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Tracking fintech, banking & financial services innovations since 1994
As the Covid-19 pandemic continues to unfold, loan servicers are experiencing unprecedented call center and default volumes as customers struggle to stay above water. With a looming global recession in 2020, financial institutions are reevaluating their loan servicing operations across the board (mortgage, auto, commercial, and personal).
During the last financial crisis in 2008, the rate of foreclosures in the United States more than quadrupled over five years, reaching a high of 1.18 million homes as falling valuations and high unemployment pushed people into default. At the same time, 3.7 million homes were in serious delinquency.
Join DXC Technology for a discussion on what lessons can be drawn from previous downturns and how institutions can better prepare their operations, technologies, and customers for what’s ahead. Topics will include:
Scalability How to rapidly scale capacity and quickly train internal resources and customers while maintaining customer satisfaction.
Self-service and a single source of truth How to give customers more control over the process
Speed to change How to proactively react in a matter of days– not weeks or months– in a dynamically changing environment.
Auditing How to maintain a consistent audit trail throughout the process
Featuring Bart Bailey, Head of Global Lending Product Management, DXC Technology and David Penn, Research Analyst, Finovate.
Join us for this #FinovateWebinar, as Ondot gives an overview of what the Google Checking product is, how it compares to payment products from Apple, Facebook, and other tech giants, and what Google stands to gain.
We will be joined by Richard Crone from Crone Consulting, whose Apple Card insights have been featured in Bloomberg, Marketwatch, PaymentsSource, and The Financial Brand, to discuss what’s driving the opportunity from these tech giants and what is the opportunity or threat for banks and credit unions, as well as how financial institutions can respond.
Covered in the session:
How is this different or the same from other tech company launches such as Apple Card?
Why does Google see an opportunity and what’s in it for Google?
Along with Apple Card and other tech giants, what are industry trends and consumer demands driving this change?
What’s in it for banks and credit unions? Should financial institutions see this as an opportunity or a threat?
Richard K. Crone, CEO and Founder, Crone Consulting, LLC
Heidi Liebenguth, Managing Partner and Research Director, Crone Consulting, LLC
In 2020, banks will spend about $2.3 billion on core modernization just to satisfy customers and keep fintechs at bay. In the age of apps and the platform economy, do you know how to ensure your bank is ready to compete?
Watch this on-demand webinar to explore:
The future of cloud-first strategies
The future of platform-as-a-service strategies
How banks can accomplish these and achieve transformation goals more cost effectively
Is your bank keeping pace with escalating customer expectations shaped by their mobile experiences? How are you addressing the perception that all banks are the same?
It’s tough when you have a product focus and outdated technology is holding you back. You know you need to modernize to win and retain demanding, empowered, and fickle customers. Customer loyalty and company revenue are at risk if you don’t.
In this webinar, featuring OutSystems and guest speaker Alyson Clarke, Principal Analyst at Forrester, you’ll learn how leading firms like Amazon, Nordstrom, USAA, and Zappos have made the shift to customer-centricity and are delivering world-class customer experiences.
Technology advancements and the proliferation of consumer apps have created a new customer experience paradigm that is changing how people are using credit cards. Customers expect brand interactions to feel like a dialogue, one that is relevant, timely and personal to them; regardless of whether that’s online or offline.
Watch this webinar to learn more about:
The customer experience paradigm shift, from episodes to journeys
How to leverage the power of contextual marketing to enhance the cardholder lifecycle
How to optimize your cardholder lifecycle management
Featuring Jason Davies, VP, Enterprise Innovation, FlyBits and Rebecca Engelberg, Marketing Intelligence Manager, FlyBits.
What happens when you mix automation with a library of stolen user credentials? This toxic combination allows bad actors to launch sophisticated attack campaigns against your public-facing web, mobile, and API-based applications. Attacks such as account takeovers and fake account creation lead to fraud and theft. This, in turn, has both a financial and reputational impact on financial services organizations.
In this #FinovateWebinar, we will highlight how these automated attacks take full advantage of Bulletproof Proxies, a rapidly growing class of infrastructure providers that have taken the concepts of anonymity and availability found in Bulletproof Hosting and extended them to the delivery infrastructure required to launch automated bot attacks. Topics to be covered will include:
Common automated attacks targeting financial services
What a Bulletproof Proxy is and why it matters
How Bulletproof proxies came to be and their place in the cyber community
Matt Keil, Director of Product Marketing, Cequence
RAccount holders should be able to trust their bank or credit union to protect their valuable financial data. However, the human presence within complex networks inherently creates privacy and governance vulnerabilities, particularly in the visibility, control, and protection over how, when, and where data is made available to the people who use it every day.
