Digital Transformation in Banking: Making Progress and Hitting Roadblocks

#Digital Transformation in #Banking: Progress and Roadblocks

 

#fintech #CIO #AI #IT #tech

  • One third of banking executives participating in a study said that marketing owns the end-to-end customer relationship, but only 14% feel that marketing should own their institution’s digital strategy.
  • As financial institutions look at how best to adapt their current practices to meet the needs of customers across an expanding array of digital channels, banking executives look for insights to inform their digital transformation strategies.
  • With 87% of the financial institution respondents saying that technology is intrinsic to digital transformation and must be considered in tandem with strategy, it’s a natural fit for CIOs to lead the way in vetting and implementing the technical platforms and solutions that will form the backbone of an organization’s digital strategy.
  • Still, a financial organization that can establish a culture free of silos – and carry out effective digital transformation quickly and successfully – will certainly earn itself an effective competitive advantage and be able to deliver a differentiated level of customer experience.
  • By incorporating advice from other industry leaders and fostering a company culture ready to embrace cooperation alongside new technology, financial institutions can best execute the digital transformations necessary to keep pace and potentially stand out in their industry.

Two out of every five financial institutions say they are only in the infancy of their digital transformation strategy.
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Britain Banks on Robots, Artificial Intelligence to Boost Growth

Britain is banking on robots and artificial intelligence to boost growth

  • Britain Banks on Robots, Artificial Intelligence to Boost Growth

    by

    February 25, 2017, 7:01 PM EST

    Britain is betting that the rise of the machines will boost the economy as the country exits the European Union.As part of its strategy to champion specific industries, the U.K. government said in a statement on Sunday that it would invest 17.3 million pounds ($21.6 million) in university research on robotics and artificial intelligence.

  • The government cited an estimate from consultancy Accenture that AI could add 654 billion pounds to the U.K. economy by 2035.
  • “We are already pioneers in today’s artificial intelligence revolution and the digital strategy will build on our strengths to make sure U.K.-based scientists, researchers and entrepreneurs continue to be at the forefront,” Culture Secretary Karen Bradley said in the statement, which referenced AI’s contribution to smartphone voice and touch recognition technologies.
  • The U.K.’s digital strategy proposal, set to be unveiled on Wednesday, also includes a review of AI to determine how the government and industry can provide further support.
  • “Investment in robotics and artificial intelligence will help make our economy more competitive, build on our world-leading reputation in these cutting-edge sectors and help us create new products, develop more innovative services and establish better ways of doing business,” Business Secretary Greg Clark said in the statement.

Britain is betting that the rise of the machines will boost the economy as the country exits the European Union.
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