robotic process automation to best advantage must involve the active participation of the whole company-wide team.
Digitally native customers are driving banks to jump into the future by embracing technological breakthroughs such as artificial intelligence, machine learning and robotic process automation. And in the process, banks are discovering the many advantages of these innovations, from cutting down on costly human errors to improving everything from fraud management, operational efficiency and trading. As they progress through their digital evolutions, many are reinventing themselves for the better.
When A.G. Bell invented the telephone, he had no idea that less than a century and a half later, the phone would be used to talk through—and text, shop, even bank with. Smartphones are small enough to be held in one’s hand and big enough to handle nearly any function. How are banks making fraud-vulnerable processes such as onboarding fast, efficient and secure by verifying the identity of customers?