The open banking platform will eventually change the entire banking ecosystem – from the products and services offered, to the delivery channels and third-party partnerships. These changes will affect and redefine customer experiences and expectations. Third-parties will have the ability to use customer’s shared data to identify the best financial
Chatting with a computer through a company’s website is not really a new technology. The first chatbot was developed at MIT back in 1966. It was called ELIZA and is considered the mother of all chatbots. The tool used a decision tree to answer simple questions for users without human
As lenders continue to digitize the lending process, they are beginning to enjoy a number of powerful benefits, including better decisions, improved customer experience, and significant cost savings. But as McKinsey Partner Gerald Chappell has pointed out, “It is also a complex and challenging project.” But that doesn’t mean it
One of the biggest technology trends in 2017 and 2018 was the movement toward microservices architecture, in which complex applications can be broken down into small, independent processes that communicate with each other using standard APIs. The trend is expected to continue through 2020 and shows no signs of abating,
Traditional banks and credit unions are finding their small business customers, an important component of their businesses, are targets of aggressive competitors. With 30.2 million small businesses in the U.S., these firms account for 99.9% of all American business and create nearly half of the nation’s Gross Domestic Product. They
Financial institutions of all sizes are looking to migrate their business into the cloud due to the many advantages to this strategy. However, migration is a momentous task, particularly for business banking applications, not least because a tremendous amount of data is involved. These challenges are amplified for larger institutions.
Atlanta, August 8, 2019 – Xtensifi, a digital consulting firm that enables financial institutions to implement their mobile and cloud-computing strategies, announced its official membership in the SAP PartnerEdge program. Through this program, Xtensifi has access to fast-growing markets where they can offer requested fintech and ebanking solutions. SAP SE, which was
Mid-tier regional banks, community banks and credit unions are under increasing pressure from larger, national banks intent on luring away their customers. Seeing their deposits pulled away by these competitors is one of the most ominous trends in the industry right now. To put the problem in perspective, whereas average
Today’s consumer is accustomed to constantly being connected via mobile, social media, and real-time technology. With the increased use of on-demand applications and services and the influence of social media, the way people connect, share and communicate has resulted in more demanding customers requiring a high level of service. They expect personalized services in
Nearly every management team working in financial services today is focused on the digital channel. It has become a competitive mandate. According to a recent Accenture North American Consumer Digital Banking Survey, virtual banks and payment providers saw a net 15 percent gain in new customers in the past