Though modern cybersecurity is inherently multi-layered, the deepest layer must include modern data security governance that protects against privileged access and human error.
Watch on-demand to hear Lou Senko, CIO of Q2, and Doug Wick, VP of Product and Marketing for ALTR, explore how a large, publicly traded financial experience (FinX) company is using innovative solutions to provide the ultimate failsafe to its customers, as well as:
• Best practices for keeping sensitive financial data safe • How to gain transparent visibility and control over your data • How blockchain technology can support the restoration of digital trust.
Customer preferences and expectations are rapidly changing. For banks to remain relevant – or better yet – increase their relevance in customer’s eyes, they need to operate from an entirely different CX paradigm. Banks need to orchestrate increasingly complex systems of engagement and support a broad range of use cases along the shop-buy-use continuum. Beyond just sales and marketing, banks must develop and nurture customer relationships flexibly along the entire customer lifecycle with fewer in-person interactions.
In this webinar, Celent’s Bob Meara will review recent consumer research which suggests a significant and tangible gap between transactional and advisory trust among U.S. banked adults.
What was discussed?
Defining the Trust Gap in retail banking and illustrate its root causes
How leading banks are closing the Trust Gap through redefining the in-person and digital customer experience
How banks must re-tool to deliver excellent CX as engagement becomes increasingly digital
Practical next steps to take in improving your customers’ trust in your organization, regardless of where you are in your transformational journey
Challenger banks shouldn’t stand a chance. Incumbent banks have tens of millions of customer relationships, decades of risk-management experience, and petabytes of data.
Yet incumbent banks struggle to adapt to rising customer expectations quickly enough. This has encouraged well-funded, design-led, new market entrants to pose serious competitive threats. Incumbents struggle with rapid change because of the legacy systems, silos, and data volumes that exceed human capacity to analyze them.
In pursuit of disruptive innovations, banks have embarked on digital transformation programs and big data projects. But the low odds for success for these initiatives make them dangerous. Seventy percent of digital transformations fail, according to McKinsey. And 60% of big data projects fail, according to Gartner. These are investments with high risks and mostly uncertain return.
Watch this webinar, to learn about a new approach. You will learn how to: • Leverage legacy systems and understand data across systems and silos • Turn inhuman amounts of data into information for human decision-makers • Reduce the cognitive burden on employees so they can use their unique skills • Increase revenue and cost productivity while reducing risk • Scale solutions with natural language processing and machine learning
John Finneran Senior Product Marketing Manager, Financial Services Sinequa
Finneran is the Senior Product Marketing Manager, Financial Services at Sinequa. He is responsible for go-to-market strategy and designing industry-specific use cases and solutions. Sinequa helps financial institutions become information driven. The platform extracts real-time relevant information and insights from large amounts of data across all formats. R
Welcome to FinovateLive! Tune in between 19 – 21 March to delve deeper into the biggest issues impacting the finance sector.
FinovateLive! will feature expert discussions via a series of interactive webinars, whitepapers and articles to shed light on the areas most ripe for innovation. The program will also highlight the technologies that have the potential to transform the entire banking, payments, insurance and investment industries. Catch the future of fintech in real-time from the comfort of your desk with our exciting agenda built around business challenges and innovative solutions.
Tuesday 19 March
Hear from Jeremy Balkin, as he showcases how doing things differently adds value and truly transforms business. We also put forward the question: “Is innovation essential in banking?” and look to get Jeremy’s take on how to create touch points and deepen long term personalized human relationships in a highly technology driven environment.
Featuring: Jeremy Balkin, Head of Innovation, HSBC
Wednesday 20 March
In this webinar, Clara takes a practical approach to developing an AI strategy. She discusses why designing a long term AI strategy is essential, and why patchwork innovation with AI is not going to pay off. The discussion will draw from Clara’s direct experience working with decision makers, as well research lifted from her upcoming book on how AI is transforming financial services.
Featuring: Clara Durodié, Executive Chair, Cognitive Finance Group
Banks are in trouble. Every modern bank dependent on branch revenue is in virtual survival mode, hoping for a miraculous reversal of emerging customer behavior. Brett King, discusses the future of banking and fintech, finally deciding which banks will make it, and which won’t.
Featuring: Brett King, CEO & Co-Founder, Moven
Thursday 21 March
In this webinar we’ll focus on the findings of the just released 2019 Retail Banking Trends and Predictions research, published by the Digital Banking Report. The report is now in it’s 8th year and combines insights from a crowdsourced panel of more than 80 industry leaders and a quantitative survey of more than 300 financial services organisations worldwide.
