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[Guide] The Impact of 5G in Banking

Digital transformation in the financial services industry is about what banks can, and should, be doing to plan and prepare for the future. And if you’re preparing for the future, it’s essential to know that 5G cell service and the smartphone of the future will have a significant impact on banks and their digital transformation […]

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Data Science Virtual Expert Panel Presented by AWS

Join us and our partner Amazon Web Services (AWS) for a virtual Q&A session on Wednesday, April 15. AWS will feature one of our experts to speak on a panel about the evolution and progress being made to solve critical business problems such as customer personalization and forecasting through the use of data science. Perficient […]

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Taking Advantage of AI and ML in Financial Services

Previously, I analyzed how dirty, or bad data is the enemy of machine learning. The final blog of this series describes the advantages of artificial intelligence and machine learning in financial services. Many financial services organizations have already begun to take advantage of ML technology because of its proven ability to reduce operational costs, increase […]

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How to Service Your Financial Services Consumers in the Middle of a Pandemic

When designing contact centers, some level of overhead should always be built in. It might be supporting a 120% estimated peak for incoming contacts, or the ability to rapidly add on 10–15% more representatives. But, very few organizations have built their contact centers to address the volume they see now from consumers. In this unprecedented […]

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Expect the Traditional Payments Ecosystem to Change, Fast

During times of crisis, such as the current COVID-19 pandemic, how you treat your employees and your customers speak volumes about your values. The communications I have received from my financial institutions regarding the coronavirus outbreak focus on predictable messages – “we are here to help you 24/7,” “our call volumes are high, look at […]

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Dirty Data in Financial Services: The Enemy of Machine Learning

Previously, I discussed machine learning and the traits that separate it from artificial intelligence. This blog analyzes how dirty, or bad data, is the enemy of machine learning. While entirely accurate and complete data is the goal of a comprehensive data management program, many firms fall somewhat short. Siloed governance projects and the lack of […]

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How Banks Respond to COVID-19 Will Test Their CX

We are living in unprecedented times. This is the first time in my life I see people’s daily lives and habits change on such a large scale, and in many cases, not by choice. Lots of things are changing because of the coronavirus (i.e., COVID-19). Schools are closing, concerts and sporting events have been canceled, […]

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Machine Learning in Financial Services: A Discipline Under AI

The term artificial intelligence (AI) was first coined in 1956 by the computer scientist, John McCarty, when he held the first academic conference on the subject at Dartmouth College. McCarty, who is widely recognized as the father of AI, defined it as “the science and engineering of making intelligent machines.” Over time, the meaning of […]

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The Rise and Stagnation of Digital-Only Banking

The rise of digital-only banking is an international phenomenon. New digital-only banks, also known as neobanks, are being launched and fighting for market share in locations across the globe including the US, Canada, UK, Germany, Belgium, India, UAE, Israel, and Hong Kong. To a customer, the advantage of a digital-only bank is the promise of […]

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Artificial Intelligence Enhances Financial Service Firms

Previously, I discussed how artificial intelligence (AI) can assist financial services firms. This blog highlights the benefits of AI strengthening cybersecurity and boosting profitability. AI for Strengthening Cybersecurity Another important horizontal use of AI technology relates to cybersecurity. Given the complexity of the disjointed set of security tools typically deployed in an enterprise, and the […]

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Breaking Down Artificial Intelligence in Financial Service Firms

Artificial intelligence (AI) has the ability to revolutionize a multitude of functions at financial services firms. Whether part of an overall digital transformation program or as a targeted deployment to improve customer service, increase profitability, or enhance information security, leveraging the latest advancements in AI can have a profound impact on a firm. Artificial intelligence […]

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Realizing the Digital Transformation Vision in Financial Services

My last post highlighted digital transformation and means to establish it. In the final post of this series, I analyze the call-to-action in implementing that vision The roadmap to achieve the targeted customer experience (CX) will differ for each firm, given its current state, infrastructure, organization, and priorities. One common element, however, will be its […]

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The Digital Transformation Vision in Financial Services

In my last post, I discussed the aspects of exemplary customer experience. In this post, I will highlight digital transformation and how to establish it. The first step in a digital transformation is the creation of a cohesive vision for customer experience. This cross-disciplinary plan should describe the view of the company from the customer’s […]

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Finance Close Automation with Oracle

In large corporations today, the financial close process is time-consuming and has multiple process bottlenecks that are disconnected. Most large organizations have disparate transaction systems and databases that suffer from data integrity, data governance and a lack of integration which makes the financial close process an exercise in reconciliation and data validation with less focus […]

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The Customer Experience in Financial Services

Previously, I discussed why financial services firms should focus on digital transformation. This blog will analyze the aspects of the customer experience. The customer experience (CX) is not the same as customer service. Customer service is just one aspect of CX. It refers to the component that provides direct interaction with the customer in the […]

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Why Financial Services Firms Must Focus on Digital Transformation

Digital transformation can be confusing. If a company has all its books and records maintained by computers, isn’t it already digital? If it has a functional web presence and even conducts business transactions via an integrated B2B or B2C portal, doesn’t that qualify as digital? While these scenarios do, in fact, involve the digitization of […]

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Customer Satisfaction in Financial Services with AI-Powered Search

Providing the ultimate customer satisfaction is the cornerstone of digital transformation. When a customer or potential customer searches your site, providing personalized content is a large factor in the quality of their engagement. In fact, it can make or break the customer experience – and your business. Forcing customers to wade through results and links […]

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Cloud vs On-Premises Chatbot Implementation – Financial Services

My last post highlighted the benefits of implementing these bots to enhance customer experience. This post explores chatbot implementation on the cloud and on-premises. A number of chatbots are designed to operate expressly in a cloud environment. There are leading-edge products that can still be installed on-premises. If an organization’s operating platforms are in-house, having […]

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