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Business Development

Banking App Innovation Boosts Adoption and Usage

Data from the Federal Reserve among others show a significant slowing of mobile banking adoption in recent years, falling short of online banking usage rates even as smartphones approached saturation point and financial institutions of all sizes launched app-based services. The industry has responded with a change in strategy, analysts say. There’s more interest in designing cross-channel customer journeys — hybrid experiences — now than during the years of double-digit growth in mobile user numbers. Banks continue to bring more of their traditional offerings onto their apps, but the emphasis is less on ticking boxes than on deepening engagement and moment-to-moment relevance by making the best use of channels’ particular strengths.

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Better Data, Better Banking

How New Technologies are Helping Banks Solve the Big Data Challenge

By Ryohei Fujimaki

Data science is a major area of investment for banks due to its proven impact on cybersecurity and fraud protection, risk mitigation, customer relationship management and more. When fully operationalized in production, data science enables banks to make data-driven decisions with unprecedented levels of speed, transparency and accountability, accelerating  digital transformation initiatives and delivering better financial products and services that meet customers’ needs. Time-to-market to delivery data science impact is crucial to success, especially for traditional retail banks with physical branches and high overhead who must find innovative ways to compete with their online counterparts.

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Doomsday Prepping for Your Business

By Derek Meek

The concept of “doomsday preppers” always fascinates me, not only for the content itself, but for the internal debate it sparks. Are these people crazy, or the smartest people out there? Is a doomsday inevitable, and if so, will I wish I had paid more attention to how to filter water and can tomatoes?

Similarly, in the world of finance, it is easy to find an expert who is predicting financial doom in the near future, and usually with far less canned food and ammunition on the shelves in the background. Almost all experts agree that a downturn of some significance is coming at some point, however, no one knows for certain when it might happen and what might spark it. Here are some tips that are good to remember as the asteroid hurtles toward your own bunker:

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Cyber Risk for U.S. Businesses Held Steady in Q1

According to a recent Assessment of Business Cyber Risk report, released by the U.D. Chamber of Commerce and FICO, the level of cyber risk to the U.S. business community held steady for the first quarter of 2019, with a national risk score of 687.

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Speed Bumps on the Road to Automation

Financial institutions face many roadblocks, both external and internal, when it comes to automation adoption according to a recent Cognizant study. From security issues (91 percent of respondents identified this as a “high” or “medium” challenge) and development (91 percent), to servcie production line cooperation (84 percent) and ongoing maintenance (89 percent), it is no wonder that the study has found that 65 percent of automation efforts remain in the proof-of-concept stage.

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