Robotic Process Automation (RPA) is a technology not well understood by many in the industry. Typical use cases in banking include automating back-end servicing tasks that are currently being handled manually, fraud detection, compliance reporting, and deploying chatbots to drive efficiencies in customer support.
Fintech partnerships are increasingly important in banking but these agreements are receiving closer regulatory attention. Six key areas for banks to consider when selecting a partner include the fintech’s business experience and qualifications, financial condition, ability to adhere to legal and regulatory rules, risk management and controls, info security practices, and ability to operate through potentially disruptive events.
Almost half of the consumers in a recent Forrester survey expect companies to take a stand on ESG and political issues. But there are risks in doing so. One way to help mitigate those risks is to communicate a clear message that aligns with the company’s history and values.
The payments space continues to evolve, but some innovations may be over-hyped. Five trends to watch include the rise of ‘Pay with Venmo’, increased debit card usage relative to credit cards, a slowing of the growth of BNPL, increased digital wallet adoption, and how consumers are really using neobanks such as Chime.
Goldman Sachs introduced its Marcus virtual bank brand to great fanfare in 2016. Yet it has been forced to scale back its original ambitions and recently folded Marcus into the bank’s wealth management operations. Despite scoring some major wins like the Apple Card partnership, the brand was plagued with high losses on its credit card portfolio, product delays, and leadership turmoil.
