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Banking & Financial

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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.”

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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

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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.

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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.

 There are a plethora of Fintech technologies currently available or being developed to automate payments processing.

Photo Gallery: Banking and Financial

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