Register now for the latest Finovate webinar: Thursday June 27, 11am ET (4pm BST).
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.
Join 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.
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.