The disruptive new entrants, challenger banks, and FinTech service providers are revolutionizing the banking sector. We are looking at a future where technology will drive the banking services and become the main attractant for retail banking customers. The situation is as if the legacy infrastructure of the banking incumbents [...]
In order to compete in the fast-moving digital world, banks have to let go the legacy infrastructure and operational processes. To succeed in a digital realm, their aim should be toward creating the best customer experiences. By increasing the market responsiveness, quality of services, affordability, and sustainability, banks can not only offer better [...]
A well-functioning financial system drives a well-functional economy. The modern economy and the modern financial systems have technology as one of the most powerful driving force. Today, the Banking, Financial Services, and Insurance (BFSI) domain operates out of our smart devices. Online transactions have become the norm. Over the centuries, banks have evolved from [...]
With the force of digital wind growing stronger within the realm of insurance sector, the industry’s defensive tactics will no longer work when it comes to innovation. It is essential that insurance providers prepare an offensive front to deliver tailored services and customized experiences to the customers. The spurt of InsurTech startups [...]
Icebergs can be deceptive when looked at! They encompass a huge mass below the sea level which is around 90% of its actual size, leaving only 10% for the naked eye. How is that related to banking? To answer this question, let’s look at an example: When a customer performs an action [...]
Retail banking does not remain untouched from the digital wildfire. As a matter of fact, customer-first banks are en–route their transformational journey to serve their digital-first consumers. The findings of a Business Insider report revealed a tremendous increase in the active digital customers in the third quarter of 2019 as compared to 2018. In the [...]
We are living in a revolutionary time, a disruptive era, led by smart devices and a smart generation. Digitization has become the norm, the acceptable way of doing things. Cashless transactions overtake cash-based payments, physical bank visits are replaced by multiple mobile and net banking sessions, and AI and [...]
Consumerism is at an all-time high, touching every industry, influencing decisions and strategic approaches of the businesses involved. Technology is increasing the service efficiency of businesses, while increasing the customer expectations at the same time. Today, the need for a seamless experience is a no brainer, for which businesses [...]
Fintech, short for Financial Technology, is the innovative use of technology in the design and delivery of financial services and it is transforming the banking world as we know it, says Henri Arslanian, the Chairman of Fintech Association of Hong Kong. Henri names Artificial Intelligence, peer-to-peer lending, big data, [...]
Banking sector was one of the first to embark on a digital journey. With the goal of delivering convenient transactions to customers, banking industry never shied away from new technology and latest innovations. Facilitating door-step transactions and eliminating the need to physically visit a bank, the banking industry is [...]
