How Can Banks Transform?


What does digital transformation mean to banks and financial institutions? Maybe it means a new app that modernizes the banking experience. Perhaps it’s a new credit card which is mostly virtual but also… The post How Can Banks Transform? banking corporate digital transformation disruption disruptive innovation

The Principles of Lean in Banking


Because of its manufacturing roots, many people assume that it doesn’t apply to banking or other services-oriented sectors. However, because banking is very process-intensive, the Lean approach can generate significant operational improvement and waste reduction.

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Lateral Thinking in the Fight Against Crime. The Northern Bank Robbery Story.

Destination Innovation

Both men were officials of the Northern Bank, one of the largest banks in Northern Ireland. Ward and McMullan followed instructions and gave the robbers entry to bank the next evening. Most of it was in the Northern Bank banknotes. However, following the raid, officials at the bank did some lateral thinking. The bank recalled all of its banknotes in circulation – around £300m in total. The Northern Bank Robbery Story.

The Cybersecurity of Banking and Finance

Daniel Burrus

If healthcare data and a patient’s trust is as sensitive as research shows, then it’s no surprise that the banking and financial industry is in serious need for anticipatory cybersecurity and digital data protection. Banking Evolution. A Breach of Banking Security.

Consumer Brutal, Chase Bank

Gregg Fraley

I do my banking online, as much as is possible. Online banking saves me time. I bank with Chase, more formally known as JP Morgan Chase. To be fair, according to my colleagues in the innovation space, this true story could probably apply to any USA bank (“stuck in the 90′s” was a phrase I heard more than once). The Branch Manager did his best, but he was put on hold by his own co-workers and we both sat there waiting until the bank closed.

How banks can build customer loyalty through design


These changes in user consumption behavior must always be on your radar, for banks and other financial institutions. The same dynamic experience he has with a streaming service is required from a banking institution. Nowadays, clients have become the protagonists in B to C interactions.

Change the Bank: banking industry rules are changing


We have already mentioned the importance of the cycle of Run the Bank to Change of Bank and how urgent it is to monitor these transitions to remain competitive. Open Banking is a game-changer that alters the entire configuration of the banking sector. Why then, is there still resistance to Changing the Bank? But what is Change the Bank? Change the Bank is the first step. After that, we move to the next level: Open Banking.

5 Definitive Use Cases For Advanced Analytics In The Banking Industry


5 Definitive Use Cases For Advanced Analytics In The Banking Industry The banking industry has made significant progress over the years by leveraging data. The post 5 Definitive Use Cases For Advanced Analytics In The Banking Industry appeared first on Acuvate. We have observed that advanced analytics has emerged as one of the key disruption in the financial services industry. According to a McKinsey Global Institute study, AI and Machine Learning have […].

Why Facebooks new currency Libra not only threatens the banks

Lead Innovation

billion people without bank accounts access to the financial world, promises Mark Zuckerberg. Read in this blog post how Libra should work, who will benefit from it and why the crypto currency threatens the role of banks and the currency monopoly of states. BanksLibra is to come in 2020 as a new currency for the whole world. This will reduce transaction fees and give 1.7

Four Innovation Lessons We Can Learn from Standard Bank


Innovation is particularly important for industries that seemingly move slowly, and that’s particularly true of banking. South Africa’s Standard Bank, which has branches across Africa and is expanding to other markets across the world, is an excellent demonstration of why.

Future Banking: what will bank agencies look like in the future?


It is impossible to talk about the future of banks without first mentioning the last major transformation in the sector, caused by fintechs. The added value was the drastic reduction in attrition in the banking experience, such as queues, bureaucracy, and restrictions on working hours – elements that until then the agencies have not been able to eliminate efficiently. Mobile Banking: the future and present of branches. This is because Mobile Banking is the future.

Banking Insights and Identifying Post-Recession Opportunities

Innovation Leader

“Being seen as a group that is purely visionary and focused on idea generation can make your group vulnerable to cuts,” writes Michael Perman, a former innovation and marketing leader at Gap Inc. and Levi Strauss.

Open Banking: what changes in terms of our relationship with money?


a bank that provides delightful experiences combining emotions and finance may seem strange, but we’ll prove that that’s not necessarily true. And not only that: in the meantime, Open Banking has become regulated, which has dramatically affected banks and financial institutions.

Inside One Multinational Bank’s Strategy for Fintech Expansion


These challenges amplify when the bank has a presence in multiple countries. The role of R&D and new product development take on a different role within banks, which need to monitor on-the-ground trends at both the business and consumer levels. Put simply: in order for a bank to survive and remain relevant in an ever-evolving market, experimentation and rapid iteration are a must.

