In addition to the health status and the economic status of the global population, the coronavirus outbreak is also threatening the centuries-old method of currency-based payments. As there is a common notion about the virus being spread through cash-based currency, there has been an accelerated shift toward the cashless alternatives [...]
With a majority of banks shrinking their network of physical branches and establishing a stronger digital presence, with online stock trading and digital wealth management becoming the primary choice of the consumers over personal brokers, the Banking and Financial Services sector is all set to transform to the core. With user experience as [...]
A reimagined and reshaped lending ecosystem can improve the experience of borrowers, reduce the loan processing time, and facilitate operational efficiency & transparency. Traditionally, a mortgage process takes an average of roughly 46 days for completion, costing the lending institution about $2000 to $2500 per loan. Not only is the [...]
Just like every other industry, technology is bringing fundamental changes to the financial services sector as well. With the help of next-gen, emerging technologies, we are looking at a future with faster, smarter, and efficient financial services that are highly customer-oriented. Statistics say that most customers switch banks as [...]
The disruptive new entrants, challenger banks, and FinTech service providers are revolutionizing the banking sector. We are looking at a future where technology will drive the banking services and become the main attractant for retail banking customers. The situation is as if the legacy infrastructure of the banking incumbents [...]
In order to compete in the fast-moving digital world, banks have to let go the legacy infrastructure and operational processes. To succeed in a digital realm, their aim should be toward creating the best customer experiences. By increasing the market responsiveness, quality of services, affordability, and sustainability, banks can not only offer better [...]
A well-functioning financial system drives a well-functional economy. The modern economy and the modern financial systems have technology as one of the most powerful driving force. Today, the Banking, Financial Services, and Insurance (BFSI) domain operates out of our smart devices. Online transactions have become the norm. Over the centuries, banks have evolved from [...]
With the force of digital wind growing stronger within the realm of insurance sector, the industry’s defensive tactics will no longer work when it comes to innovation. It is essential that insurance providers prepare an offensive front to deliver tailored services and customized experiences to the customers. The spurt of InsurTech startups [...]
Icebergs can be deceptive when looked at! They encompass a huge mass below the sea level which is around 90% of its actual size, leaving only 10% for the naked eye. How is that related to banking? To answer this question, let’s look at an example: When a customer performs an action [...]
Retail banking does not remain untouched from the digital wildfire. As a matter of fact, customer-first banks are en–route their transformational journey to serve their digital-first consumers. The findings of a Business Insider report revealed a tremendous increase in the active digital customers in the third quarter of 2019 as compared to 2018. In the [...]
