Experiences with non-banking industries such as retail and communications have shaped consumers’ expectations from banks and credit unions. As customers become more digital, more demanding and more tech-savvy, legacy bank infrastructure is strained to support new modes of engagement and grow digital efforts significantly.Learning and cognitive psychology pdf in response to increasing competitive pressures and people’s rising expectations, financial institutions around the world are investing aggressively in digital transformation projects. 2.Learning and cognitive psychology pdf the frontiers of innovation: AI & blockchain

According to a report from synechron, blockchain and artificial intelligence (AI) will continue to disrupt the financial services industry.Learning and cognitive psychology pdf AI development will focus on cognitive use in the sales, marketing, investments, wealth management and compliance sectors of the financial services industry.Learning and cognitive psychology pdf this is a critical step in moving from advanced robotic technologies like machine learning and predictive analytics to real growth in cognitive computing.Learning and cognitive psychology pdf synechron also predicts that robo-investors will become the centralized fintech platform for wealth managers. 3. Digital-only banks become a real threat

learning and cognitive psychology pdf

With the entire banking industry shifting to digital channels, digital-only players will pose more and more challenges to the historical dominance of traditional banks and credit unions.Learning and cognitive psychology pdf according to capgemini’s top 10 technology trends in retail banking, this new breed of banking providers has defied the conventional model with highly innovative products and services with mass appeal to today’s digitally-savvy consumer.Learning and cognitive psychology pdf these challenger banks will fuel increased competition in the industry, forcing traditional financial institutions to improve their digital offerings and extend their reach to fend off these disruptors.Learning and cognitive psychology pdf

Synechron says that “design thinking” needs to be combined with creative engineering to bring the UX vision to reality. Banking providers will focus on a few key use cases and technologies where customer-first design is key, like account opening and augmented reality.Learning and cognitive psychology pdf augmented reality (AR) and virtual reality (VR) will benefit from developments in immersive UX design aimed at improving the customer experience.Learning and cognitive psychology pdf the account onboarding process will see a boost from UX design technologies in the form of a more interactive and gamified experience with natural language processing and machine learning. 5.Learning and cognitive psychology pdf real-time risk decisions

AI will also support risk management by improving the enterprise-wide risk analysis needed to fulfill the changing needs of the organization.Learning and cognitive psychology pdf given the pace at which the financial services industry moves, the goal for 2018 is real-time risk through AI/automation while operating within compliance and regulatory parameters. 6.Learning and cognitive psychology pdf alternative lenders leverage alternative data

Capgemini says that the 2008 financial crisis left banks and credit unions at a disadvantage with credit challenged consumers.Learning and cognitive psychology pdf this — combined with the emergence of online lending technology and streamlined lending processes — made room for alternative lenders to thrive in this environment.Learning and cognitive psychology pdf according to capgemini’s report, “these non-traditional lenders use technology-based algorithms and software integrations to assess credit profiles of customers and are also leveraging alternative data such as social media photos and check-ins, GPS data, e-commerce and online purchases, mobile data, and bill payments.”

learning and cognitive psychology pdf

With an increasingly complex regulatory environment, financial institutions will also start looking at AI to gain meaning from larger and larger volumes of regulatory data.Learning and cognitive psychology pdf with newer regulations like fundamental review of trading book (FRTB) and consolidated audit trail (CAT) compliance, a tech-first approach will become necessary.Learning and cognitive psychology pdf regtech has a vital role to play as firms move beyond initial mifid II compliance and gain more long-term benefits from the regulation and take a tech-first approach to their compliance efforts.Learning and cognitive psychology pdf this will lay the foundation for greater economies of scale across data, analytics, and related risks. 8. Big data gets even bigger

Big data initiatives are pushing more sophisticated and more open business models with better data tools and visualizations.Learning and cognitive psychology pdf while the beginning efforts for data standardization have already started, financial institutions are still relying on legacy data architecture and infrastructure.Learning and cognitive psychology pdf stepping forward with future systems is a priority for data in 2018. Additionally, this requires new data infrastructure to comply with the upcoming new data requirements like general data protection regulation (GDPR) and payment services directive II (PSD2).Learning and cognitive psychology pdf with those changes, new ways of extracting additional value from data have emerged, such as data virtualization, data lineage, and data visualization. 9.Learning and cognitive psychology pdf connecting with third-party providers to drive customer-centricity

Through open apis, banks and credit unions will go through significant changes in the way they provide CX-based processes.Learning and cognitive psychology pdf fintech companies are becoming players in the customer journey, and banks and credit unions are no longer in control of the customer journey.Learning and cognitive psychology pdf customers are increasingly adopting fintech offerings for better services, leaving banks and credit unions no choice but to adapt – or get left behind. 10.Learning and cognitive psychology pdf the cloud: creeping into every corner

In 2018, adoption of the cloud in banking will increase, but with the focus on security and regulatory compliance continuing to be front and center.Learning and cognitive psychology pdf expect to see enterprise-wide middle- and bank-office applications start to move into the cloud. Banks and credit unions will feel the push to create more cloud-enabled business models in 2018, while the use of open apis will drive consumer applications to the cloud even more .Learning and cognitive psychology pdf

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