Unleashing Growth in Banking with AI and Automation

By June 29, 2021

The future of banking is cognitive

Quebec’s banks and insurance companies are spending millions to migrate to cloud, modernize core banking applications, leverage data and AI. Most have been on this journey for years, but COVID-19 has prompted a major acceleration in cloud and modernization investments. Now, ambitious digital and cloud migration plans are now two to three years ahead of schedule.  

As Quebec’s financial institutions (FIs) seek to implement cognitive bank platforms and modernize core banking applications, without disrupting daily business operations, they recognize the need for a solid strategy that will: 

  1. Unleash innovation: New generations of data and AI technology solutions are creating business value, enhancing the customer experience, and bringing the cognitive bank to life. Cognitive bank platforms, solutions and technologies such as Voicebots, intelligent automation of end-to-end business processes, and multicloud and hybrid cloud integration can help take the customer experience to the next level.   
  2. Provide a unified omnichannel client experience: In the age of Netflix and Uber, customers expect mobile services that provide a simple, hassle-free user experience. Banks and insurance companies are rapidly increasing their investment in mobile to fully integrate the bank experience across multiple existing channels: physical branch, website applications and mobile apps. The goal is to provide a unified customer experience across all channels. 
  3. Improve compliance and security: Almost every day, we hear news of another cyberattack. Hardening a bank or FI’s cybersecurity is essential to stay ahead of the battle. The shifting regulatory environment requires banks to stay focused on risk and compliance mandates. Advanced analytics, automation and AI are all elements of today’s compliance toolkit and need to be an integral part of any modernization strategy. 

Collaboration with a trusted partner accelerates modernization 

Digital modernization has put incredible pressure on tech talent and resources in Quebec. IBM has a long-standing relationship with banks and insurers in Quebec which gives us a deep understanding of their work culture, and a strong integration with the client team. We understand what type of governance is needed as we implement and scale advanced AI, automation and security solutions.   

IBM is known for its visionary global leadership in Payments modernization. Through the Payments ecosystem, members can easily, quickly and economically collaborate and consume payments services from IBM, other banks and FIs, and FinTechs. 

In December 2020, IBM grew its Payments expertise through the acquisition of Montreal-based Expertus, a global leader in the FinTech industry. With this skilled team, we are helping Quebec-based FIs upgrade or replace their existing Payments infrastructure. 

A recent IDC report (1) reveals that 81 percent of companies surveyed in Quebec believe IBM is a trustworthy company, and 79 percent say that IBM understands their company needs.  In trusted, collaborative partnership with IBM, many banks and insurers are modernizing their processes and enhancing client experience with AI and cognitive processes while improving security and regulatory compliance. Together, we are accelerating modernization. 

Accelerate with IBM Consulting

Goëry Huguin specializes in modernizing core banking solutions, building digital platforms to modernize and improve omni-channel customer experience focused on service transformation

LinkedIn: https://www.linkedin.com/in/goeryhuguin/

(1) IDC, Canadian IT Services Brand Perceptions, 2020: Familiarity, Awareness, and Brand Associations, Doc # CA45672220, Dec 2020