See the top banking headlines during the last week brought to you byMX, a fintech company that enables you to collect, enhance, present, and act on data.
Machines poised to take over 30% of work at investment banks
Cheap and widespread cognitive technologies are set to eat into a third of the workload at investment banks within two or three years, according to a report from McKinsey & Co. On the one hand, this could simply mean that the workforce at investment banks will soon focus more on tasks that requires a human touch, such as building relationships. On the other hand, it could mean that plenty of people will lose their jobs. In any case, the shift is certain to upend the industry.
Aditya Challa, Product Manager at IMImobile, writes about the rise of AI and voice-powered apps. He shares a stat fromAccenture’s Banking Technology Vision 2017 report showing that four out of five bankers believe that "AI will revolutionize how [banks] interact with their clients and collect information.” Above all, Challa shows that AI will offer real advantages for the financial institutions that are the first to offer these features.
Making Data Actionable at Banks and Credit Unions: An Interview with 360 View
Chris Green, co-founder and CEO at 360 View, talks about how to put your data to use. For Green it largely comes down to alerting bank employees about actions they can take during opportune moments — when an account holder is in the teller line, when they're using a mobile banking app, etc.
American Banker's Laura Alix writes about how PNC created an employee Net Promoter Score to track how employees felt about the bank. After seeing the results, PNC focused on specific areas they could fix in consumer banking.
Consumers Prefer Digital Banking Capabilities Over Branch Proximity
Jim Marous shows that digital banking has changed the meaning of "convenience." He writes, "The impact on the banking industry can be found in the new definition of banking convenience, and in the increased preference for digital account opening capabilities. The question is ... how will banks respond.”
Aden Davies, Principal Consultant at ABZD, writes about the latest changes in the UK — changes that will require banks "to provide APIs for access to transaction data and to enable the ability to move money in and out of accounts to regulated 3rd parties." In addition, he writes, "UK banks must also provide open data on their branch locations, their ATMs and their products”
Fintech charmed by Macron but reluctant to leave London for Paris
Reuters highlights tensions in London after Brexit and the potential allure of France. “France's fast-growing fintech sector is optimistic the country's dynamic new president will push it up the global rankings. But startups based in London do not yet seem ready to swap that key hub for Paris, even if they have French roots.”
“Multiple individuals close to Uber's board of directors have reached out to Bank of America vice chairman Anne Finucane about the company's CEO position, which has been vacant since Travis Kalanick resigned in June, Axios has learned.”
Connecting fintech security perceptions to reality
Scott Koegler at IBM's Security Intelligence writes, “The fintech industry is changing due to both internal forces and external demands. Both financial institutions and their customers are wary of changes that can affect security and, therefore, the state of their money. Financial industry chief information security officers (CISOs) need to be aware of these key trends and understand how they affect their business.”