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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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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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Need to Log In? Let Me Take a Selfie

London, U.K. // www.jumio.com

New video-selfie technology is available from Jumio, an AI-powered identity as a service provider. The secure and rapid authentication method is ideal for account logins and high-risk scenarios (e.g., logging in from a foreign IP address or authorizing high-risk transactions such as wire transfers and online purchases).

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Branch Banking Is Ripe for Innovation

By Ron Wellman

“The retail bank branch is dead!” screamed talking heads in the mid aughts, encouraged by the growth and popularity of online banking, whose arrival was heralded in the 1990s.

The clamor around the demise of the bank branch intensified as the perception that millennials shunned anything brick and mortar took root. millennials were thought to opt for the ease and convenience of mobile banking over visiting a branch to transact business, adding to the conundrum.

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