Technology advancements continually disrupt the banking landscape. Amidst the upheaval, chatbots are rising as the latest wave of digital disruption. Chatbots, also known as conversational agents or virtual assistants, are shaping the customer experience, and transforming the back-end operations of banks in an unprecedented manner. Looking at the staggering rate of chatbot adoption, MarketWatch suggests
In my interactions with senior data and IT executives across industries, I observed that most companies are great at collecting data from multiple sources, but fail at harnessing the real value of it. The reasons range from lack of data governance to lack of awareness of what data they hold, absence of a cohesive and
Onboarding, retaining and servicing the providers within a Payer organization is becoming a core focus due to expansion into new markets and strict state and federal regulations around access to care. Providers have taken a back seat to member acquisition and retention, but as Payers move to new payment models and strategies combined with low
Modern organizations have come to recognize data as a critical enterprise asset that can be leveraged to identify new opportunities and support business decisions, in a way that has never been possible. It’s no wonder that the chief data officer’s (CDO) role has gained greater recognition, more executive power, and more influence within the enterprise.
Recently I attended SIBOS, a premier corporate banking event, at the ICC Center at Darling Harbour in Sydney, Australia. The theme for 2018 was Enabling the Digital Economy. As I reflect on the four days filled with engaging sessions, networking opportunities, and meaningful conversations, I want to share my top four takeaways from the event.
Despite the last decade of articles proclaiming the end of the legacy application, many businesses are still struggling with inherited technology that’s no longer fit for purpose. Fortunately, that pain could soon be alleviated – thanks to the rapid adoption of API-driven microservices, the idea of a service delivery platform which can embed cloud-native capabilities
Predestination – the idea that all events in your life have been predetermined and that free will is an illusion – has been around for a long time. However, in the age of the algorithm the question of free will has taken on new significance. Today artificial intelligence (AI) and algorithms operate as gatekeepers between
Due to the risk of losing the direct relationship with their customers and the struggle to deliver media content at breakneck speed, media and telecom players are now looking to provide their own direct-to-consumer (DTC) video streaming services. The result is an elimination of content aggregators from the media value chain with a move towards
For most businesses today, tracking files is a huge challenge. A report from the Association for Information and Image Management (AIIM) states that about 55% of organizations globally want to decrease the amount of paper flowing through their processes. Though 40% of the organizations reported that more than half of their invoices were being delivered
Personalization and Timing to Improve Customer Relationships Businesses are always looking for ingenious ways to improve customer service. According to a recent Forbes survey, 70% of buying decisions are influenced by how clients feel they are being treated; therefore, a superior personalized customer experience goes a long way toward getting the numbers up. Exceptional service
Banks and financial institutions (BFSI) continue to invest heavily in intelligent automation technologies to meet the ever-increasing demand for speed and personalized service from tech-savvy corporate banking clients while complying with the barrage of compliance and regulatory restrictions that govern them. Intelligent automation technologies combine the power of robotics process automation (RPA) with artificial intelligence
Following the Cambridge Analytica scandal, Facebook had to reassure their users that their personal data was being protected. The social media platform had to recreate its image and rebuild consumer trust by reconfiguring its cybersecurity procedures. Facebook began by Conducting audits on and investigations of all applications that had access to large amounts of information
The definition of medical device has expanded quite a bit in the past decade. Not only do wheelchairs, imaging equipment and pacemakers qualify as medical devices, but so do health monitoring apps and digital health trackers. Thanks to the advancements of the digital age, “hospital at home” is the trend. The industry is moving towards
Banks’ AI and data science capabilities should help corporations achieve the goals of meeting liquidity goals and working capital needs and increasing business margins. The ever-growing business needs of the corporations will require new banking products and services, and data science is the key to fulfill next-generation corporate customer needs. Satisfied customers would bring in
This blog looks at the strengths of smaller regional and community banks that have a strong local presence in their respective markets and how they can use digital technologies to further their competitive advantages. Based on these advantages, they should choose digital technologies that enhance the bank’s positioning as integral to the community. Additionally, these
Listen to the Podcast Artificial intelligence. Two simple words that are transforming today’s society and creating a lot of excitement, along with some concern. Even in popular culture this split can be seen. From the cute and friendly robots of the Star Wars universe to killer, world-ending AIs like Skynet or Ultron. But in the
For time immemorial, we have been reminded that change is the only constant. We have seen evidence through history that those who adapt to changes are likely to not only survive but thrive, and those who are not able to adapt will perish. Dinosaurs, as we know, were large creatures who dominated the planet earth
In early September, Virtusa and Pegasystems organized a dinner in Stockholm that brought together an exclusive group of people to share their views on the dynamic world of know-your-customer (KYC) initiatives. The evening saw clients, prospects, and thought leaders from the banking universe engage and create dialogue, deepen relationships, and delve into the ways technology
Ubiquitous high-speed connectivity, smart devices and availability of extensive OTT content are enabling a fundamental shift in consumers’ video consumption behavior from “watching what’s on” to “watching what I want, when I want, and where I want”. This transition – from linear, time-slot based consumption on TV to 24×7 on-demand, nonlinear binge-watching across a wide
Millennials are notorious for turning every established structure on its head — they work differently, they play differently, they consume differently. While every industry is scrambling to realign its approach accordingly, many are missing one crucial insight: Millennials are looking for convenience, and rigid product and service verticals are failing to provide them with that.