Michael Boukadakis CEO at ENACOMM
If bankers want to survive, they cannot afford to choose complacency when it comes to technological innovation. In fact, they should bet their careers on replacing outdated systems and solutions. If a banking core doesn't allow for innovation – the continual updating of capabilities, channels, interfaces and processes – it needs to be replaced. Ot...
12 December 2023 /retail /predictions Digital Bank Transformation
"The meteoric rise of data and performance-intensive workloads like generative AI is forcing a complete rethink of how data is stored, managed and processed,” said Nick Patience, senior research analyst at 451 Research, part of S&P Global Market Intelligence. According to S&P Global's new 2023 Global Trends in Artificial Intelligence ...
26 September 2023 /retail /cloud Artificial Intelligence and Financial Services
Americans have warmed up to virtual assistants in the wake of the pandemic, when many services had to be reimagined as digital alternatives. According to an Ipsos poll of 2,010 U.S. adults, 69 percent of respondents said they’ve used an online or mobile virtual assistant to get answers to their questions and or help resolve issues, and nearly as m...
29 June 2023 /retail /cloud Artificial Intelligence and Financial Services
“ChatGPT lowers the bar for people using AI,” Charles Morris, Chief Data Scientist for Financial Services at Microsoft, recently said during a Banking Transformed podcast. It's true; this AI chatbot is democratizing artificial intelligence…even if it lacks the “right direction and guardrails” for use as an automated teller in retail banking. Chat...
02 May 2023 /retail /cloud Artificial Intelligence and Financial Services
“In order to fully realize the potential of AI, we have to mitigate its risks,” the White House Office of Science & Technology Policy recently tweeted. “That’s why we’re excited about @NIST’s release of the AI Risk Management Framework…” NIST, formally known as the U.S. Department of Commerce’s National Institute of Standards and Technology, re...
14 February 2023 /security /retail Artificial Intelligence and Financial Services
What good would buying an engine be without a car to put it in? In the context of customer service in retail banking, this would be akin to adopting artificial intelligence without having any customer touchpoints for it to bring to life. In order for a fintech investment to make sense, bank and credit union leaders must integrate AI technology wit...
10 January 2023 /retail /cloud Artificial Intelligence and Financial Services
If the past three years have shown us anything, it’s that consumers have adapted to self-serve. More self-reliant than ever before, they’ve learned to meet their own needs with CX tools and services that businesses have provided to eliminate in-person interactions and accommodate social distance, both required and desired. These changes in custome...
29 November 2022 /retail /cloud Artificial Intelligence and Financial Services
Banks have been dealing with a balancing act between “fast and frictionless” and “secure and accurate” for many years, with consumers long pushing to move away from traditional, friction-based means of authentication. Thankfully, ditching outdated ID methods is now feasible, with recent improvements in biometric technology tipping the scale toward...
19 May 2021 /retail /cloud Biometrics
Conversational voice banking was already gaining prominence in the financial services industry before the pandemic hit. Then, its importance was heightened and deployment accelerated when COVID-19 started sweeping across the globe, limiting person-to-person (read: banker-to-customer) contact. Thankfully, the level of security now possible is concu...
10 March 2021 /retail /predictions Artificial Intelligence and Financial Services
In the first half of 2020, $2 trillion in cash landed in deposit accounts of U.S. banks and credit unions, according to FDIC data. From corporate borrowing to cash-hoarding and stimulus checks, the unprecedented surge was a result of the pandemic. Megabanks saw the greatest deposit gains—they have the most U.S. retail customers, after all, and serv...
06 October 2020 /retail /sustainable Disruption in Retail Banking
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