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Banking’s Delusions Of Digital Transformation

banking’s delusions of digital transformation

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OBSERVATIONS FROM THE FINTECH SNARK TANK
The banking world appears convinced that the Coronavirus crisis has helped accelerate the digital transformation of banking:

A press release from Boston Consulting Group titled COVID-19 Set to Radically Accelerate Digital Transformation in the Retail Banking Industry offers up the proof point that, post-crisis, 25% of consumers plan to make less use of bank branches or stop using them altogether.
According to The Financial Brand, “the new normal of banking is quickly moving from branch-heavy, product-centric organizations with legacy technologies and cultures to consumer-centric organizations with more personalized solutions that can be delivered seamlessly.”
RTInsights writes: “Led by employees working remotely and customers increasingly doing their banking online, digital transformation is accelerating in the banking sector as a result of COVID-19.”

What Is Digital Transformation, Anyway?
These perspectives are flat-out wrong and/or miss the point of what digital transformation is.
For starters, the relatively small minority of consumers—25%—who plan to make less (or no) use of branches going forward is a pretty weak argument for transformation. Who says that they won’t start using the phone to make voice calls to call centers more often?
Second, banks …

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Mining innovation and digital transformation in the heart of Finland

mining innovation and digital transformation in the heart of finland

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As the company’s main manufacturing facility, the Iisalmi factory is continually investing in industry-leading production methods, equipment, and keeping employee professional skills up to date. Photo by Normet.

When people talk about the hubs of innovation, what typically comes to mind are the capital cities of the world’s largest countries, or perhaps centres of learning such as Harvard, MIT, University College London, Stanford and Cambridge.
But there is a small town in the Scandinavian heartland that’s known throughout Europe for its culture of invention and a populace that’s always busy creating the next new thing: Iisalmi, in Central Finland. This tiny municipality punches far above its weight when it comes to industrious creativity – it’s home to a large independent brewery (the last of its kind in Finland) and Genelec, which designs and manufactures the kind of heavy-hitting speakers, monitors and sound machines that music producers all over the world use to create the music we listen to.
Iisalmi is also home to Normet, a company with 50 offices with engineers working in 30 countries, creating the kind of products that make it possible for us to build our underground railway networks and access infrastructure.
As the company’ …

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Saudi Ground Services boosts digital transformation with SAP

saudi ground services boosts digital transformation with sap

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Saudi Ground Services, the Kingdom’s aviation ground handling services company, has implemented SAP’s S/4HANA real-time business suite and SuccessFactors human experience management suite for over 12,000 employees, helping to boost the aviation sector’s USD 37 billion contribution to GDP.Saudi Vision 2030 is rapidly developing international business and tourism connections, underpinned by the aviation sector, which supports 594,000 jobs and USD 37 billion to GDP in the Kingdom, according to the International Air Transport Association (IATA). As the Kingdom’s aviation market grows, Saudi Ground Services, which serves 670,000 flights per year for more than 90 airlines and 100 million passengers, needed to operate in real-time. Now, Saudi Ground Services has access to customized airline invoices, integrated flight schedules to automate sales orders, as well as localized payroll solutions.Capt. Fahd Cynndy, CEO, Saudi Ground Services, said, “Technology is positioned as a core enabler moving forward our strategy, and SAP facilitated the transformation journey by automating human resources processes, flight data, sales orders, sourcing and contracting for over 200 tenders per year.”Saudi Ground Services is also embracing its customer centric approach through augmented reality and mobility solutions, on-flight live services, strategic sourcing, automated financial postings, and predictive analytics.Taha AlMadani, Head of Customer Office, …

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Embrace digital transformation to survive ‘the new normal’

embrace digital transformation to survive ‘the new normal’

