Four predictions for retail banking in 2018
Emerging trends in retail banking lead to some surprising predictions for the sector in 2018. Will Gen Xers join Millennials? What is the fate of brick-and-mortar branches? Will mobilization and personalization remain keywords in 2018? What will happen to digital currencies? Find out about the likely answers here.
AI helps personalize banking experience
It is essential that the increased use of artificial intelligence does not have to mean a less personalized experience for customers, Mark Jackson, head of financial services at Collinson, said. According to the company’s survey, 26 percent of customers prefer to visit a branch, 24 percent bank via an app, 29 percent favour using a website and 21 percent showed a preference for the phone. Click here for more of his insights.
Legacy is not an innovation barrier?
Microsoft values legacy, which is a bit of a dirty word today in banking innovation, but it also creates space for modernization with a cross-industry approach. Toni Townes Whitley, Microsoft’s corporate vice president, says the firm is learning from other sectors, including e-commerce. He believes this approach works for legacy banks too. Read on.
BofA to add new online security layer
Bank of America will integrate Intel’s Online Connect technology, enabling fingerprint touch payments, into its online banking systems from next year. Its announcement came amid a wave of high-profile data breaches at several big U.S. companies, Reuters reported. Bank of America itself has earmarked about $600 million this year toward information security. Read the full report here.
