Lately, there seems to be a frenzy well fed by consulting firms in the enterprise world about digitisation and the necessity to “digitise” companies’ business models and operations.
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.
Imagine you’re one of the nearly 40 million Tanzanians who live in a rural community. It would most likely take a day of your time and a considerable portion of your earnings just to travel to the nearest brick-and-mortar financial institution.
There’s good and bad news for UK banks in the 2018 FIS PACE study on SMB banking, which surveyed hundreds of small-to-midsized businesses (SMBs) throughout the country. The good: 7 out of 10 SMB clients are satisfied by their banks’ performance.
Machines are capable of “thinking” faster than their human creators, but that doesn’t necessarily mean they think better. Computers have their place in helping humans, but that doesn’t mean it is wise to let them take their place. Machines make mistakes, too, although theirs are a little different than the ones humans make. Is there a middle ground at which computers and humans can work together effectively?
The trend toward global interconnectedness has never been stronger, with innovation and technology helping to make the impossible now possible. The rewards are vast in terms of reduced cost, increased opportunity and greater inclusion, but there is an obstacle that is slowing progress: existing proprietary banking infrastructure. Fortunately, that’s not the end of the story, as the way is being paved for full worldwide banking integration.
Financial-technology development is full of promise but is lacking one thing: talent, especially female talent. Few young women are jumping on the fintech bandwagon as a career option. There are many reasons for this reluctance, from stereotyping in elementary school to viewing a tech career as “too male”, but efforts are underway to change this attitude and bring gender diversity to one of today’s most pivotal fields of influence.
It is becoming clear that trade digitisation has huge potential to unlock access to world trade for small-to-medium-sized enterprises (SMEs). The move away from laborious, manual, paper-based processes will lever simpler access to trade finance
Many banks have given up the fight and are working to get along with those fintech upstarts, but not regarding one area in particular: top-notch tech talent. When it comes to tech staff, the gloves are off, and banks are fighting to both recruit and hold on to the cream of the crop, recognizing how indispensable experienced professionals have become in the digital world.
In Europe, PSD2 is opening up previously inaccessible bank-customer data, with customer consent, to third-party providers, all in an effort to provide consumers with more financial options at the best prices. Although some bank managers are focused mostly on compliance, others are looking at the bigger picture: at Open Banking as a new opportunity to boost customer satisfaction and meaningful interaction.
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