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While strong growth has returned to the payments industry, disruptive forces will continue to reshape the competitive landscape. A McKinsey & Company article. 
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Technology is getting smarter, faster. Are you? Experts including the authors of The Second Machine Age, Erik Brynjolfsson and Andrew McAfee, examine the impact that “thinking” machines may have on top-management roles. A McKinsey Quarterly article.
Farid Mheir's insight:
A bit long winded for those that follow the topic, this article nevertheless brings forward essential strategic thinking the C-suite executives should ask themselves today. Most important thinking comes at the end, so stick through it. Think of banking, which essentially a data-driven business, and ask yourself if their leaders have read papers like this one... Or retailers, which often sit on millions of transaction data from their POS and websites without using it to drive their business decisions.
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Tracking customers through today’s data-driven shopping journey provides retailers a fresh take on doing business and the chance to deliver the best customer experience and build loyalty.
Farid Mheir's insight:
Most overused these days, omni-channel is often a concept that is difficult to understand. This paper sheds some lights onto the concept as well as provides very useful concrete examples that describe how companies put omni-channel through its paces. Moreover, the paper delivers the concept with a focus on data, which indeed appears to be the glue that ties omni-channel together very well. Even though the focus is on retail, I believe this may also apply to banks and other physical locations where customers interact with businesses.
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The payments industry has a new billion dollar company. Online payments company Stripe is announcing more than $80 million in Series C funding, at a $1.75..
Farid Mheir's insight:
You know of paypal, right? Well Stripe is another amazingly simple payment solution for eCommerce sites that is attracting a lot of attention. You should know about them too.
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With disruptive factors affecting banks from all sides and new business models emerging, banks should plan for the future now by taking three strategic steps.
Farid Mheir's insight:
Presents a convincing case for investing in digital and viewing bank morph into many new models in the year 2020.
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Over 94% of executives see digital transformation as an opportunity.And indeed, most banks are investing in digital transformation in a big way.
Farid Mheir's insight:
Pretty clear message her from Capgemini: consider automation of back-office (ie. not customer facing) activities in banks (hey, this applies elsewhere by the way!) can generate massive cost savings (and reduction in processing time). Not surprisingly, this is not a technology only solution but rather a people-process-technology-business combination. As usual! For those in need of a quick fix, have a look at the infographics instead: http://bit.ly/1c8Hr33
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Farid Mheir's insight:
This page presents some solutions that can be built on top of Grok, a new service that will be demonstrated in 2 days at the Amazon re:invent conference. I believe there are many more applications that those listed here. In Retail, for eCommerce prediction and fraud prevention. In Finance, for anomaly detection in the price of stocks or fasat changing data. Medical applications, weather applications, etc. etc. For those like me that were impressed with the book "On Intelligence" and are fans of the theory behind "Singularity is near", then this feels like another small but major step in the direction of intelligent machines.
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What happened to recorded music is about to happen to you. But only a few banks are making the right moves from branches to online services.
Farid Mheir's insight:
Right inline with a post I wrote regarding the Digital Cliff (in french). This is so true!
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How streamlining bank–client interaction can lead to cost savings of 15 to 30 percent.
Farid Mheir's insight:
Sounds simple, right? Actually it is from a technology standpoint if you were starting from scratch. But very costly and time consuming to change existing processes and retrain people on technology that has to be fitted within a whole lot of other existing technologies. But the goal is clear and innovative banks and financial institutions that put their muscle and mind to it may actually reap the benefits...
Jean-Marie Grange's curator insight,
September 17, 2013 10:16 AM
Short but very interesting interactive presentation of the advantages of process automation in the banking industry. This optimization of the client on boarding process can bring 15% to 30% savings to the bank costs.
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Innovators are using big data and analytics to sharpen risk assessment and drive revenue. ... And they [large US bank] applied the analytical techniques to redo their models and essentially took the Gini coefficient of the models up into the 75-percent range from the 40- to 45-percent range, which is a huge improvement in the discriminatory power of those models.
Farid Mheir's insight:
Big data is being hailed as the next differentiator. It has been leveraged in Marketing quite a bit but this short video gives insight on how it can be applied to more in depth financial processes, in this case underwriting. It gives predictive information, knowledge that can be leveraged before a client calls or walks into a bank. It gives sales reps and financial planners insight into customer behaviour and possibly better targets offers, promotions, and may even give you better - or worse - discounts.
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Avec trois à sept contacts par an, dont un seul via Internet, les relations entre assurés et assureurs sont loin d'être aussi « digitales » qu'elles peuvent l'être avec les banquiers ou les acteurs de la téléphonie mobile et du Web. Néanmoins, la transformation digitale est bien là. Pour en mesurer l'état d'avancement, l'Argus de l'assurance a organisé une table ronde, en collaboration avec Exton Consulting. Échanges fructueux et analyses poussées. Nos six invités ont livré leur vision de cette révolution et évoqué les freins rencontrés. Via DEMARLE chris, Renaud Finaz
Farid Mheir's insight:
The French insurance industry appears to be slow to adopt digital processes, and even slower to transform its processes. From the panel discussion we can extract the useful nuggets that may apply to other industries as well:
DEMARLE chris's curator insight,
February 8, 2013 6:21 AM
Avec trois à sept contacts par an, dont un seul via Internet, les relations entre assurés et assureurs sont loin d'être aussi « digitales » qu'elles peuvent l'être avec les banquiers ou les acteurs de la téléphonie mobile et du Web.
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RT @davidedelman: Major bank, major digital transformation: extracting value from every stage of the #CDJ http://t.co/48yBOj1S CC: @TasRobert
Farid Mheir's insight:
digital transformation impacts both top line and bottom line
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Curated by Farid Mheir
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Opportunities and challenges for financial institutions and retailers alike.