Digital-First Banking

Check out the entire Digital-First series:

  1. (October) “Ally Financial On Tapping AI-Powered Tools For Digital-First Banking Experience
  2. (September) Answering Phones And Online Service: The Case For The Human-Centric Digital Bank
  3. (August) PNC Says Hello To Small ‘Solution Centers’ And Goodbye To Aging Branches
  4. (July) Report: Interactive Teller Machines Give FIs New Tool In High-Tech, High-Touch Service Model
  5. (June) Interactive Teller Machines: Banking’s Next Big Thing?”

AI-Powered Tech Essential to Keep Pace With Consumer Digital Banking Expectations

  • “Most consumers are reaching for their phones or laptops first when it comes time to conduct routine financial tasks. PYMNTS data shows 70% of United States consumers at larger financial institutions (FIs) report this is the case.
  • 41% of individuals in the same report stating mobile as their preferred banking channel of choice.
  • 478 million households will count as “smart homes” by 2025 — filled with devices they will increasingly tap for banking and payments.
  • 31% of U.S. consumers now have voice-activated speakers in their homes, for example, with a rising number of these owners making use of the devices for payments.
  • 35.3 million wearable payment devices were sold in the first half of the year, indicating significant interest on the part of consumers.”

About the Tracker

The Digital-First Banking Tracker®, a PYMNTS collaboration with NCR Corporation, is your go-to monthly resource for updates on trends and changes in digital-first banking.

Gartner’s Top 12 Strategic Tech Trends For 2022 And Beyond

“Gartner, Inc. announced its top 12 strategic technology trends for 2022 and beyond.

Generative Artificial Intelligence (AI)
Data Fabric
AI Engineering
Autonomic Systems
Decision Intelligence
Composable Applications
Cloud-native Platforms (CNPs)
Privacy-enhancing Computation (PEC)
Cybersecurity Mesh
Distributed Enterprise
Total Experience (TX)”

4 “Big Tech” Strategies Banks Need Today to Streamline Marketing Efforts

  • “Forrester predicts “as many as 20 percent of the Fortune 500 are not going to make it through 2021 whole.”
  • Banks must embrace the four ‘big tech’ trends that influence customer demands, including the growing expectation for a better banking experience.
  • Strategy 1: Big Data — Implementing a big data strategy into the institution’s overall strategy is the first step in the bank’s ability to practically access, analyze and apply insights to their customer data.
  • Strategy 2: Business Intelligence (BI) — Thinking one step further, this strategy changes the way banks process customer data, leveraging existing data and turning that data into actionable insights.
  • Strategy 3: Artificial Intelligence (AI) / Machine Learning (ML) – Deloitte reported, “86 percent of financial services AI adopters say that AI will be very or critically important to their business’s success in the next two years.”
  • Strategy 4: Social Media Visual Content — Social media has become ingrained in consumers daily lives, so it’s no surprise that harnessing the captivating power of interactive, visual content has become a part of almost every successful business — using social media-inspired visual content to broaden reach and deepen user engagement.”

Founded by ex-Braintree and PayPal execs, Pagos raises $10M to offer API-driven payment intelligence

  • “Started earlier this year, the remote-first Pagos is building a data ‘platform’ and API-driven micro-services that it says can integrate with any payment stack. The end goal is to drive better performance and ‘optimization’ of a business’ existing payments infrastructure.
  • In the short term, Pagos is offering services such as ‘immediate’ payment data visualizations, automatic notifications on payment trends or problems and up-to-date bank identification number (BIN) details to manage customers and track costs. Looking ahead, the company is planning to offer network tokenization and account updater services.
  • ‘Pagos is led by two of the most accomplished payments product experts in the business, and their relationships, domain expertise and firsthand experience with these pain points is incredibly valuable,’ he said in a written statement.”