If anything prompted agility, it was the pandemic. Most banks surprised themselves by how agilely they responded to the immense changes required in record speed. Celent’s Model Bank virtual event brought banking professionals together to discuss the importance of agility in banking, what makes a bank agile and how it can become more agile.
The retail banking industry is undergoing a significant period of transformation. Changes in consumer behaviour, technological developments, and regulatory requirements, are all creating new demands. Consumers now want to open savings accounts in seconds, have a mortgage in minutes, and open a business account with one click.
Financial services, as we enter 2020, have never been more open to innovation, collaboration and transformation, as established banks are challenged to adapt, like it or not. Worldwide, and especially in countries in which access to financial services was previously limited or nonexistent, financial technology is offering a bold and exciting new world to those financial firms that will employ it. What are the probable trends in the coming months?
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.
Do you remember when banking meant wasting time queueing in-branch, or poring over paper statements? Thankfully, the industry has come a long way since then. Today, managing your finances is as easy as logging in to an app; and opening an account is as simple as verifying your identity with a selfie.
Many financial institutions are facing a perfect storm of pressure on revenues and increasing costs driven by regulatory mandates and the need for overdue investment in infrastructure.
The word compliance may hit a sour note for some bankers, but in the end, compliance demonstrates commitment to transparency, integrity and best practices. If only compliance wasn’t so complicated and costly. Effective data archiving is necessary to make data repositories what they must be. Most banks archive data, but many need to upgrade their processes. What are the five elements that financial firms should include in their data-archiving overhauls?
If last year was any indication of what financial markets will look like in 2019, we are in for a very bumpy ride. Last December alone, the Dow Jones Industrial Average fell and rose more than 8 percent as finance experts struggled to make heads or tails of a bizarre political climate, unsteady interest rates and global tariffs.
The Fourth Industrial Revolution, through which emerging technologies converge to push the boundaries into uncharted territory, has already begun, and data is the fuel that is powering it. Forward-looking banks are not just riding but driving the wave, discovering and implementing the many advantages that vastly improved multi-channel analytics of today’s deluge of data offers.
The first week of August saw Facebook announce that it had drawn up proposals with major investment banks and credit-card companies to form data-sharing partnerships. According to the Wall Street Journal(WSJ),