How banks and credit unions can enhance efficiency in services delivery The main reason for customer dissatisfaction and high churn rate is inefficient service delivery. Customers become unhappy when the services they have received fall short of what are promised. Because of this, they might move to your competitor. Conversely, when your bank ensures and […]

IBM IBV recently surveyed 500 bank executives and found that only 16% respondents said their infrastructure can detect security breach as they occur while 81% can only detect new patterns after 4 weeks, implying that many financial institutions are struggling to adjust to the changing threat landscape. Additionally, the capacity to connect criminal activities across multiple channels and […]

Ovum recently surveyed 226 bank representatives;, 65% stated that their payment systems require major upgrade or replacement in the next 3 years. The payment landscape around the world is changing due to the need to meet increasing customer demands, domestic and regional level regulation, payment infrastructure changes, value-added service delivery and the potential of revenue generation such […]

Cyber-criminals continue to evolve with tricks and turns aimed especially at financial transactions. Incidents, like the WannaCry and Petya ransomware scams, also indicated continuous vulnerabilities in worldwide financial online security, costing banks and FIs about USD 360 billion yearly in the last three years, the Global Banking and Finance Review states. The first half of 2018 saw 81 […]

The Payment landscape in the US is experiencing digital innovations. In a recent Accenture report detailing five important payment trends to keep in view, “about 64 percent of North American consumers plan to use a mobile wallet by 2020—a 39 percent rise in the user base in three years”. Mobile wallets enable financial institutions to provide efficient customer […]

Enterprise renovation usually involve putting different systems in place to ensure operational efficiency and effectiveness. For instance, a recent report from EY surveyed 250 C-level executives at FIs across the globe, stated that 65% of executive’s enterprise saw increase in revenue, 62% witness improved customer experience and 60% experienced innovative services due to their enterprise […]

Customers at the centre of mainstream financial services have been experiencing momentous Digital-only services. A recent study from J.D. Power found that digital only banks deliver higher customer experience and mobile experience compared to traditional ones. It also found that only 43% of customers who use digital-only branches consider them as their primary bank. Digital-only […]

Financial Services are experiencing AI application in three major areas: Firstly; Machine Learning; to produce propensity models. Banks and insurance companies are putting machine learning on websites or mobile channels for real-time target marketing. ML predict the product propensity of their customers based on their behavioural data in real-time. Secondly, it is applied around natural […]