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Dr Andy LeversCOVID-19 has caused mass disruption for businesses across all industries, including the bakery and snacks sectors.The past few months have been about survival, but now food and beverage businesses find themselves facing the next challenge: The new normal.This could mean anything from enabling remote workforces, adapting to changing customer behaviours or even reviewing and changing entire business models. More than ever, the answers lie in digital transformation.Many businesses are still reeling from the impact of the pandemic, but for food manufacturers the impact has been particularly severe. The virus has disrupted manufacturing operations on a massive scale, stripping demand for some products while creating unprecedented spikes for others. This has left manufacturers dealing with ever changing production volumes, an under-pressure supply chain and fluctuating workforce demands. The pandemic has exposed serious vulnerabilities in traditional manufacturing environments. Those who have suffered the most have been the businesses whose operational models have not allowed them to be agile in their response.Digital transformation was already the route to cutting costs, identifying efficiencies and boosting productivity, but in a post-COVID world, it might be the only way to survive.Return:Returning to operational normality is vital, but the …

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Reshaping Customer Experience to Spearhead Digital Transformation – ET CIO

reshaping customer experience to spearhead digital transformation – et cio

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Digital transformation has become a key strategic goal for every business today. Brands compete against new players in the borderless world of digital, working to stay ahead of contemporaries effectively — all in the midst of changing situations, and market turbulence. Clearly, the “physical” world hasn’t gone away; it’s the incumbent behemoth. A key differentiator has evolved: providing customers a great experience with the brand being sold, through easy discovery (attraction), engaging interaction (interaction), frictionless consumption (transaction) and absorbing open-minded feedback (reaction). Research shows organizations assigning almost one-third of their marketing budget to marketing technologies. This creates the need for a confluence of marketing leadership with CIOs, CTOs and CDOs, and product and service leaders, to deliver effective customer experience (or CX). A comprehensive union of technical evolution and brand story-telling is inevitable, and indispensable.That’s where BORN’s story begins: back in 2011, the agency realized there was an opportunity for an agency to sit at the intersection of art (creative/content) and science (tech). Taking the focus off “digital”, mainly centered around creative design and content, BORN centered on “digital economy”, with an emphasis on commerce. This is what sets BORN apart: its aspiration to create big …

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Why RPA and IPA will be the key to Digital Transformation post COVID-19?

why rpa and ipa will be the key to digital transformation post covid-19?

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As an aftermath of the recent Covid-19 crisis, the Travel industry, which helps humanity make its way to and from locations throughout the world, appeared to be in some trouble. Most continued to use human-intensive methods for cancellations and changes to flights.
In the recent times, the travel industry has increasingly relied on chatbots to understand the user intent and convert a non-invasive chat to a potential lead. The future holds unlimited scope for the digital travel sales industry, which projects to reach to an estimated US$855 billion in 2021, making way for enormous possibilities for technology inclusion.
The coronavirus crisis has left the travel industry stare at massive cancellations and change of travel plans. This has led to airlines issuing refunds of even the non-refundable pre-paid reservations. Processing these refunds manually can be tedious especially in testing and stressful times like now. The increased number of complaints against the travel industry happened because they did not invest in digital transformation or if it’s a deliberate high-touch method that leads to high wait times that help deter changes or cancellation questions. From an investment standpoint, this is not revenue-generating, and most bookings are non-refundable with their end providers — the airlines …

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Digital Transformation: The Key to Future-Proof Banking – Express Computer

digital transformation: the key to future-proof banking – express computer

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Read Article By Ritesh VarmaAs social distancing requirements loosen and as governments are trying to heal their economies, financial institutions must continue to provide a seamless digital experience as their customers will increasingly avoid visiting branches in favor of digital, touchless banking.These adjustments and changes will not be temporary, and so banks need to ramp up their digital transformation initiatives to stay ahead of the curve. Financial institutions must adopt and prioritize the following to build a digital-driven organization:Digital OnboardingOnline or mobile onboarding options are necessities in today’s digital world as customers prefer to go online for most banking activities, such as learning about products and services, conducting routine transactions, and soliciting support. A seamless digital onboarding experience can provide the following benefits:Interactive sign-up, replacing long and detailed forms with a guided page-flow and reduced data entryIntegration of data and information across channels, such as social, mobile, PC, laptop, tablet, and more, for an omnichannel experienceAn optimized customer journey, from prospecting, lead generation, and application processing, to fundingDigital LendingDigitization of the lending process helps to manage high rates of application abandonment and reduce turnaround times related to loan disbursal. A loan origination solution for retail and …

