Tag: digital transformation

Stakes are incredibly high for financial services firms undergoing digital transformations, and yet they often flounder. To boost results, tech execs need to create a culture of empowerment through incentives and clear messaging.  Nearly all banks are using technology to rethink their processes, features, and operations, but the road to reinvention is bumpy: A stunning […]

Washington Federal wants to help other banks partner with fintechs, so they can better compete with larger rivals – and it’s the latest financial firm to bet that its homegrown tech tools will reel in external customers.  Washington Federal – known as WaFd Bank – launched a separate firm to help other regional and community […]

Customer obsession needs to come from the top. Digital strategy execs should marry data with a person-first mindset, rigorously monitoring feedback to keep a constant pulse on how clients feel, according to BofA’s David Tyrie.   Bank of America’s chief digital and marketing officer, David Tyrie, pairs his morning coffee with customer feedback.   The exec uses BofA’s […]

Implementing a digital overhaul involves more than just technical challenges: It requires a cultural shift that relies on buy-in from an entire organization.   There’s in-fighting at UBS between CEO Ralph Hamers, who aims to use technology to expand the bank’s breadth, and the head of UBS’ wealth business, Iqbal Khan, who favors a more […]

Dedicated innovation centers have become a go-to way for incumbents to galvanize creativity, agility, and ambitious projects in emerging areas like Web3 or the metaverse.   $548 billion-asset Truist just announced a new stand-alone innovation group called Foundry, which will work across the bank to build new products and features. The unit aims to operate […]

Cloud computing promises to bring advanced capabilities and efficiency to financial institutions, but it’s also an important tool to help them meet ambitious climate-related goals. Data centers are energy hogs, so transitioning away from on-premise servers can be a boon for financial firms’ climate goals. UBS just underscored that potential by announcing that moving from […]

Financial firms crave the many benefits of moving to the cloud, but it’s a difficult, slow, and expensive process. Google Cloud and Santander are betting that big institutions will buy battle-tested software that makes the transition easier.   Nine in 10 financial institutions are working on their digital transformation, but the process of migrating applications to […]

Promissory notes – a way of enabling large transactions using creditworthiness instead of cash – have traditionally required a physical document, and Lloyds’ transaction highlights both the friction between historical regulation and today’s digital capabilities and the massive potential to provide quicker, less-expensive, and more-secure trade finance through modernization. On August 17, Lloyds Bank settled […]