Editor's picks: Developments in digital banking

By Alex Hammond | 1 September 2017

 


The latest research into digital banking's future: Four key takeaways

Alex Hammond, Managing Editor, bobsguide

Juniper Research published a white paper titled Futureproofing Digital Banking 2017, in which it highlights its research data focused on the current state of the digital banking industry, and projects the future dependency of financial services on this growing market.


Digital ID and verification in retail banking

David Poole, Business Development Director, MYPINPAD

Identity and verification are interlinked concepts which have a critical role in the continued digital evolution of retail banking. From showing photographic ID to completing a transaction in person, to demonstrating proof of address when applying for a financial product, customer ID&V is something long-familiar in retail banking.

But these methods of identification and verification still rely on the presentation of a physical document, a practice which defies the nature of digital banking, and conflicts with its main benefits like convenience, speed and remote access.


Redefining the banking experience through omnichannel

Polys Hadjikyriacos, CBDO, NETinfo PLC

It is an irreversible global trend that people’ lifestyles are increasingly dominated by digital channels. Across the entire spectrum of everyday services, from social, to professional, to consumer, banks are making the conscious decision to digitise both the consumer-facing and internal aspects of their businesses in order to compete in a demanding marketplace.

Banks had made the commitment to offer many of their consumer-facing services online years ago, but much of the rationale behind this focused on cost savings for the banks. Today it is customers who are demanding the ease and convenience of access to their accounts and banking products 24 hours a day from any location, with other leading retail apps their guiding light.


The important role of the chief transformation officer in digitising financial services

Stanley Chia, Vice President, Tungsten Network 

The digital revolution has shaken up the business world and fundamentally changed the way we all operate. But while digital technology has been available since the 1950s, the business community is still working hard to ensure all large businesses have a digital first approach. Like any radical overhaul of working practices, it is not without its pressure points.

Companies of all sizes and sectors are undertaking significant transformation programmes, to ensure they are on track to embrace a digital future. With such a huge task on their hands, savvy larger businesses are now looking to a new face in the boardroom to take the helm. Enter the Chief Transformation Officer (CTO). 


How banks are getting the digitisation of core banking wrong

Alex Hammond, Managing Editor, bobsguide

Madhur Jain, Global Head, Pre-Sales at SunTec Business Solutions, is one of the fintech industry’s most insightful analysts on the subject of digitalization of banks and the shift to omnichannel retail banking solutions.

Madhur sat down with bobsguide last month to speak about the need for banks to look closely at whether their core banking processes are fit for purpose, why rip and replace IT solutions are destined to fail, and the need to look for partners rather than internal development in order to keep up with the pace of change the industry is currently experiencing.