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Reimagine Business Strategy for a Digital World

Nov 11, 2014 / Technology

Financial institutions are constantly challenged to remain relevant in a fast-paced digital world, differentiate themselves from the competition and develop new revenue streams. As if that isn’t challenging enough, today’s young professionals don’t have the loyalty to banks and businesses that their parents and grandparents did. This is not a bad thing. The needs and transient nature of today’s customers pushes the banking industry to connect with their customers in ways never imagined before and forces financial institutions to work harder to remain relevant.

BAI Innovation Showcase will provide attendees at BAI Retail Delivery 2014 the opportunity to see how new technology can help them reimagine their business strategy for a digital world. In seven-minute rapid fire demonstrations, 22 solutions providers will vie for the votes of attendees in delivering the most innovative presentation. The provider that garners the most votes will receive the BAI Innovation Showcase Award to be announced on November 12. 

Here’s a preview of the demos:

Increasing Revenue through Consistent Cross-Channel Account Opening.  Cisco Systems will demonstrate how a cloud-based account opening solution can dramatically shorten the sales cycle in buying and selling processes across digital channels and in the branch. Three integrated solutions deliver a seamless business banking customer experience.

Impact of Data Breaches on Regional Banks and Credit Unions. With so many news stories about data breaches and protecting your personal information, Rippleshot’s award-winning solution to detect data breaches is a must-see. The solution shows how banks can detect data breaches around their branches, analyze how the breaches are impacting their branch and customers and use tools to stop the fraud and protect their customers, merchants and the bank itself.

Switch Banks the Fast, Secure and Easy Way. SwitchAgent’s new solution allows consumers anywhere/anytime web access to an online self service workflow tool to conduct their pre-authorized deposit and withdrawal switches at their own convenience.

How to make the Cost of Digital Signage Disappear. inLighten’s new cloud-based Apollo solution dramatically reduces the cost of digital signage, providing scalable consistency for institutions of any size. With unprecedented capabilities in the cloud, clients are able manage the content on any number of screens from anywhere at any time.

Regain Control over Your Digital Strategy. Backbase Engage presents a unique structure that empowers banks and credit unions to make their own digital strategy choices instead of being locked in by their core banking vendor’s capabilities. 

Effectively Engaging Customers with Actionable Alerts via Wearable Devices. Fiserv Alerts will demonstrate the extension of mobile banking notifications and alerts to wearable devices such as Google Glass and smartwatches, showing how customers can receive alerts wherever they are, on whatever device they prefer and take the necessary action.

What Makes Us Different. Mediaspectrum offers a suite of ready-made solutions, and a platform to quickly adapt, change and deploy new solutions in a fast-paced rapidly changing regulatory and consumer environment.

Intelligent Security Helps Drive Mobile Banking. The DIGIPASS for APPS demo shows how to secure mobile devices and mobile banking apps against hackers. It demonstrates building blocks that integrate a security scoring system, anti-hacking mechanisms and strong authentication behind the scenes resulting in a secure, easy-to-use mobile banking experience.

Intelligent Branch Transformation Driven By Predictive Analytics. Kiran Analytics’ branch workforce optimization suite enables intelligent branch transformation driven by predictive analytics. The end result is an optimized branch workforce that increases sales and service effectiveness as well as operational efficiency.

Mobile Banking Powered by BaZing. StrategyCorps offers its customers mobile banking with the power of BaZing by going beyond the basics to connect better with today’s mobile lifestyles. BaZing’s location-aware coupons will help your customers shop local and save local with the world’s largest merchant discount network.

Retail Banking Innovation Suite. Avanade, Inc. offers Smart Banking, a portfolio of retail banking capabilities that drives innovations and transforms the banking experience for both customers and employees. Innovative applications include Branch Virtual Greeter, Grab & Go Digital Signage and Tablet-based Banking Advisor.

Deferred Transaction Model for Financial Institutions. This solution by Alogent is designed for retail bank branches. It allows for transactions to be consolidated into a streamlined processing workflow.

Bringing a Mobile Banking Experience to the Desktop. SmartwebApps delivers the next generation of mobile banking, leveraging the power of an app-like experience on any device, desktop or browser.

Turning Client Data into Big Revenue. Yseop demonstrates turning data into clear, concise and compliant narratives and recommendations. How to do it? Harness the power of a smart machine and artificial intelligence.

From Adversary to Partner with Enhanced Customer Experience. According to Zafin, customers have expressed ongoing frustration and confusion with bank fees. By giving customers true fee transparency, banks provide customers the ability to better understand the products they use and to be real partners in their financial lives.

Omnichannel, Data-Driven Digital Banking. Learn how to reduce cost and complexity using D3 Banking’s single platform solution accessible via any digital device. The demo features D3 Banking’s responsive web design and innovative money movement that allows financial institutions to personalize product and service offerings for each digital customer.

Visualizing Digital Intelligence for the Customer Experience. In this demonstration, SAS will show how retail banks can quickly and easily join external unstructured data with internal structured customer data, apply analytics visually to deliver insights on customer needs, and then use that insight to deliver a precisely timed next best communication more effectively.

Mobile Digital Gift Card Wallet. Kofax will demonstrate how its mobile capture platform can be used to enable a mobile phone to check the gift card balance or load it into a digital wallet.

Social Biometric Analysis in Risk and Compliance. Socure will demonstrate why online and social checks make an impact in decision making in fraud and credit risk and AML/KYC compliance. They will demo the analysis using a real-world situation in retail banking.

In-Branch Media Marketing Perfected. Inform and engage clients within the branch with Bloomberg OnSite Pro. It enables retail bank marketers to easily create the perfect digital in-branch experience, professionally and painlessly.

Behavioral Biometrics; Balancing Security with Usability. BehavioSec adds behavioral analytics to an online banking application, to ensure it can only be accessed by a typing sequence that is uniquely connected to the account owner’s biometrics.

Cross Channel Selling: Solving for the Digital Divide. See how Leadfusion’s Cross-Channel Selling creates a seamless buying experience for retail banking customers as they traverse digital and physical channels.

Ms. Udany is a contributing writer for BAI Banking Strategies and senior public relations consultant with Chicago-based gyro