Banking & Financial
Over the past decade, the banking and financial industry has experienced an "innovation renaissance," as new technologies have transformed the customer experience to meet new demands. Banks and financial institutions have taken the initiative to modernize their platforms, turning to their technology partners and vendors to meet the challenge.
While we've seen increased adoption of mobile technologies (accelerated by the pandemic), there still remains a strong preference to visit a bank branch -- led, remarkably, by GenZ and millennials! According to a CNN article:
Seventy-two percent of GenZ consumers visit a physical bank branch at least monthly, the highest of any age group, according to a study of 1,000 consumers by Adobe Analytics shared exclusively with CNN Business. And 60% of Millennials say the same.
“The death of retail branches is greatly exaggerated,” Nate Smith, group manager at Adobe Analytics, told CNN Business. “That personal interaction is still very, very important today.”
The article additionally notes that "many younger Americans don’t seem ready to embrace online-only banks. Less than half of GenZ (42%) and Millennials (49%) would consider online-only banks with no physical branches."
What does this mean for the banking and financial industry? Emphasis on increased investment in technology and the right Fintech partners which integrate all channels and enrich the customers experience both in-and-out of the branch!
OrboZone Banking and Financial Experience
Experience two versions of the Banking and Financial video, each with its own genre soundtrack. Enjoy these 30 second visualizations of the new banking experience.
Banking & Financial Experience - Version 1
Soundtrack Genre: Inspirational
Banking & Financial Experience - Version 2
Soundtrack Genre: Motivational
Banking and Financial Experience -- Powered by AI
The potential of Artificial Intelligence is currently being realized and harnessed by the banking and financial industry. According to a Business Insider article:
Most banks (80%) are highly aware of the potential benefits presented by AI and machine learing, per an OpenText survey of financial services professionals. In fact, many banks are planning to deploy solutions enabled by AI: 75% of respondents at banks with over $100 billion in assets say they're currently implementing AI strategies, compared with 46% at banks with less than $100 billion in assets, per a UBS Evidence Lab report seen by Business Insider Intelligence.
Banks can use AI to transform the customer experience by enabling frictionless, 24/7 customer service interactions — but AI in banking applications isn't just limited to retail banking services. The back and middle offices of investment banking -- and all other financial services for that matter -- could also benefit from AI. Here are a few examples of AI in banking:
Digital Assistants
Fraud Detection
Process Control and Optimization
While most would relate digital assistants to AI chat bots like Erica from Bank of America, there are other instances such as TD Ameritrade deploying voice assistants for investing.
Check out this LinkedIn article to learn more...
AI, machine learning, and deep learning provide a new way to combat highly sophisticated fraud attempts.
See more at #OrboZone Fraud.
Process control and optimization help companies both reduce and eliminate manual work. Critical business systems become more efficient, thus reducing costs in the process.
Check out this Finextra article.
The Importance of Fintech Partnerships
The banking and financial industry cannot succeed on its own, particularly with the ever growing needs and demands of its customers. According to a American Banker article:
One consumer survey found that 84% of customers said the experiences provided by a company are as important to them as its products and services offered. And a whopping 75% of respondents said they expect companies to use new technologies, like artificial intelligence, to create better experiences for them.
American bankers provides the following stark warning: Banks will need to solve these issues to further grow their fintech collaborations and maximize value. Failing to do so could put their business at risk, as banks will increasingly compete on the basis of their ability to deliver superior digital experiences.
Photo Gallery: Banking and Financial
Check out some traditional and not-so-traditional banking and financial imagery in our visual gallery! (Hover over the image for description)
Digital banking has been accelerated by the pandemix.
Banking blending the need for both human and AI labor.
Traditional bank building are easily identifiable and present strong brand presence for current and potential customers.
Bank branches are still essential for success.
Stimulus checks being deposited in an ATM.
Mobile RDC to deposit checks is an essential offering for banking apps.
Customers still enjoy the human interaction with tellers.
Partnerships with fintechs is a necessity for banks to thrive.
Online banking provides customers easy access to their accounts - but pose a easy avenue for fraudsters.