Featuring: Jim Marous, Co-publisher, The Financial Brand
In the last webinar of #FinovateLive, we speak with JP Nicols, Managing Director at FinTech Forge about the fintech revolution, why banking hasn’t yet been ousted by apps and wearables, and what has been seperating the winners and the losers in fintech.
Webinars have been editorially curated by Adela Knox, Editor in Chief, Finovate Digital Week.
More than just webinars
During FinovateLive, we’ll also be bringing you expert insights and exclusive interviews.
The decisions your bank makes today could have major implications on how you stay competitive—for years to come. Developing one app or digitizing a process might appear to suffice, but that is just the tip of the iceberg. It’s time to align your bank’s digital transformation strategy with the entire customer lifecycle by providing a personalized omnichannel experience. The result? Your bank improves customer satisfaction, increases customer retention rates, and drives overall customer profitability.
OutSystems enables a genuine end-to-end digital transformation. With our versatile and flexible low-code platform, you can leave behind an organization based on product lines and build experiences that focus on the customer and give you a competitive edge.
Don’t miss our eye-opening interviews and thought-leadership from prominent women in the fintech landscape. Featuring April Rudin, Founder & CEO of The Rudin Group and Mary Wisneiwski, Consumer Banking and Fintech Reporter at Bankrate, we discuss the trends impacting the fintech landscape and hone in on what the industry can be doing better to attract, retain and advance female talent.
Banks and financial institutions have long been at the forefront of adopting technologies to increase efficiencies and provide better service to customers. From ATMs to online banking, they’ve helped to seamlessly integrate transactional technologies into the customer’s daily life. Financial institutions currently find themselves at the forefront of adopting new cognitive AI technologies that are redefining and elevating the customer experience. To add to our webinar, we speak to Grant Thornton about the realities of what fintech really means, and how you can capitalize on the impressive challenges we should expect over the next decade.
Finovate: How can your organisation prepare for and embrace the rise of intelligent automation? What are the key steps to consider?
Grant Thornton: Intelligent automation, including robotics and artificial intelligence, have transformed entire industries over the last two decades. Now it’s time for the financial services industry. Although it’s still early, financial services is headed down the same inevitable path to disruption and towards an explosion in productivity and efficiency.
In the next 5-10 years, the productivity of the enterprise will be transformed through multiple technologies, such as Robotic Process Automation (RPA), Natural Language Processing (NLP), or Artificial Intelligence (AI).
Fintech represents a long-term, systemic change in the industry. The only successful way forward is to take a long-term view. The key is to plan for a steady pace of adoption for interrelated technologies rather than focus on individual projects and siloed technological innovations that will not build upon each other.
The first step is to improve your “digital quotient” — the extent to which your processes, information, data and activities are in digital form. A high digital quotient makes your path to the cognitive enterprise easier.
To build your digital quotient, take a clear look at your efficiencies and operating model:
How many processes and activities are digitally accessible?
How much data is available?
How much conversion work is needed?
Start by piloting small, focused projects that are clearly measurable and materially understood. Engage your C-Suite and ensure that they understand the importance of building your organization’s digital quotient. They need to support the significant operational and cultural changes that come with becoming an automated cognitive enterprise. This is critical to your organization’s success.
Finovate: Do customers expect AI-driven experiences in their interactions with businesses?
Grant Thornton: Thanks to their experience with leading retailers and technology giants—including Apple’s Siri and Google’s Alexa—we believe customers will not only expect, but will actually demand AI-driven experiences in their interactions.
In fact, AI will soon seem normal:
By 2020, IBM projects that more than 85% of all customer interactions will be handled without the need for a human agent.
By 2025, Forbes Magazine estimates that 95% of customer interactions will be supported by AI technology.
AI empowers personalization like never before. Customers don’t want to be treated as “one of the crowd.” Companies such as Amazon, Walmart and Google set high standards for quality of personalized customer experience, and customers routinely compare their experiences with financial institutions to their most recent shopping experience.
Finovate: What are the key advantages of offering chatbot interaction? Do customers consider communication with chatbots as a 2-way communication channel? In the future, will banks have something like an Alexa to guide their customers through their website and services?
Grant Thornton: According to a report by Grand View Research reported on BusinessInsider.com, the global chatbot market is expected to reach $1.23 billion by 2025, an annual growth rate of 24.3 percent. Likewise InfoWorld.com reports that approximately 45 percent of global users prefer chatbots as the primary mode of communication for customer service inquires.
In fact, according to ForbesMagazine, chatbots are becoming so common that consumers are growing to expect them. For example:
Domino’s uses a Facebook Messenger chatbot named Dom that allows customers to place an order simply by sending a message that says “pizza”. The bot gets the details and the order is completed faster than a customer could call the store or drive to place an order.
