The drive to innovate within the FSI space is growing rapidly. New solutions and technology, such as Bitcoin and robotic process automation (RPA), are being applied in retail banking services. How will these new offerings improve customer experience? Read on to find out.

Virginia-Based Bank Provides Bitcoin Access at ATMs

Blue Ridge Bank announced that it will offer Bitcoin services at 19 branch and off-site ATMs. Brian Plum, Blue Ridge Bank CEO, stated that “The ATMs remain able to serve cash-based and inquiry activity, so this is simply layering on more services and reinforces our commitment to the future of banking for all customers.” The dual capability of cash and Bitcoin services is unique to this bank and paves the way for further adoption of cryptocurrency. 

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Pet Insurance is Gaining Popularity in the U.S. and Serves as a New Market Opportunity for Today’s Insurers

The pet insurance market is growing in the United States. Pumpkin, a direct-to-consumer pet care company and insurance provider, is seizing the opportunities in this industry and offering pet insurance plans in all 50 states. Pumpkin’s CEO, Alexandre Douzet commented that “when we look at today’s pets [in the United States,] only 100 million have their needs met, medically, and because of that, they need coverage and protection. [To that point], today, only 2.5 percent of those pets have insurance. Our goal at Pumpkin is to try and change that.”

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Automating Retail Banking: Purpose and Impacts

A study by Chase reveals that “54 percent of 1500 consumers said they used digital banking tools more now as the aftereffect of a pandemic.” This trend will only continue, and use of AI, machine learning and data analytics in retail banking will continue to improve customer experience. This Cognizant digital operations report stated “that 90% of respondents (banks) believe RPA and cognitive technologies are critical for the future of business.”

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