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Insights From Bank Innovation 2017

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These insights and perspectives are what make our time at events like Bank Innovation so valuable—and we want to pass it on. Read on to learn about what SapientRazorfish saw and heard at this year’s event, and how that can help global banks and fintechs to think beyond today’s boundaries.

Publié dans : Économie & finance

Insights From Bank Innovation 2017

  1. 1. Bank Innovation, a two-day event hosted in San Jose, California, is dedicated to inspiring innovators and executives within global banks and fintechs to think beyond current boundaries—to embrace new technologies and strategies to better position their products and brands for success. This year’s 6th annual event took place March 6 – 7 and featured chats, panels, and presentations from some of the most forward-thinking minds in the industry, covering the need for enhanced client experience, competitive differentiation, and operational efficiency through digital innovation. The conference also featured demos from select startups looking to disrupt the financial services industry. While fintechs have been successful in “unbundling” the bank, not a single fintech has reached an Uber-level scale. At SapientRazorfish, we believe the “Uber” moment is yet to come—and banks are poised to win. We do not want to become a bank. The only people who want to be banks were never bankers.” –Kahina Van Dyke Global Director of Commerce & Payment Partnerships Facebook, @kahinavandyke There is an Uber of financial services—it’s Capital One, and they’ve been around (for some time).” –Daniel Kimerling Head of API Banking and Platform Silicon Valley Bank “Banks are slowly but surely becoming digital companies… We don’t let fintech dictate our strategy.” –Adam Carson Head of Digital Partnerships Chase Fintechs have gone from competing with banks, to partnering, to powering.” –Adam Carson Head of Digital Partnerships Chase “Let’s think about humans interacting with humans.” –Marie Floyd Senior Vice President, Head of Digital Customer Experience Wells Fargo “The only thing that's changing faster than technology is consumer expectation.” –Jeff Yabuki CEO Fiserve, @jeffyabuki “Money is very emotional.” –Brian Ascher @VCsurferDAD “In any mobile experience, consumers expect personalization and rewards.” –EJ Achnter Head of Digital Banking - Strategy, Platforms, Innovation, and Partnerships Bank of America Banks are working with fintechs by buying, investing, licensing, or building in-house solutions. The best option is often a mixed approach. We recommend understanding your customer’s pain points, internal needs, and developing a digital strategy before engaging fintechs. BUY? BUILD? OR PARTNER? Shifting customer expectations are forcing banks to innovate in digital experiences. Through experience design, strategy, and technology implementation, SapientRazorfish takes a radically customer-centric approach to helping banks keep up with evolving technologies and needs. CUSTOMER EXPERIENCE “I dream of a future where you can send money to anyone in the world safely, securely, and instantly.” –Kahina Van Dyke Global Director of Commerce & Payment Partnerships Facebook, @kahinavandyke “Success in payments comes not from being top of mind, but out of mind.” –Michael Panzarella SVP Product Green Dot Corporation “KPIs for digital payment experience should be rooted in what matters to customers, not just clicks or latency.” –Marie Floyd Senior Vice Presidentand Head of Digital Customer Experience Wells Fargo The connected, mobile, and always-on consumer is having a profound impact on the payments ecosystem. Conversational commerce, the blockchain, and new regulations are bringing new opportunities for banks to improve the payments experience. PAYMENTS To help us lead our banking clients to what’s next, SapientRazorfish attended Bank Innovation 2017 to bring you highlights related to the industry at large, AI, open banking, and next-gen customer experiences. Highlighted here are top tweets, quotes, and news covering different perspectives from the event. BANKING IS IN “We are still yet to see an Uber or WhatsApp or Facebook of the Fintech industry.” –Ruth Polachek CEO & Co-founder FinCheck “America is too diverse for one banking technology experience to fit all needs.” –Jeff Yabuki CEO Fiserve, @jeffyabuki “IBM Watson: it’s not a kid anymore. It’s a full grown millennial that thinks it knows everything.” – Avin Arumugan SVP, Internet of Things (IoT) Visa We’re only at the beginning, but artificial and decision intelligence will fundamentally change customer experience and operations, improving security, efficiency, and of course relationships. ARTIFICIAL INTELLIGENCE “You know the scene has changed when @IBMWatson is a bigger buzzword than #Blockchain.” –Jane Barratt Founder & CEO Goldbean, @Jane_Barratt “The future is conversational commerce.” –Fazir Ali SVP, Digital Strategy & Innovation KeyBank, @ThatDudeF Open banking initiatives are driven by new technologies like blockchain, new regulations like PSD2 in Europe, and industry adoption of APIs. These factors will bring more innovation, competition, diversity of supply, and the inclusion of the underbanked. Rebuilding financial systems with a new ‘lego’ isn’t going to happen overnight. We need to experiment a lot.” –Marco Bosma SVP Fintech & Innovation Rabobank “We’re moving into a world of functional APIs where you can do things—move money, open an account, issue cards.” –Adam Carson Head of Digital Partnerships Chase OPEN BANKING, APIs, and BLOCKCHAIN If blockchain can reduce cost, it may expand access to the 27% of Americans that must use alternative financial services.” –Asad Ramzanali Senior Manager, Financial Solutions Lab Center for Financial Services Innovation @asad09 Would you like to learn more about the insights and discussions from Bank Innovation 2017, or SapientRazorfish’s transformation solutions for banksfacing customer-driven disruption? Contact us today.

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