The unprecedented challenges posed by the COVID-19 outbreak make the digitisation imperative all the more urgent for banks, according to a new report by Boston Consulting Group (BCG). The report, titled Global Risk 2020: It’s Time for Banks to Self-Disrupt is the tenth annual survey of the health and performance
Customer data is the essential asset banks need to utilise to better serve their customers, earning trust and inspiring loyalty. Banks that succeed in this endeavour will be rewarded with a greater share of wallet. However, it is not enough to predict customers’ intent and deliver exceptional service. Banks also
NAB has switched on Apple Pay for its customers, the latest of the big four banks to welcome the tech giant’s payment service. The bank hinted last year it was open to making the payment service available to its customers. Nominate today for the Which-50 Digital Experience Awards. Simple. Fast.
The number of cross-border transactions recorded on the blockchain will surge to 1.3 billion by 2023 — up from 119 million in 2019 — a CAGR of 82 per cent over the next four years, according to a new report by Juniper Research. The value of transactions recorded on the
A new study from Juniper Research has found that the operational cost savings from using chatbots in banking will reach $7.3 billion globally by 2023, up from an estimated $209 million in 2019. This represents time saved for banks in 2023 of 862 million hours, equivalent to nearly half a
Australian banks know they need to accelerate their digital transformation but are struggling to put the change into practice, partly because they over outsourced IT in the past. Now, challenges around architecture, software development and organisational structure are putting the incumbent banks at risk of being left behind as new
Australian shoppers prefer to use non-bank cardless payments like Apple Pay and Google Wallet over the banks own offerings, according to a report from Roy Morgan. The research firm believes incumbents will need to collaborate more with fintechs and third parties to “keep up” in the evolving digital payments market.
The financial services industry is being “reshaped” by digital savvy fintechs and large tech companies, according to a report from Capgemini. But fintechs still need traditional financial firms to survive, the report said. The Capgemini World FinTech Report 2018 found fintechs are redefining the customer journey by responding to customer
Blockchain technology could reduce investment banks’ infrastructure costs by 30 per cent, according to new report from Accenture. The report, “Banking on Blockchain: A Value Analysis for Investment Banks,” argues the distributed ledger technology offers major savings in data reconciliation, by moving key operational, risk and finance systems to blockchain-based,
Global digital payment volumes continue to increase, with annual growth projected to top 10 per cent for the first time to reach 426.3 billion transactions in 2015, up from the record-setting 8.9 per cent growth in 2014 (387.3 billion transactions). This is according to the World Payments Report 2016 (WPR)