With our FSI Transformation Assembly approaching, we sought to find out the top priorities of those who will be joining us in Palm Beach on November 28-29. Since the finance industry is constantly integrating new digital tools to stay ahead of the wave of technology that is disrupting many industries, it is important to understand what leaders in the financial sector consider important.
New technology has shifted priorities in the finance industry. Businesses are using digital tools more than ever, changing customer engagement as we know it. As these new tools are integrated into business operations, teams are met with new regulations to combat the new landscape.
“During the last ten years, new finance technology has shifted to the cloud. Revenue recognition, financial reporting, tax and global regulations have evolved dramatically.”Daily Fnancial Executives reports.
Regulation in the finance industry has transformed IT portfolios. Regulatory-driven spend on data sourcing, reporting, calculation engines, risk systems and surveillance technology is ballooning while business innovation and efficiency projects often struggle for sponsorship.
This is in the context of highly complex and costly processing environments that have evolved over many years. The strategies that are available for IT harness this change can position firms to better to succeed in a transformed business environment. The challenges that the financial sector can face with these regulations can affect the overall functions of the bank and how business is carried out.
Conversational Artificial Intelligence and Digital Banking Transformation
One of the main priorities that financial professionals have deals with artificial intelligence and how it has transformed banking to be digitally focused. Artificial intelligence powers banking apps and other tools like chatbots that can be used for businesses as a tool that solves customer’s problems, creating a strong customer engagement.
When artificial intelligence arrived in the banking industry, it brought forward a new era of banking that has disrupted the sector as we know it. The creation of banking apps catered to a new kind of customer, one that is on-the-go and reliant on digital tools.
“Online and mobile banking have allowed banks to reach customers more easily and frequently, and have given customers unprecedented access to their financial information.” The Financial Brand reports.
Banks must learn to adapt to this customer, in order to successfully integrate the digital banking transformation.
Ingo Money – Push Payments
Not only has technology disrupted how customers interact with banks, it has also changed the way customers pay for things. The arrival of Ingo Money has transformed the banking experience from physical payments to real-time digital funds. Customers are able to use this payment solution to carry out transactions digitally, as opposed to traditional payment methods, like checks.
It is no surprise that this is a concern of financial professionals because Ingo Money has the ability to eliminate checks altogether, which disrupts banks. The idea of Ingo Money goes hand in hand with the fact that customers are looking for quick, accessible and effective ways to bank. The financial services industry must consider this a priority in order to accept this change.
“When it comes to accessing their money, today’s consumer wants it now, with the push of a button. As they grow bolder with this demand, consumer requirements for speed, simplicity and choice in how they get paid could soon make push payments technology a corporate standard.” Pymts reports.
Intersystems – Ultra-high Performance Data Management To Handle The Concurrent Workloads Of Transaction Processing & Analytics At High Scale
It is a priority for financial business leaders to make sure that there are proper applications in place that can enable workloads to be handled effectively while managing data. Since the growth of technology has brought forward a heavier workload of more data, businesses must modernize its operations in order to meet the needs
InterSystems is one single platform that provides businesses with capabilities that accommodates large data sets for more users. It is a priority for financial establishments to integrate digital tools while still processing data with reliability at a high scale.
“All of the critical capabilities for building important data-intensive applications are provided in a highly reliable unified platform spanning data management, interoperability, transaction processing, and analytics,” Intersystems reports.
To learn more about these topics, you can follow us along using #MilleniumLive as we live tweet the assembly on November 28-29.
ABOUT FSI TRANSFORMATION ASSEMBLY
Application to attend FSI Transformation Assembly taking place November 28-29, 2017 at Four Seasons Resort in Palm Beach, FL is now open.
Join experts from North America’s major financial services and insurance organizations like Keynote Speaker Scott Dillon, EVP, CTO and Head of Technology Infrastructure Services at Wells Fargo and Company. Scott will be providing unique insight into how his team provides availability, security, and global interconnectivity for the more than 70 million customers who interact 12 billion times a year in person through the company’s 9,000 stores and 12,000 ATMs, on the phone, or online at www.wellsfargo.com.
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C-level IT leaders in the financial services and insurance sectors are dealing with many challenges as digital transformation becomes an imperative. Understanding not only the convergence of Mobile, Social, and Cloud but also the possible implications of Artificial Intelligence, Machine Learning and Blockchain is vital to stay ahead of the competition.
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