Building Digital Banks
It’s obvious that digitization is changing the way banks do business. On the customer side, online banking and apps are now commonplace. From account opening to advisory meetings, hardly any service is not offered digitally. But digitization is also changing the way banks work internally. For example, banks are increasingly mapping models and processes using artificial intelligence (AI). At this level, digitization is helping to make banking more efficient and more convenient for customers.
But digitization is not just changing the inner workings of banks. The entire market is changing. The wave of digitization has washed new competitors onto the market, especially young and technologically strong companies. These FinTechs often specialize in one element of the value chain and compete with banks there. Banks have had to give up business in payment transactions in particular. In other areas, however, banks also cooperate with FinTechs and outsource specific activities.
To prepare for future trends and challenges, banks are making improvements in five main areas:
• Resiliency: Resiliency is rapidly becoming the next transformation goal. Everything from fraud prevention and risk management to cloud, to data will be included in the new definition.
• Operational processes: Finding more effective ways to streamline and automate banking processes will become a top priority, especially based on problems that arose in 2020.
• Security: The increased move to not present will cause banks to reconsider authentication and fraud practices.
• Digital engagement: Banks will rely on digital connectedness to support remote staff, provide better services to customers, and better utilize their data to drive insights.
• Cloud: Banks continue to seek out as‐a‐service (aaS) solutions and cloud technologies to increase resilience and scalability.
We have compiled some articles on these topics:
The Future of Financial Services: HPE GreenLake for Financial Services
As operating and delivery models rapidly evolve, IT needs solutions that enable their organizations to be agile and secure while reining in costs. Digital transformation can support a variety of workloads—from identifying and managing risk to transitioning an entire workforce to work in a remote capacity—plus enable the digitalization of core banking applications to support virtual customer interactions. HPE provides a range of solutions delivered as a service, helping organizations have the right IT infrastructure resources available to empower them to meet business objectives, keep their data secure, and manage up-front costs.
Case Study: Mizuho Bank modernizes Mizuho Cloud IA to adapt to unpredictable changes case study
After completing the renewal of its accounting system in July 2019, Mizuho Bank is refreshing the infrastructure of its private cloud platform, Mizuho Cloud IA. This infrastructure consists of around 120 systems that support the bank’s operations, running on 1000 servers and petabyte-class storage. The next-generation Cloud IA infrastructure platform provide stable services that support banking operations and information systems on an IaaS platform that can respond quickly to unforeseen changes.
Case Study: Boutique Banking Anytime Anywhere
When BlueShore Financial created a new, spa-like model for its brick-and-mortar branches, it differentiated itself in the hyper-competitive financial services sector. Now it’s extending that premium level of service and attention beyond its walls, using a data-driven approach to deliver personalized financial services to clients wherever, and whenever they need them. “We always want to create new value propositions for our clients … but we also want to have a person close by. We never want to leave anyone hanging out in a digital closet with no way out. Afterall, we’re talking about people’s life savings”, says Fred Cook, CIO of Blueshore Financial.
Video: Beyond boutique banking with BlueShore Financial
BlueShore Financial approaches banking as an experience, not a requirement. The customer comes first. It’s why BlueShore leverages HPE compute and storage with HPE CloudPhysics to optimize workloads for both performance and cost effectiveness.
Empowering the future of banking with AI industry overview
The future of banking will be powered by insights, digitally delivered and secured in the cloud. Today’s banks are exploring the capabilities of artificial intelligence (AI) to transform from the ground up by harnessing deep insights that can optimize, accelerate, and secure their operations. Banks that invest in AI technologies have a major opportunity to streamline risk management, enhance customer experiences, and become truly data driven. NVIDIA and HPE work to improve banking operations by accelerating transformation to an AI-enabled organization model to provide faster insight, a map of how data will be used/managed, and alignment of transformation and desired culture.
Case Study: From disrupted to digital leader
The Austria-based banking group understands that transformation is not a one-time event. It’s an ongoing process to meet ever-changing customer needs and regulations. This is why its Hungarian subsidiary, Raiffeisen Bank Zrt., has transformed its business to advance its digital banking initiatives and deliver new services. Hungary’s banking industry has been going through changes, and Raiffeisen Bank Zrt. wanted to be an early mover in providing engaging digital experiences for customers. The company has transformed itself to become a leader in digital banking experiences.
