PREVIOUS ARTICLENEXT ARTICLE
PRESS RELEASE
By 1 December 2017 | Categories: Press Release

0

VIEWING PAGE 1 OF 1

By Sachin Nagpal, Director-Sales, FSI for Intel’s Influencer Sales Group in the Asia Pacific & Japan region

The landscape of consumer banking continues to change at a rapid pace, keeping financial institutions on their toes. Working with consumer data and advanced technology can be the lifeline to keeping traditional banks viable and relevant in an increasingly mobile and digital marketplace. Banks must identify how to use existing data for innovation and inspiration to meet consumer demand.

The Data Banks Aren’t Using

Banks can win the race of consumer-centric offerings by using the data they already have access to. Beyond online activity and whereabouts, banks can look at individuals’ transactions to gain better insight into their consumers. Banks have had access to their clients’ information, transaction histories, and activity for decades, and are rarely capitalizing on the goldmine within their reach. While they may be collecting data, legacy technology can be the hindrance for established traditional banks to benefit from this information.

Financial institutions need to develop long-range plans that are focused on innovation, regulatory compliance, changing habits, and start-up competitors. Utilizing artificial intelligence, IoT and blockchain can help position banks as relevant and viable in the marketplace. With AI as the most powerful tool for collecting and analyzing data, banks can, in turn, deliver products and services that meet and exceed consumer demands and expectations.

Intel works closely with financial enterprises to help uncover ways to be better at what they do. Data is the core of these partnerships and conversations, uncovering ways to increase business efficiency, profit, and insights.

The Financial Institutions of the Future

Spanish global bank BBVA understands that innovation and technology are paramount to retain current customers and reach new ones. Using data the company has, allows it to better connect with its customers and offer customization to their consumer banking experience. BBVA centralized its IT department, allowing customers to perform complex tasks from any device, anywhere. To tackle the exponential growth of the company, BBVA’s scale-out architecture has enabled them to speed their cycle of innovation.

In response to Poland’s penchant for mobile payment, Mastercard’s cashless payment test will allow for small and midsize businesses to use a Samsung smartphone and app to accept payments. In addition to ease, these type of transactions will also offer heightened security, similar to a common NFC terminal. Mastercard, however, is staying hyper-aware of each market, not trying to fit every solution for every market into the same bag.

Taking a page from online financial companies, such as 10x Banking and Simple that offer uncomplicated, accessible banking and lending options, ING-DiBa of the Netherlands launched a bare-bones, online-only banking option with zero fees earlier this year. In the second quarter, the bank gained 50,000 new customers. With zero overhead, modern technology platforms, simple products, and transparency to customers, ING-DiBa is profiting where its competitors can’t.

Banks that are using consumer data analysis to be more than just a transaction processor or gatekeeper can position themselves as part of a consumer’s lifestyle and not just a utility or commodity. This includes being proactive about product innovation, offering new products to customers unprompted, and understanding what consumers need, even before they do.

VIEWING PAGE 1 OF 1

USER COMMENTS

Read
Magazine Online
TechSmart.co.za is South Africa's leading magazine for tech product reviews, tech news, videos, tech specs and gadgets.
Start reading now >
Download latest issue

Have Your Say


What was the top tech news story of 2017?
Bitcoin's surge (8 votes)
The rise of A.I. (3 votes)
The WannaCry ransomware attack (2 votes)
#DataMustFall (2 votes)
The iPhone X gets unveiled (6 votes)
All the new VOD Streaming options (0 votes)
The Nintendo Switch is released (1 votes)
The success of SpaceX (4 votes)