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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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Blockchain in Digital Transformation: What the Future Holds

It’s been talked and written about countless times, yet digital transformation continues to turn heads. Blockchain is more than a technology trend. Blockchain in digital transformation is a customer experience trend, perhaps, as it’s dynamic and constantly evolving. It’s already being billed to help businesses rack in an estimated $100 trillion in combined value by […]

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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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Digital Transformation Increases Success, But There’s Still Work to Do

My last blog outlines how banks are implementing digital transformation strategies. In this blog, I examine how digital transformation increases success, and highlight where work needs to be done. The Need to Stay Competitive Despite the tremendous investments in digital transformation made by the big banks, medium-sized and regional banks have remained competitive. They surprisingly […]

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Captive Financing Increases Customer Loyalty and Business Value

Previously, I highlighted customer relationships and generating income with captive financing. This post analyzes value creation and how to get started with captive financing in your business. Value Creation With manufacturer-provided financing, transactions can be closed that might have been otherwise delayed while customers sought third-party funding. With superior knowledge of the equipment and its […]

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How Are Banks Implementing Digital Transformation Strategies?

Previously, I analyzed the current themes in banking according to executives. This blog outlines how banks are implementing digital transformation strategies. Digital transformation strategies for banks have, for years, centered attention and investment on frictionless service, personalization, customer journeys, user experience, lean transformation, organizational alignment, emerging business models, FinTech partnerships, and mobile. While this will […]

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5 Current Themes in Banking According to Industry Executives

Previously I reviewed post-digital transformation in banking. This blog analyzes the current themes in banking according to executives. In recent years, five themes generally dominated (and rightly so) what bank executives paid attention to and invested in: 1. Generational Relevance The Millennial generation ushered in a different attitude regarding convenience, access, and responsiveness, and banks […]

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Increase Customer Loyalty and Business Value with Captive Financing

While countless companies specialize in financing equipment acquisitions for customers, there is a growing trend for manufacturers to provide such financial services themselves. Of all manufacturers who offer a captive financing option to their customers, 67% expect equipment financing will increase as a percentage of their manufacturer sales. There are numerous reasons for the growth […]

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It’s Time to Focus on Post-Digital Transformation in Banking

This is the time of year when banks think about what strategies and investments to pursue in the coming year. And while retail and commercial banking is a complex, global industry driven by a combination of local-market macroeconomics, regulatory regimes, competitive forces, and customer behavior, the digital transformation strategies banks pursued for many years were […]

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Wealth Management Firms Are Starting to Figure Out Mobile Apps

J.D. Power announced that three wealth management firms, Charles Schwab, Wells Fargo, and Edward Jones, received high customer satisfaction scores on their mobile apps relative to the rest of the brokerage industry. The success seems to come from each firm designing its app to fit the specific needs of its customer base – Charles Schwab’s […]

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Why Are Fintechs Struggling with Banking Regulations?

For all those who think traditional banks will not be able to compete with fintech companies, a federal judge’s ruling in October and the pulling of fintech start-up Robinhood’s bank charter application, which would have allowed it to become a federally insured bank and eliminated the need to partner with other banks, show that it’s […]

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HNW UBS and Credit Suisse Clients to Start Interacting With More Tech

According to InvestmentNews, internal UBS studies show clients with assets between $2 million and $5 million behave more like clients in the lower segment than like high net worth clients. They use more online services rather than client advisers and don’t make use of sophisticated products and service offerings. Starting early next year, clients in […]

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Data Aggregation and Artificial Intelligence in Financial Services

My last blog highlighted security audits and penetration testing. This final blog of the series discusses security data aggregation and artificial intelligence (AI) implementations in financial services. Should a breach occur, gathering log data from all critical security, network, and endpoint devices is key to a forensic investigation to determine how the firm’s defenses were […]

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Security Audits and Penetration Testing in Financial Services

Previously, I discussed the cybercrimes of phishing and the signs it’s happening. This blog will highlight security audits and penetration testing. Given the ever-changing landscape of cybersecurity threats, coupled with the dynamic nature of new hardware and software deployments, it is imperative to perform security audits and penetration testing on a regular and frequent basis. […]

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