Digital fintech goes hand in hand with customer experience. Consumers expect information and financial data to be accessible at any time no matter where they are. A study by Tata Consultancy Services estimates that customers will handle 85 percent of their business interactions without any human involvement by 2020. As a result financial institutions are exploring how technology advancements can attract the digital-focused customer drive. Read on to learn more.
Rob Suber, former president of the online lender Prosper Marketplace, called today the “golden age of fintech,” at the Oracle Industry Connect conference which focused on digital fintech.
An Oracle survey of 5,200 customers across 13 countries revealed that 89 percent of customers want digital payments, 68 percent want digital loans, and 62 percent want digital mortgages.
Banking customers are no longer transitioning to digital; they want and need it now. This digital necessity will impact how financial institutions do everything from cashing checks to designing a branch.
“We have to think about, if we were born today, how would we design the branch?” said Vipin Gupta, chief information officer at Key Community Bank Technology. “It doesn’t mean we wouldn’t have them, but how would they be different?”
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A study by Tata Consultancy Services estimates that customers will handle 85 percent of their business interactions without any human interaction by 2020. AI plays a large role in customer service support for many financial institutions and is a welcome digital assistant to many consumers.
AI tailors experiences to keep customers content by creating personal messages, targeted ads, and non-confrontational communication lines. Financial institutions are using AI for customer service from account balances to loan inquires.
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Cascade, a company that specializes in contactless payments, is out to help companies navigate the world of wearables. Wearables can be used to make a payment at almost any terminal that accepts a chip card.
According to CEO Spencer Schmerling, Visa and Mastercard are requiring all U.S. merchants to be contact-less ready by 2020. The process is complex; payments must be certified along with the payment device. Cascade aims to help companies navigate through conception, production, and testing to ensure contact-less payment is successful.
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With the change in fundamental paradigm, financial services organizations must take into account different factors. Data will take on a new role and must be secure, authorized and accurate.
Documentation must be up to date and reflect what is being done in the program. The System of Internal Control and the Audit Processes must also be upgraded to comply with the new system.
The new computing model takes multiple sets of data and analyzes them at once.
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