The FinTech philosophy of conventional banks needs a fresh look in the era of the chatbot and virtual assistant.
Digital technology has propelled innovative financial institutions to the next level of improving the customer experience, say judges in the 2016 BAI Global Banking Innovation Awards program.
A new age of finance, the ValueWeb, will diminish the role of traditional banks unless those institutions rise to the challenges of a digitally networked economy.
While bankers often criticize alternative lenders for unfair pricing, bottom fishing and irrelevance to the overall loan market, the smart ones should take a closer look.
To compete effectively with FinTech startups, banks need to leverage their historical strengths with customers, form dedicated innovation teams and let mobile lead the way.
Financial technology innovations likely to transform banking include biometrics, artificial intelligence and wearables.
Mitek’s Mobile Verify captured the BAI Innovation Showcase Award at BAI Payments Connect 2016 for automating ID authentication to boost mobile account opening success rates.
Innovation in retail financial services is alive and well as leaders in every region of the world recognize the need for change to better serve customers by building innovative cultures.