IT Brief New Zealand logo
Technology news for New Zealand's largest enterprises
Story image

Artificial intelligence to power the banks of the Future - Google

By Ryan Morris-Reade
Fri 29 Oct 2021

A new report shows AI will power personal customer experiences in the digital financial revolution.

Artificial intelligence will deliver personalised experiences and reshape the world of banking as we know it, according to a new report from SaaS banking platform Mambu and Google Cloud.

The Bank of the Future whitepaper identifies ubiquitous banking as the next frontier in the digital financial revolution and reveals three building blocks that will enable the future of banking:

  • Customer-centric strategy: Products and services built around the customer for the customer, embedding AI technology for a hyper-personalised user experience
  • Value-based AI use cases: Applications anchored on business value (revenue growth, cost-saving or risk reduction) and customer value (customer experience or time to market).
  • Composable technology architecture: Flexible, cloud-based core banking software that enables true plug and play functionality to respond to changing customer needs, market dynamics or technology trends

Driving this change is a combination of disruptive forces in the market. The report shows the pandemic has increased consumer demand for always-on, personalised digital and mobile-first financial services. Unlike 20 years ago, traditional banks are no longer the go-to for those looking to move or manage their money.

With better access to cloud services and increasing competition from a new wave of fintech and non-traditional players, incumbent banks are under threat as consumers turn to neo banks and digital challengers in search of a better customer experience and utility-led services, according to the report.

"The report shows the world banks were originally created to serve no longer exists," says Mambu CEO, Eugene Danilkis. 

"Historically built to last, today banks need to be built to change. If traditional players want to reposition themselves as lifestyle partners, in tune with the modern banking needs of their customers, then they must evolve rapidly - and without fear," he says.

Key to this will be their embrace of AI technology that has broad applications from fraud prevention and risk management to delivering personalised customer experiences and driving efficiencies through greater automation. But banks must act fast if they want to avoid getting left behind. Only by leveraging the capabilities of AI and cloud technologies will they be able to reimagine the customer experience and tap into new revenue streams in a competitive market.

"As the financial services industry continues to digitally transform, there is an increased need for solutions that help businesses deliver personalised experiences to customers," adds Joachim Wuest, director, Financial Services Industry, Google Cloud. 

"We look forward to partnering with groups like Mambu to bring AI-powered solutions to banking organisations as they move along their digital transformation journeys."

Myles Bertrand, Managing Director APAC at Mambu, says, "In Asia Pacific, we are seeing changing consumer demands for more personalised services driving innovation in financial services. 

"What this report highlights is that it's vital for banks and financial services looking to compete in the digital era to understand the value of different technologies like AI, utilise cloud-based core banking software to ensure maximum flexibility, and build their products and services based on what their customers actually want and need," he says.

The report points to changing regulations, such as the introduction of open banking and PSD2, as forces accelerating the disintermediation of traditional banking providers. With dedicated regulation now emerging for fintech and digital banks in some jurisdictions, it's a case of adapt or die for incumbent players.

But banks have one asset on their side - data. With around a billion credit card transactions every day, banks have access to one of the most significant volumes of customer data of any industry. Using AI, banks can harness this information to unlock unparalleled insights and growth.

McKinsey estimates that AI technologies could deliver up to $1 trillion of additional value each year for the global banking industry, combining a deep understanding of customer needs with the composable cloud architecture to roll out hyper-personalised services at scale.

