Using digital transformation tools for future-proofing – TechTrends Weekly Round-Up 3
Reading Time: 4 minutes
Welcome back to our new digitalML blog series, TechTrends, where we’ll be rounding up industry news from across sectors. This week, we’re focusing on employee perspectives on digital transformation tools, IT modernization, API integration, and how it is changing the way we look at technology – in all industries!
In TechTrends Week 2, we discussed a shift in consumer expectations from previous years. Through the presence of new technology and innovations, digital disruption has hit the entire banking industry, and if banks don’t understand a way to transform their legacy systems and silos, delivering on a successful digital transformation strategy that competes with new entrants will be challenging. But this isn’t just a banking industry change; it’s a trend we’re seeing in various industries for many large companies. For these organizations to compete by creating an online presence, faster time to market for new products, and a customer experience that puts them first, they need to start looking at their digital architecture and how that is shaping their future business transformation and innovation goals.
Let’s take a look at some tech executives discussing what it takes to compete in today’s technology saturated world, how you can take advantage of it to digitally transform, and enterprise architects being the key to business transformation:
Four architectural decisions that make or break digital transformation
A look at how digital architecture impacts business transformation.
As companies transform to compete in this digital world, they are turning to enterprise architects to lay down the foundation that will allow them to succeed. Enterprise architects are the catalyst between the business needs and the the architectural foundation on how to use new technologies. However, the market is saturated with so many technologies, that choosing the best one to meet the companies’ goals is a challenging part of an enterprise architects job. By keeping these four questions in mind, architects will be able to build flexible applications that can be implemented – everywhere.
CIOs Strive for Balance Between Looking Inward and Outward
Technology?s expanding reach in the corporate world means chief information officers are taking a bigger role in developing strategies and customer services, while still keeping underlying systems running smoothly.
New product launches in banking – TechTrends Weekly Round-Up 2
Reading Time: 4 minutes
With a shift in how technology is being used at companies, CIOs are now focused on keeping things running smoothly, but also developing business strategies that meet company goals. Executives discuss this balance CIOs are trying to implement. One executive, PayPal’s CTO Sri Shivananda, talks about how a CIO can’t just focus on “outward facing-initiatives,” but also on transforming IT so that it can be a stream of revenue for the company.
Creating a foundation for success through APIs, cloud computing, data integration, and more is what will allow for large organizations to compete with new entrants, technology savvy startups, and innovative product launches. Being on the IT side of business has seen a change, a necessary one, where they are no longer just the “cost-center,” but a key and integral part of the stability of the business. As job roles and lines shift, technology leaders are working to implement a architectural sound platform that is fast, agile, and for future innovations to build off. So the question becomes what kind of CIO/CTO/Enterprise Architect are you? The ones that are striving to ensure digital success are the ones that will be able to help their company enter these disruptive markets, by looking into new technology that will ensure a foundation for success.
Welcome back to our new digitalML blog series, TechTrends, where we’ll be rounding up industry news from across the banking sector. This week, we’re looking at digital transformation in banking through exciting product launches happening both at the front and back-end.
As we covered in TechTrends Week 1, companies are trying to build better customer experiences based on consumers’ evolving expectations. We’ve seen a trend towards digital banking innovation; a simplified banking process, more consumer-friendly products, and various digital payment methods. However, this transformation goes beyond just the payments sector and new apps being built. It’s reaching the entire banking industry. Now, to compete in these digitally disruptive times, all banks need to create new and innovative products that exceed what consumers currently have. The future of the banking industry is transforming, and when banks have many silos and legacy systems, how do you implement a successful digital transformation strategy to deliver on these innovative ideas and compete against new entrants?
Let’s take a look at some exciting new products that have recently launched to meet consumers’ evolving expectations:
Fifth Third Bank to debut mobile banking kiosk at NAACP convention
To better serve the low-to moderate income communities that have a harder time making it to a “brick-and-mortar” branch or don’t have easier access to educational and financial tools, Fifth Third Bank is providing a Banking to Go mobile kiosk. Previously they also started a Financial Empowerment Mobile, also known as an eBus, to have financial classrooms in these areas so residents can have an easier path to opening accounts, getting their credit reports, etc.
Fifth Third Bank said it will debut its Banking to Go mobile kiosk, which brings banking services to low-to-moderate income communities, at the 110th annual NAACP convention July 20-24 at the Detroit Marriott at Renaissance Center in Detroit. The bank…
Citi Launches Outlier Payment Detection For Treasurers
Citi is rolling out its Payment Outlier Detection solution across 90 countries for treasurers to automate anomalous transactions and catch fraud.
In June, Citi announced their Payment Outlier Detection solution that will be launching in 90 countries. This tool uses Artificial Intelligence, Machine Learning, and data analytics to figure out which payments could be fraudulent activity versus the ones that are real transactions. Once this is detected, customers can use CitiDirect BE and CitiConnect electronic banking platforms to approve or reject the payment. Through this new tool, Citi is hoping to address the challenge of rising cybersecurity risks and an increase in transactions consumers make.
Stripe, the world’s most valuable private fintech company, is getting into lending
Stripe is adding a new arm to their business called Stripe Capital. This new venture will help online companies who are looking to grow their businesses by offering them loans. By implementing this new part of the business, small businesses who are trying to expand can receive a loan that is usually well below the average amount a bank normally offers. Also, Stripe, like many other technology companies, is getting rid of FICO scores to asses someone’s credit-worthiness and implementing a process that evaluates their payment history in their own platform.
The world’s most valuable fintech company is moving into a new area of banking: loans.
As you can see, established banks have already started moving towards new product launches that meet customer demand. These products that are being created not only satisfy customers in ‘social justice and equality’, but create new ways that they can bank; improving the consumer experience. But banks aren’t the only ones that are trying to promote new digital products to consumers. Fintechs and other technology companies are entering the industry at full-force, by delivering products that are digital and transformative to the status quo. Large banks need to take advantage of their perch and existing large customer base and deliver enticing and new products, otherwise Fintechs, technology companies, and other new entrants are going to start picking away at their market share and revenue streams.