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Machines Replace Bank Employees, AI Is Tied to Voice, PNC Overhauls Retail Banking — Essential Banking News

Jul 26, 2017 3:56:13 PM

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See the top banking headlines during the last week brought to you by MX, a fintech company that enables you to collect, enhance, present, and act on data.
 
 
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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.

Read More From American Banker

 
 

 

Banking’s AI future is all in the voice 

Aditya Challa, Product Manager at IMImobile, writes about the rise of AI and voice-powered apps. He shares a stat from Accenture’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.

Read More From Banking Technology

 
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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.

Watch the Interview at MoneySummit

 
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Inside PNC's retail banking overhaul

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.

Read More at American Banker

 

 
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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.”

Read More at The Financial Brand

 
 
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What could open banking really be like?

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”

Read More on LinkedIn

 

 
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Digital services mean every bank is a national bank 

Philip Ryan at Bank Innovation asserts that digital technology breaks down local barriers, enabling any financial institution to play on a national level. As proof, he points to PNC.

Read More at Bank Innovation

 

 
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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.”

Read More from Reuters

 

 
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Bank of America exec discussed for Uber CEO role 

“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.”

Read More from Axios

 

 
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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.”

Read More at Security Intelligence

 

 
 
 
Banker's Guide to Big Data
Jon Ogden

Written by Jon Ogden

Jon Ogden is the Director of Content Marketing at MX.

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