Have retail banks received a lasting digital boost from Covid-19?
With much said over the last year about Covid-19’s impact on digital, I see a need to separate customer-driven digital engagement initiatives from bank-driven digital transformation initiatives, to understand if there will be lasting benefits for retail banks. Digital engagement on the rise and here to stay? Bank of America’s (BofA) recent results point to […]
Forget Cashless – should we be focusing on establishing a Cardless society?
Creating a cashless society has been a frequent topic of discussion over the past few years, understandably so with the use of cash decreasing year on year, reaching an all-time low before the pandemic. Cash represented only 23% of all payments in 2019 down from 48% in 2014. The downward trend in the use of […]
How to be set up for success with Digital Transformation
The benefit of Digital Transformation is clear to see. Digitally advanced companies create 9% more revenue than industry competitors. The 3-year average profit for digitally centric companies is 5% higher than those behind the curve. However, there is one key statistic which should be highlighted – Over 70% of Digital Transformations fail to reach their […]
Why Digital Transformation isn’t just for IT
Throughout the work we do, we often encounter people who believe that Digital Transformation sits siloed in a specific part of the organisation – usually IT. To explain why Digital Transformation is for the entire business, not just IT, it’s worth starting with what it means – which isn’t as simple as it sounds. What […]
Technology – The beating heart of AI
If data is the lifeblood of an AI solution, technology is the heart that keeps the blood pumping. The science behind AI and ML algorithms hasn’t changed dramatically in the last 30 years – it is the advent of cheap, scalable computing power hosted in the Cloud that is driving the conversation around AI today. […]
The challenge of Digital Identity
I have certain physical characteristics that will not change dramatically (if at all) over the course of my life. There are aspects of my eyes, voice, fingerprints, height, gait, the shape of my face, that give someone or something certainty that I am me. Attached to these physical characteristics are certain immutable facts. I was […]
Responsible, Reliable and Robust Credit Decisioning
There are around 15 million people in the UK struggling to access affordable credit, who are just one unexpected bill or bit of bad luck away from a crisis. High cost credit, especially to those in a vulnerable financial position, is extremely damaging and urgently requires attention and alternative solutions. Added to this, 5.8 million […]
3 ways that digital can improve the KYC experience
The FCA’s first ever financial crime report in 2018 found that financial institutions across the UK turned away 1.15 million prospective customers in the preceding year, largely due to the money laundering or fraud risk that those customers posed. Current Know Your Customer (KYC) processes, therefore, are clearly preventing a portion of high-risk individuals and […]
Fintechs: Leading the pack to define the new normal
We are in the midst of a health, societal and economic crisis, the scale of which hasn’t been seen for generations – if ever. In this environment, Financial Services will be seen as a pillar of recovery by governments, organisations and individuals. The crisis has undoubtedly accelerated the need for digital transformation, presenting Fintechs with […]
Account Opening: First impressions count
Opening a bank account used to require a trip down to your local branch, where you would speak to a member of staff and prove your identity and address with a mountain of paper documents. But as the banking landscape has been undergoing substantial digital transformation, so too has the application process. Consumers now want […]