Banking

Open banking APIs are open for business

See how open banking APIs are transforming financial services (and businesses, too!) What is “open banking”? I wasn’t particularly inspired by the Wikipedia definition, so I’ll give you mine. Open banking is a term that is associated with a broad set of initiatives that align to one of these three principles: Banking customers are empowered […]

Banking

From selective encryption to pervasive encryption: how IBM z will protect data with just one click

In 2016, more than 4 billion data records were stolen or lost, a 556% increase over 2015.  Over the past few five years alone, 9 billion records have been breached. Of these records, only 4 percent of have been encrypted. Although cloud data centers have been on the rise, little to no progress has been […]

Banking

Blazing a path for blockchain in banking

According to a report from Santander, blockchain technology is poised to save banks $20 billion dollars a year in infrastructure costs by 2022. But for many banks and financial services organizations, building and implementing a blockchain solution is slow, given the perceived costs of altering their infrastructure, and the need for a proof of concept […]

The Digital Trade Chain consortium’s trade finance project underscores important new use cases for blockchain

This week’s announcement by the seven bank Digital Trade Chain Consortium is another strong indication that the “peak hype” discussions around blockchain are somewhat misplaced. This blockchain network to deliver a trade finance solution across Europe to support small and medium businesses stands out from the steady flow of other blockchain PoCs underway in several […]

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Transforming customer engagement with cognitive virtual agents

The average consumer interacts with customer service 65 times in a year. That adds up to more than 270 billion service calls made on an annual basis. Multiply that by an average cost of about $1.00 a call, and you’ve got very big problem for global businesses. Further, 33% of Millennials are only willing to wait […]

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What technology will transform financial services?

Jeffrey McMillan, chief analytics and data officer of Morgan Stanley answered this question Reinventing Financial Services, an event hosted by IBM and The Economist. Jeff believes that big data and artificial intelligence (AI) are two core technologies that are transforming financial services business models. Mining big data with machine learning technology allows companies to harvest […]

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How banks can attain new competitive differentiators and customer value in payments processes

Today, the pace of change in the payments industry seems to accelerate exponentially, as customers increasingly demand instant, contextualised, and in some instances “zero-touch” payments (think “Uber”). At the same time, the regulatory environment is also evolving rapidly, with compliance to regulations such as the revised Payment Services Directive (PSD2)  promising further industry-wide change. While […]

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What does AI offer your financial institution? Lessons from SIFMA OPS 2017

What issues are the most important to your financial institution? There are likely to be as many different answers to that question as there are institutions in the industry. In the area of regulatory compliance, however, simply keeping up with the volume and variety of new and changing regulations is high on the priority list […]

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Reinventing Financial Services

We’ve been long saying that financial services firms today are undergoing a radical transformation. From pressures around data security, a constantly evolving regulatory environment, and disruptive new players (fintechs)—all amplified by cost pressures and diminishing margins—it’s clear that business models need to quickly adapt. To further complicate the landscape, customer expectations continue to evolve, as […]

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Open banking APIs are open for business

See how open banking APIs are transforming financial services (and businesses, too!) What is “open banking”? I wasn’t particularly inspired by the Wikipedia definition, so I’ll give you mine. Open banking is a term that is associated with a broad set of initiatives that align to one of these three principles: Banking customers are empowered […]

Continue reading

From selective encryption to pervasive encryption: how IBM z will protect data with just one click

In 2016, more than 4 billion data records were stolen or lost, a 556% increase over 2015.  Over the past few five years alone, 9 billion records have been breached. Of these records, only 4 percent of have been encrypted. Although cloud data centers have been on the rise, little to no progress has been […]

Continue reading

Blazing a path for blockchain in banking

According to a report from Santander, blockchain technology is poised to save banks $20 billion dollars a year in infrastructure costs by 2022. But for many banks and financial services organizations, building and implementing a blockchain solution is slow, given the perceived costs of altering their infrastructure, and the need for a proof of concept […]

Continue reading

The Inescapable Urgency of the Cognitive Bank

Late last year, I read an article in the Financial Times that said there were three possible reasons for the turmoil in the worldwide banking industry:  a blip induced by excessive regulation, a return to normal after an exceptional pre-crisis boom, or the slow death of banking. Whether you believe it’s one of these or […]

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The new IBM Z and IBM DS8880: Mainstays in financial services data centers

Deep changes are sweeping the financial services industry. Lofty expectations by millennials, FinTech upstarts, stinging memories of the financial meltdown, and a growing body of stringent regulations are just a few causes for industry-wide upheaval. Despite the changes, though, there are some constants; look at the data foundations at financial institutions and you’ll find that […]

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Watson Marketing Delivers a Competitive Edge that Financial Institutions can Bank On

The worldwide banking industry experienced profound challenges during the Great Recession of 2008-2009.  While the global economy has improved, the pressure on banks is unabated. Pressures stem from a myriad of sources: competition from fintechs; unrelenting regulatory environment; associated costs of compliance (or non-compliance!); increasingly sophisticated security threats; and, most recently, shifting customer expectations driven […]

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The growing interest in digital banks

Not so many years ago, “Bankers’ Hours” was a pejorative term meaning any job with a short work day.  Today, bankers’ hours are much more customer oriented. With few exceptions, “banking hours” are becoming 24/7/365, or whenever and wherever a customer wants to do banking. Traditionally, banking was a conservative industry with relatively high barriers […]

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The Future of Financial Services: The Cognitive Bank

The banking industry is undergoing a paradigm shift in terms of adopting cognitive computing into all of its facets. It’s amazing to hear the conversations and see the pilots in which clients are exploring “art of the possible” with cognitive. With the rich data financial services clients hold this is a natural evolution for the […]

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Cognitive Technology: A shelter in the storm of regulatory change

Turbulence and disruption have been the mainstay of the financial services industry for more than a decade and there is little to suggest that a long calm is in the offing. Quite the contrary, the industry had to adapt to an onslaught of new regulations in the aftermath of the Global Financial Crisis. A decade […]

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How Cognitive Virtual Agents Will Transform Customer Engagement

The average consumer interacts with customer service 65 times in a year. That adds up to more than 270 billion service calls made on an annual basis. Multiply that by an average cost of about $1.00 a call, and you’ve got very big problem for global businesses. Further, 33% of Millennials are only willing to […]

Continue reading