China Merchant Bank, one of the largest credit card companies in China, takes advantage of AI bots to interact with a huge number of customers. The bank’s WeChat Messenger bot handles 1.5 to 2 million customer conversations each day, mostly about things like card balances and payments. Customers can quickly get the information they need, and it saves the bank from hiring thousands of human employees to match the same volume of requests.
In banking, chatbots can go beyond the basic functions of mobile banking, enabling banks to start a conversation about each customer’s finances. They can use predictive analytics, and cognitive messaging to perform tasks ranging from making payments to checking balances and paying down debt and even notifying customers of personalized savings opportunities.
Millennials, in particular, seem to be enthusiastic about computer-generated advice and services. This trend reflects the fact that they typically gravitate toward the latest in digital banking technologies as digital natives. This is not just because these tools are cool or cutting-edge, but because they deliver banking customer experiences that are simple, consistent and relevant.
Finovate: Can you share what intelligent opportunities are available for the customer within personalised eCommerce experience?
Grant Thornton: It’s one thing to know what the consumer wants and what should be done to provide a differentiated and contextual consumer experience—it’s another to be able to deliver on the “personalization promise.”
Staying relevant in today’s competitive environment demands personalization. Unlike most banks, Fintech firms provide consumers with an improved digital experience based on contextual insight and simplified delivery of financial services. These smaller start-ups build solutions that often are superior to those from legacy financial institutions by leveraging advanced analytics of consumer data and digital technology.
Whether they’re patronizing traditional legacy banking institutions or the newest of Fintech startups, consumers demand deals and discounts, convenience, relevance and customer experiences that combine the latest in digital banking with human interaction. They will share personal data to get what they want, and will switch if they do not.
Finovate: How to achieve balance between the human touch and technology in customer experience? Does AI contribute to the true currency of a customer relationship – engagement and loyalty?
Grant Thornton: Because consumers do the vast majority of their shopping for a new financial institution using digital channels, it is no longer adequate to wait until the customer or member walks into a branch or decides to purchase a new product online or via smartphone.
Instead, banks need to engage customers at the earliest stages of their purchase journey.
AI is an important tool for institutions that seek to become a bank with a “personal touch.” They should not, however, presume that frequent customer interactions alone create true engagement or develop enduring relationships. What really matters is the quality and personal relevance of customer communications.
Banks must put customers’ wants and needs at the heart of all activities. They need to shift their focus from simply selling products and services towards providing relevant and contextual financial advice. In other words, a bank should demonstrate a true interest in customers’ financial well-being. AI affords banks the insight and capability they need to make this shift in focus.
Finovate: How can an organisation capitalise on the deployment of a smart AI/ML solution?
Grant Thornton: At the most basic level, technological advances can boost process efficiency, which translates to faster, around-the-clock responses to customer inquiries. Additionally, chabots powered AI/ML can assist customers through the online account opening process by proactively suggesting personalized services based on life events and previous banking experiences.
Beyond traditional uses for financial performance and regulatory reporting, data can be collected, processed and analyzed as a means to understanding customers’ expectations in order to enhance their experience. As banks advance their digital programs, they can uncover insights about trends, products and services to improve, which to discontinue, and where to devote resources. This results in institutional cost savings, but more importantly, in greater customer satisfaction.
At a higher level, AI/ML solutions can reveal new opportunities by tapping into underutilized data sources. For example, monitoring internet browsing and uniting customer, product and pricing data can reveal new insights into customer desires and preferences. With this knowledge, a bank can nuance solutions and target ads to specific consumer groups and influencers.
Finally, smart AI/ML solutions can help banks access data that supports or enhances their overall strategic framework. In the process, they can develop a holistic understanding of their customers, opening the door to faster, more flexible product prototypes that are responsive based on the data and interaction that the customers are providing.
This holistic picture of the customer needs enables financial institutions to be proactive and to cross-sell more effectively. In essence, they are able to more effectively anticipate and serve customer needs, helping them on their journey while increasing share of wallet.
The way consumers shop, buy and use financial services is changing along with ever-increasing expectations. Despite shopping online, many customers still buy financial products in the branch. Finovate and Quadient invite you to listen to this webinar to learn why an inviting onboarding process for customers is no longer optional.
During this webinar, Bob Meara, Senior Analyst at Celent will discuss:
Why omni-channel customer onboarding is needed
Where many onboarding processes fall short
What’s a bank to do: 4 recommended steps to achieving omni-channel delivery
Focusing on Financial Institutions, Andrew Stevens, Product Marketing Manager at Quadient will discuss the importance of putting the customer at the center of your onboarding journeys in face-to-face environments, and how this method will delight your customers.