As digital capabilities have grown over the last few decades, digital organizations have also grown albeit in an organic, and not always scalable, way. We now live in a time where daily digital interactions exponentially outnumber any other channel, making it the primary vehicle for most brands to reach their customers and creating a massive labor shortage in this key area. Many organizations struggle to catch up and organize to manage this new influx of customer expectations, because they aren’t aware
Since the onset of the COVID-19 Pandemic, financial institutions have accelerated the launch of digital solutions powered by Artificial Intelligence (AI) and Machine Learning (ML) to handle additional traffic to customer service centers and compensate for lost branch revenue. While these services fill urgent gaps in functionality and provide additional sales and servicing options, hasty implementations and programmer bias can negatively impact the user experience and value to the customer. Empathetic AI or Artificial Empathy (AE) has become the
The path to digital has been accepted as the road to success for most financial services companies, and for many good reasons. In every bank and credit union bound for success, there is at least one executive who is completely convinced that making this journey will be key to everything management wants to accomplish in the future. In some cases, this executive must sell the vision to the Board of Directors. In many cases, the goal has already been set and
Fast change is built into our modern society, and no industry can hold back time. The financial services industry may have come the closest by holding innovation hostage to risk management for decades. But, with the rise of fintech firms and heightened customer expectations, financial institutions must catch up or face the consequences, according to The Financial Brand. While plenty has been written on the meteoric rise of leading fintech firms, it’s no secret that these firms have made borrowing, budgeting, collecting, saving and spending money as easy as playing games on a mobile phone.
We’ve written a fair amount about open banking and the many changes it will bring to the financial services industry. By now, it should be apparent that nothing will stop this evolution in financial services. Even so, some institutions continue to resist it in a misplaced effort to protect their institutions from perceived threats. While there are serious threats involved in the movement towards open banking, they can be managed and the benefits it brings far outweigh
ATLANTA, May 19, 2020 – Xtensifi, a digital consulting and development firm that enables financial institutions and fintech providers to create and execute their mobile and online strategies, announced it was selected by Teachers Credit Union (TCU), the largest credit union in Indiana, to assist with its adoption of the Constellation Digital Platform. In looking to expand the breadth and depth of its digital offerings through the use of the Constellation platform, TCU first engaged Xtensifi to help build out
With consistent new developments in technology, digital banking was already constantly changing. Now, with the “new normal” caused be the COVID-19 pandemic, digital banking has to evolve even further in some areas. According to research found in the 2019 Digital Lending Review, only 52% of banks and credit unions that offer online loan applications were able to complete the entire loan application process completely