Case Study: Barclays selects HPE GreenLake for private cloud platform
One of the world’s largest financial services organizations commits to strategic partnership with HPE to deliver its private cloud platform as part of a hybrid multi-cloud strategy. The HPE GreenLake edge-to-cloud platform will provide a unified on-premises cloud experience, with capacity available on demand and granular consumption-based pricing for compute, memory and storage resources, offering the resilience, scalability and efficiency necessary to meet the high standard of performance required in today’s digital world.
Podcast: The Fintech Imperative
The Futre of Banking is digital ans is transforming financial services. 2020 accelerated the digitization by bringing new risks and challenges. The Podcast explores the explosive growth of mobile payments, and how startups and big banks can tame cyber risks with the influx of new customers and data.
Fueling Financial Innovation with Real-Time Analytics
Financial services is one of the most data-intensive industries in the global economy. Data analytics plays a critical role in securing financial processes and workflows that allow organizations to work quickly, accurately, and with confidence. Advancements in high-performance computing technologies and analytics tools are enabling financial institutions to derive more intelligence from rich data sets, including their dark data, to mitigate risk.
Empowering the future of banking with AI
Banks that invest in AI technologies have a major opportunity to streamline risk management, enhance customer experiences, and become truly data driven. AI is the foundation for scalable, productive, and cost‐efficient banking, enabling organizations to uncover faster insight from all their apps and data. The ability to gain real‐time value from data while fortifying their organizations is critical for banks to evolve and lead the industry.
Case Study: Online Banking with Video Avatar
The German Sparkasse Rhein Neckar Nord uses the digital advisory assistant EVA is used for questions about the Sparkasse app and the pushTAN app or when customers have forgotten their PIN number, want to unblock their account, request a higher account limit or request a registration letter in order to use a pushTAN connection.
US Treasury Fended Off Russian DDoS Attack – Report
Pro Russian hacker group was repelled when they carried out a distributed denial of service (DDoS) attack against US Treasury, says official. The incident apparently caused little to no disruption, and the official confirmed that the department’s stronger approach to financial system cybersecurity was working.
BNP Paribas Joins JP Morgan Blockchain Trading Network
French bank BNP Paribas has become the first European bank to trade on JP Morgan’s Onyx Digital Assets platform, as banks look to blockchain technologies to modernise key markets. The Onyx platform has carried out some $300 billion (£239bn) of deals in the repurchase, or repo market since its launch in December 2020. The repo market, largely conducted in high-quality assets such as government securities, sees a dealer selling the security to investors and buying it back shortly afterward at a slightly higher price.
Learning From Your Own Digital Transformation
Successful and sustainable digital transformation requires human and technological factors to work together harmoniously. To achieve this, PwC relies on the “human-led & tech-powered” approach: Technology is only as good as the people who use it. The consultants’ knowledge and technological capabilities therefore work best in tandem. Consultants contribute their expertise and creativity, while technology helps deliver innovative solutions.
Safe Homes: Security Tech for Remote Workers
With remote mass working now the norm, and as the threat perimeter moves to wherever each employee chooses to work from, what digital security approaches must all enterprises have in place?
Turning the Unamazing into the Amazing
Customer service shouldn’t be treated like a game of football. If the customer starts their support journey on WhatsApp, they don’t want to be redirected to a web page that next tells them to call. They should be able to get everything they need at that first point of entry rather than being passed from channel to channel and from agent to agent. How can businesses meet the demands of digital-savvy customers and push the boundaries of CX?
Podcast: Threat Hunters
Staying one step ahead of cyber attackers takes a special kind of mindset. You need to think like an attacker to anticipate their next move, have razor-sharp analytical skills and thrive on the unpredictability of spotting anything in the customer’s infrastructure that looks unusual. A talk with Connor Morley is a senior threat hunter at F-Secure.
Podcast: The Connected Customer
Learn how the definition of the ‘connected customer’ changed due to the pandemic. As consumers now use multiple touchpoints, is brand loyalty being tested? And how have customer services technologies had to evolve to manage the expectations of post-pandemic connected customers?