Steve Morgan Banking Industry Market Lead at Pegasystems
As COVID-19 prompted people to think about their impact on the planet, banks have reviewed their approach to environmental, social & governance (ESG) with fresh eyes. KPMG’s 2021 ESG risks in banks report notes there is increasing demand from investors for sustainable products, as well as growing pressure from regulatory bodies to consider ESG...
17 March 2022 /payments /sustainable Going green
Voice AI has the potential to revolutionise how banks reduce fraud and speed up the resolution of fraud claims. There is agile software on the market with integrated voice AI capabilities, creating opportunities that will allow banks to tackle crime, maintain regulatory compliance and improve customer service. While voice AI is still in its early ...
15 March 2022 /retail /predictions Artificial Intelligence and Financial Services
There’s no doubt that both Omicron and the crisis in Ukraine are having impact on both travel and trade. Global trade, payments and expenditure patterns both for retail and corporate clients will continue to shift rapidly. No predictions here on global politics or pandemic mutations, but I think it is clear where we are headed on both cash and dig...
04 March 2022 /payments /covid-19 Frictionless Payments
Banks seem to struggle on applying anti-money laundering controls, despite their obvious determination to not break the law and support initiatives to stop criminal activities and terrorist funding. Even the biggest banks have problems, as the UK’s financial regulator reported in December 2021. The regulatory pressure to focus on know-your-custom...
20 January 2022 /identity /crime Law and Finance
Let me tell you a true tale of modern digital customer experience for bank customers. A colleague is an avid user of his banking app from a major retail bank. It lets him do everything he needs so he hasn’t been in a branch for a year or more (yes COVID notwithstanding!). So, it was striking what happened one day. He decided to pay off a loan taken...
13 January 2022 /retail /covid-19 Frictionless Payments
As I have argued before, the battleground for banks is now around digital sales and service experiences. What this demands of a bank is an operational backbone that can adapt to change fast. The drivers of change are obvious. They range from changing customer behaviours, the competition from digital disruptors to the dislocations caused by pandemic...
10 January 2022 /people /retail Digital Sales
In the past few weeks, two news announcements made me think about the access to cash debate that rages in many countries and especially the UK where a government consultation on the topic recently closed. One, most obviously, was how the limit for contactless purchases in the UK was raised to £100. Even before the first pandemic lockdown, contactl...
12 November 2021 /payments /people The future of Payments in Europe
ISO 20022 is coming. The new global messaging standard for payments systems is generally agreed to be a good thing for the banking industry – the Bank of England’s consultation on the plans showed respondents were “largely supportive”. Indeed, as the UK’s central bank notes, ISO 20022 is designed to create a globally consistent financial messagin...
09 November 2021 /payments /regulation The Payments Business
Telephone banking and chatbots unsurprisingly proved popular for customers during the pandemic because of how they allowed them to interact with people at their bank in a safe and convenient way. Research from GlobalData found that from 2017 to 2020, the number of active telephone banking customers almost doubled, and mobile usage saw a 15 percent...
14 October 2021 /retail /covid-19 Trends in Financial Services
Of all institutions, banks are at the forefront of sensing and encouraging the financial resiliency of their customers. They have clear insights into the state of an individual’s financial balance, spending and debt situation. This is especially valuable as customers’ finances are put under unusual strain through no fault of their own. Financial r...
07 October 2021 /inclusion /covid-19 Analytics in Banking
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