“Emerging markets in Asia, in particular, have recently seen a spike of 60% increase in contactless payments, with an eightfold growth in paperless B2B payment flows. McKinsey says this physical-to-digital shift is set to accelerate even more this year. And FSI organizations need to ride the wave, or risk being left behind. Fundamentally, I see…
Tag: Digital Transformation
8 Ways Digital Banking Will Evolve Over the Next 5 Years
“The banking and fintech industries compressed roughly a decade of ecommerce innovation into a 10-month span. Advancements that were estimated to be years out may now emerge as the “new normal” within months. The future of banking will not only look different in regard to more rapid digital adoption, but also in terms of service…
Huawei Forecasts 97 pct of Large Enterprises to Implement AI
“The world is seeing a faster digital transformation —starting from massive use of artificial intelligence, or AI, to cloud adoption— following the Covid-19 pandemic. Shenzhen-based tech giant Huawei forecasts 97 percent of all large enterprises will implement AI by 2025. AI will also power 77 percent of all cloud applications. ‘The pandemic has pushed a…
How COVID-19 is accelerating adoption of new tech in Banking
“According to IDC, bank spending on consumer-facing technologies for branches and online services is forecast to grow; increasing from $31 billion in 2020 to $40 billion in 2024.The focus on niche technologies will help organizations to accommodate ever-changing transformation innovation. Growing investments in digitization, specifically AI, will play a key role in transforming the legacy…
Banks need to strike the right balance for digital transformation
“For many financial institutions, this has been a wake-up call,” says Fei. “In the past, many had thought that if they have an online portal and a mobile application then that’s enough. But now they’ve realized it’s not. Some banks have online portals and mobile apps where you can apply for loans, but they still…