Trends and Technologies Innovating the Banking Industry


Trends will matter in the banking industry in the months and years ahead. Or maybe open banking? Now is a potential tipping point for banking: the importance of technology has never been as great in financial services as it is now. Thus, banks and credit unions heavily invest in leveraging new technologies in order to build winning strategies. Trend Management Technologie Management Banking

The Future of Banking –  Promises and Threats

Rmukesh Gupta

One of the industries that seems to be on the cusp of going through a similar upheaval seems to be the banking industry. If you look at what a bank does at its core, it is only two things: Collect money from parties (individuals, businesses and governments) and keep them safe and pay them whenever they need the same back. There are at least 4 trends that seem to be working on the banking industry that they need to give heed to and may be re-discover what it means to be a bank.

Simplifying Bank Processes with Artificial Intelligence


One of Spain's biggest banks develops an AI-based system to simplify direct debit payments

Have the Banks already been Disrupted?

Matthew Griffin

Banks were once the corner stone of the community but today their industry is being disrupted and disintermediated. Over the past two weeks I’ve talked to a number of senior C level executives from some of the UK’s largest retail banks to understand more about their views of the world and their perception of the market and while outwardly little looks like its changing at the Big Five banks their executives are not sitting comfortably.

The Banks Guide to scouting Fintech

Matthew Griffin

“Four of Europe’s largest banks reveal their Fintech scouting strategies and with one exception their approach won’t come as a surprise. As an Entrepreneur you’ve worked 247 365 and seen your bank balance dwindle. To an Entrepreneur attention is oxygen so imagine the electricity that flows through a room when you put thirty budding European Fintech Entrepreneurs in the same room as senior executives from some of the Europe’s largest banks.

How the DZ BANK manages Innovation Activities


The times when a solid business model worked for decades are also over in the banking sector. The new customer expectations of financial service providers in the digital age pose new challenges for the innovation work in banking.

Find out how to increase customer loyalty with Meaningful Banking


We believe that Meaningful Banking is the topic of the moment, after all, figuring out how to retain customers is what will differentiate your company from the competition — especially when we take into account that the customer is more demanding than ever. Meaningful Banking is a mix of emotions and finance in order to transform, a normally traditional, bank’s business model. There is no more appropriate methodology for creating a meaningful bank.

International Hackathon for Banking Innovation


Last weekend, Barclays Bank organized what it claims was the largest hackathon in financial services across two continents, ever. The huge open innovation event, called Rise Hackathon: Episode II – The Bank Awakens saw 547 teams and 1,045 participants compete over 36 hours in Mumbai, India, and Manchester, UK. Their mission was to explore the best and most innovative emerging ideas and disruptive technologies to help shape the future of banking.

Trends and Technologies Innovating the Banking Industry


Trends will matter in the banking industry in the months and years ahead. Or maybe open banking? The post Trends and Technologies Innovating the Banking Industry appeared first on. The challenge is to find out which ones are the most relevant to a given company. Is it big data and AI? Maybe the cloud? Articles-Blog

Trends and Technologies Innovating the Banking Industry


Trends will matter in the banking industry in the months and years ahead. Or maybe open banking? The post Trends and Technologies Innovating the Banking Industry appeared first on. The challenge is to find out which ones are the most relevant to a given company. Is it big data and AI? Maybe the cloud? Articles-Blog

How Eastern Bank Launched a Lending Startup

Innovation Leader

Here's the inside story of how it happened at Eastern Bank Plenty of big companies talk about the potential for spinning them out. But few actually follow through and do it.

Embracing open banking and API ecosystem

Hacker Earth Developers Blog

If implemented effectively, open banking will unlock innovation that will transform and improve the customer banking experience. Banking And Finance, Open Standards And Open Apis. Overview of open banking . How India’s largest bank leveraged developer ecosystem.

Preserving Centuries of Corporate Memory at Lloyds Banking Group


Preserving Centuries of Corporate Memory at Lloyds Banking Group | Jive Software. lloyds banking groupWe recently sat down with the company’s collaboration programme lead, Mark Mazza , in advance of his colleague Dan Thomas ’ presentation at the upcoming Aurea Experience 18 conference in Munich. Mark shared insight into how Jive is helping Lloyds constantly adapt and change to customers’ needs. Read more here!

The Digital Bank – How to make Business Models fit for the Future


Banking is necessary, banks are not”. Many traditional banks have reacted and are now en route to the digital world. ITONICS advises numerous banks on how to make their business models fit for the future and not merely keep up with digitization, but even become a first mover. Stringent requirements, legacy systems, and complex structures are sometimes making life difficult even for innovative masterminds in the banking sector.

How the DZ BANK accelerates Innovation


The times when a solid business model worked for decades are also over in the banking sector. The new customer expectations of financial service providers in the digital age pose new challenges for the innovation work in banking. Customers long for banking integrated into their life situation, comprehensible, comparable, and personalized products, sufficient security, and immediate service availability. The post How the DZ BANK accelerates Innovation appeared first on.

