Digital Channels

To be certain, artificial intelligence remains a technology that will change the face of banking forever.

A buzz—and a boisterous buzz it is—permeates the talk of digital transformation in financial services.

A new BDO study finds that financial service organizations remain challenged in the area of digital transformation.

Retail banks are in a tough spot: They know digital transformation is necessary but face competing priorities and concerns about risk.

As customers continue to move towards digital channels, we see the ongoing, dramatic impact on monetary transactions, “paying and receiving” or teller transactions.

What can community banks do to level the playing field against larger national competitors? Here it is, on the level: maybe nothing, so far as that tired cliché goes.

Bureaucratic by nature and subject to an increasingly complex tangle of internal compliance and external regulation, banks approach change cautiously—especially when it impacts how customers interact with them.

<

The quote first attributed to the Chinese philosopher Lao-Tzu more than 2,500 years ago more than applies today in terms of customer experience: “The journey of a thousand miles begins with a single step.

Not a day goes by without someone predicting that in less than a decade, automation, bots and AI will replace 50 percent of all banking jobs.