BBVA chairman Francisco González says that banks need to shed their past and image as ‘incumbents’ and transform into new digital technology companies if they are to prosper in a banking environment dominated by technologically astute competitors.
Are banks and credit unions keeping up with consumer demands when it comes to digital banking offerings? With 46% of consumers using only digital channels for their banking, expectations are outpacing experiences at most organizations.
The community of business, FinTech, banking consultants/professionals, in addition, tends to heavily rely on false indicators in an attempt to remain relevant and make predictions. FinTech, often, is one of those wrong indicators, and I will further try to expand on why. FinTech trends do not predict the future, they often only represent an immediate business opportunity that spun out of control and beyond reason.
Many business leaders are keenly aware of the potential value of artificial intelligence, but are not yet poised to take advantage of it. As the conceptual side of computer science becomes practical and relevant to business, companies must decide what type of AI role they should Play.
There is little doubt that Internet of Things (IoT) is transforming many industries, from manufacturing to insurance. The IoT evolution will happen in three large stages of development.
While there are many important technological trends impacting the banking industry, none may be more important that artificial intelligence (AI) and the ability to use data, advanced analytics and digital technology to deliver a better customer experience.
Voice is the “new platform” from consumer interaction. Amazon’s Alexa now has about 12,000 skills on its platform. Banks and other FIs increasingly recognize the potential impact of voice tech on customer experience and should consider to use it