Banking for a better future


Subsequently, UBS – one of the world’s leading wealth managers and the largest universal bank in Switzerland boasting impressive market access, global connections, challenged their 65,000+ employee base to help make a positive impact in sustainable development. In 2015, after two years of intensive public consultation and an historic accord with 193 countries, the United Nations (UN) set the 2030 Agenda for Sustainable Development.

My fridge can disrupt your Bank

Matthew Griffin

For banks one of the first potential opportunities comes not from some fantastically complicated financial instrument but from the common a garden fridge. . The Internet of Things might not immediately look like a banks dream trend but with a little bit of lateral thinking it could be the biggest market you’ve ever played in.

BANK ON IT: Episode 055 Negotiating Contracts That Stimulate Growth

BPI Thought Leadership Media Coverage

In order to grow today banks and credit unions need partners and suppliers in order to grow with capabilities that are not necessarily readily available in house.& & Flexible contracts are key, yet, how can contracts get created with flexibility and the ability to change built in

Blockchain: Distributed Shared Ledger Technology in Banking

Hacker Earth Developers Blog

Over 90% of the world’s leading banks are either exploring, experimenting (PoCs), or formulating a strategy for leveraging blockchain technology, says an Accenture survey. Benefits of Blockchain in banking. Source: Banking on Blockchain. Intra-bank cross-border payments.

The future of Digital Banking: it’s time to disrupt!

The BMI Lab Blog

Banking is ripe for disruption. As one of the main foundations of our economic systems, the banking system is a highly regulated environment. Every step a bank takes is always under close scrutiny since (fundamental) changes could have deep consequences on the overall economy. Nevertheless, banking is changing. A framework to understand digital innovation in the banking sector. The Digital Banking 2025 study is available as a free download on our webpage.

How Israel’s Oldest Bank Is Engaging Employees to Become a Leader in Banking Innovation


In 2013, Bank Leumi embarked on a journey to make innovation one of its prime strategic goals. In order to achieve this goal, the Bank undertook an initiative to change their corporate culture, so every employee would see innovation as part of their daily work; an aim they should constantly aspire to. Since deployment, the Bank has run ongoing idea challenges, engaging thousands of the bank's employees in online idea brainstorming to tackle a variety of the company's challenges.

Open Banking: what it is, how it works and why invest ASAP


In this movement, the term Open Banking becomes a promising reality. In this article, we will demystify and simplify the open APIs concept for banks. Keep reading to see what benefits are for banking institutions, their customers and more! The banks’ challenges with Digital Transformation. Before we go deeper into the Open Banking concept, we need a contextualization: just like the rest of the market, banks face numerous challenges with Digital Transformation.

Could a high street Bank challenge Apple?

Matthew Griffin

Initiatives like Level 39, Finance Innovate and Fintech50 have helped position the UK as a Fintech powerhouse and the new UK Government has made it clear that it wants the UK to be at the forefront of Financial Services innovation and enabling more innovation around bank data is one way to ensure that that happens.

How U.S. Bank Works with Voice Biometrics

Innovation Leader

The bank’s app allowa customers to use spoken commands to check their balance and make payments. Could it allow them to speak a phrase that would replace their password

Application of advanced analytics and machine learning in the banking industry

Hacker Earth Developers Blog

Banks have always been custodian of customer data, but they lack the technological and analytical capability to derive value from the data. Whether it is a bank, non-bank, or fintech, competing in the banking revolution comes down to how efficiently the available data can be used to solve business challenges and better serve the customers. Hence, leveraging banking data is no longer an ambitious technology project; it is a business imperative.

Making Innovation Pay at U.S. Bank

Innovation Leader

Being a bank is no longer just about branches and vaults full of cash, says Dominic Venturo, chief innovation officer U.S.

Future Squared Episode #3: Interview with NAB Labs' Humphrey Laubscher on Innovation in Banking | Collective Campus

Collective Campus

Our latest Future² podcast focuses on Innovation banking featuring Humphrey Laubscher, NAB Labs' Fintech Innovation Manager

Using Innovation to Improve Your McKinsey Organizational Health Index Score


2020 proved just how important our relationships to banks and credit unions are as they worked to rapidly respond to the changing financial needs of their customers.

FinTechCube benchmark study: “Banks lack a customer focus”


What is the state of digitization in the German banking sector? In order to answer this question, FinTechCube carried out the benchmark study “Digital Transformation of Banks”. More than 30 banks and around 200 private customers were surveyed for this. The benchmark study clearly showed that banks are struggling with digitization. Why are banks struggling so much with digitization? But banks do not yet have sufficient tolerance to accept any failed attempts.