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Genpact CDO decodes how digital transformation can make enterprises stronger in post-Covid world – ET CIO

genpact cdo decodes how digital transformation can make enterprises stronger in post-covid world – et cio

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“Never let a good crisis go to waste” is an old adage. With the blink of an eye, the world around us changed after the pandemic hit. And a majority of businesses are in a dilemma–invest more in technology or just try to sustain and stay afloat until the crisis gets over. Sanjay Srivastava, CDO at Genpact has an answer to this problem. He believes that pandemic has shown us that digital transformation is no longer a “nice to have” it’s a “must-have”.“The digital transformation choices that organizations make today as they move from offline to online will help them prepare for a future in which they will need to demonstrate a more holistic outlook, act more transparently and ethically, and deliver hyper-personalized experiences,” he said. Srivastava throws light on focus areas for CIOs that will help their organisation’s businesses grow.Accelerating Digital TransformationBusinesses are accelerating their digital transformation at record speed. Companies understand that they must accelerate their digital transformation or be left behind. However, financial prudence in making the right decision is key. In today’s world, enterprises are focusing on building resilience to withstand the changing industry landscape and economic pressures versus automating to …

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Tech Data to invest $750 million in digital transformation initiatives

tech data to invest $750 million in digital transformation initiatives

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Tech Data has announced its plans to invest approximately $750 million in digital transformation initiatives over the next five years.The investment will power Tech Data’s strategy to accelerate innovation in ways that will deliver improved experiences and greater agility for businesses across the technology ecosystem.

The company’s acquisition by funds managed by affiliates of Apollo Global Management is now complete. 

“Tech Data’s acquisition by the Apollo funds is a significant milestone, and their support of our multi-year commitment of resources underscores our collective focus on long-term value creation,” says Rich Hume, chief executive officer, Tech Data. 

“We continue to execute on our strategy to transform our company into one that defines a new standard of operational and cultural excellence in our industry,” he says. 

“We believe Apollo will be an invaluable partner in helping us better enable our channel partners to bring to market the technology products and solutions the world needs to connect, grow and advance.”

Tech Data;s digital transformation initiatives are focused on delivering state-of-the-art automation, platforms and analytics that will allow the company to be more agile and responsive to the rapidly evolving needs of its channel partners. 

The programme includes building a hyper-scalable digital business

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IBM banking on cloud, AI to drive digital transformation

ibm banking on cloud, ai to drive digital transformation

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IBM Thailand, the local unit of the US tech giant, is highlighting its cloud and artificial intelligence (AI) technologies as a way to help drive business transformation to ensure organisations thrive following the Covid-19 crisis.

Ms Patama says artificial intelligence and cloud technology are crucial to help companies digitally transform. no photo byline

“Over the past four months, Covid-19 has accelerated Thailand’s digital transformation, which was earlier expected to take shape over three years,” Patama Chantaruck, vice-president for Indochina expansion and managing director of IBM Thailand, told the Bangkok Post.

The pandemic has forced organisations, including those in the business, government and education sectors, to proceed with stress tests for their business and financial models as well as management of their operations and workforce, she said.
Organisations need to revisit their business mission, vision and value and consider whether they still cater to customer needs.
They have to ensure their approaches help diversify sources of income while operations are able to continue efficiently, said Ms Patama.
To respond to these needs, IBM is focusing on its services, including multi-cloud service management as a business, commonly engaging in 3-7 cloud services.
With the support of effective multi-cloud services, businesses are 44% faster …

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