Retailers are not the only organizations that need to focus on improving the customer experience. Banks are increasingly feeling the pressure to provide exceptional and innovative experiences for their customers and one way to do that is through digital transformation. Spending on digital transformation by US Banks is expected to be $20.3 billion in 2017 and is predicted to grow to $37.5 billion by 2020.
So what does this digital transformation mean for the banks? IBM hosted Jerry Silva, research director for IDC Financial Insights to discuss the trends and issues facing the banking industry today. Jerry is responsible for the global retail banking practice at IDC. His research focuses on technology trends, as well as customer expectations and behaviors in retail banking worldwide. Jerry draws upon more than 25 years experience in the financial services industry to cover a variety of topics, from the back office, to customer channels, to governance in the technology shops at financial institutions.
IDC is seeing innovative banks moving to the concept of “the connected bank,” which they define as “a combination of leadership, staff resources, operational capability, information, and technologies that allow the enterprise to more easily create composable products, services, and experiences regardless of the source of information or computing.” By implication, banks must be able to effectively integrate with and manage connections with external organizations through robust B2B and managed file transfer architectures.
Watch this 30-minute discussion with Jerry Silva to learn:
How cognitive capabilities are changing the banking
How far banks have to go to achieve digital transformation
How to thrive in the coming digital economy
How B2B integration is supporting the connected bank
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