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 […]
Tag: digital transformation
The dark side of efficiency for employees is that it can drive workplace reductions: As digital transformation plans make progress, banks are making layoffs. The progress of Citibank’s tech transformation projects is driving some of the thousands of layoffs it plans to make this year, chief financial officer Mark Mason said on stage during a […]
Citi’s latest technology improvement isn’t sexy, but it sure is effective: The bank invested in a system that scans 95 million monthly trades to catch human errors – and it’s already preventing what could be costly mistakes. Citi’s SMART system is dramatically reducing human error in its trading division, CEO Jane Fraser revealed during a talk […]
Nymbus just raised fresh funding for its mission to help banks replace their legacy tech stacks, as smaller institutions and credit unions fight to stay competitive. A technology provider for banks just raised a $70 million Series D in a funding round led by Insight Partners. Nymbus aims to help financial institutions seize the benefits […]
Incumbent banks and fintechs alike want to understand how their features and experiences stack up against those of their competitors; this platform gives them a real-world look at all the digital tools on the market. Fintech Insights is winning customers by letting them compare every single one of their digital features to those of their […]
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 […]