Related stories
Top stories
Story image
Talend
Talend introduces new data health solutions for businesses
Talend has announced its latest version of Talend Data Fabric, with the release of Talend Trust Score enabling data teams to establish a foundation for data health.
Story image
Microsoft
Microsoft backing Māori and Pacific wāhine in tech industry
A new initiative focused on getting Māori and Pacific wāhine into the tech industry and backed by Microsoft, NZTech and the government is calling for tech companies to get involved.
Story image
Hawaiki Cable
BW Digital completes acquisition of Hawaiki Submarine Cable
BW Digital has completed its full acquisition of Hawaiki Submarine Cable, with all applicable regulatory filings and approvals now received.
Story image
Adyen
Adyen expands partnership with Afterpay as BNPL payments increase
Adyen has expanded its partnership with AfterPay allowing more of Adyen’s merchants in more countries worldwide to use the BNPL provider.
Story image
Sustainability
Siemens showcases new automated solutions for data centers
Siemens has implemented new automated solutions and AI in the Baltic region's largest data center, providing insight into the future of data center management.
Story image
Jabra
Jabra investigates what makes an ideal hybrid work model
“The way we work has changed forever and the current state of knowledge work requires access to digital platforms and technologies to be successful."
Story image
Cybersecurity
CyberArk launches $30M investment fund to advance security
CyberArk has announced the launch of CyberArk Ventures, a $30 million global investment fund dedicated to advancing the next generation of security disruptors.
Story image
Phishing
Google reveals new safety and security measures for users
Google's new measures include automatic two step verification, virtual cards and making it easier to remove contact information on Google Search results.
Story image
Avaya
Avaya OneCloud sees 118% ARR growth for second quarter 2022
Avaya Holdings has reported $750 million annual recurring revenue (ARR) for its OneCloud offering, up 21% sequentially and 118% from the same period last year.
Story image
Digital Transformation
Physical security systems guide the hybrid workplace to new heights
Organisations are reviewing how data gathered from their physical security systems can optimise, protect and enhance their business operations in unique ways.
Story image
Cybersecurity
Video: 10 Minute IT Jams - An update from IronNet
Michael Ehrlich joins us today to discuss the history of IronNet and the crucial role the company plays in the cyber defence space.
Story image
Storage
Energy storage demand momentum continues, says BYD
BYD has announced an expansion of its production capacities and will deliver 250,000 units of its energy storage system, BYD Battery-Box Premium.
Story image
Ransomware
Zerto unveils updates to ransomware recovery capabilities
"Organisations face increased risks from the volume and sophistication of ransomware attacks prevalent today."
Softiron
For every 10PB of storage run on HyperDrive vs. comparable alternatives, an estimated 6,656 tonnes of CO₂ are saved by reduced energy consumption alone over its lifespan. That’s the equivalent of taking nearly 1,500 cars off the road for a year.
Link image
Story image
Collaboration
Is video technology the future of retail?
The way we hunt for and buy products has forever changed with innovative technology designed to take customers from their initial curiosity through to purchase
Story image
Digital Transformation
Unlocking the next digital frontier for educational institutions
Understanding where to invest in technology can be challenging for education institutions, especially after the COVID-19 disruptions.
Story image
Data Center
Preventing downtime costs and damage with Distributed Infrastructure Management
Distributed Infrastructure Management (DIM) can often be a lifeline for many enterprises that work with highly critical ICT infrastructure and power sources.
Story image
Oracle
Prophecy International migrates VMware environment with Oracle Cloud Solution
The Adelaide-based global provider is using the solution to eliminate the need to re-write applications, therefore allowing the company to enhance its business operations.
Story image
Digital Transformation
Why enterprise records management should be part of any digital transformation strategy
Modern organisations create and rely upon an enormous volume of content, and digital records make up a significant proportion of that content.
Story image
Microsoft
Avaya expands Microsoft partnership to deliver OneCloud on Azure
The joint technology and go to market agreement will help customers accelerate their digital transformation initiatives in the cloud.
Story image
Power / Energy
Keysight Technologies introduces new next-gen DPT solution
Keysight Technologies has announced its new next-generation Double-Pulse Tester (DPT) with the PD1550A Advanced Dynamic Power Device Analyser.
Story image
Cybersecurity
ThoughtLab reveals 10 best practices for cybersecurity in 2022
The benchmarking study reveals best practices that can reduce the probability of a material breach and the time it takes to find and respond to those that happen.
Story image
Power / Energy
SmartCIC report reveals top five 5G carriers in the world
The Global Cellular Performance Survey also found that 5G networks are delivering high download speeds but lagging in upload speeds.
Story image
BeyondTrust
BeyondTrust integrates Password Safe solution with SailPoint
BeyondTrust has announced the integration of BeyondTrust Password Safe with SailPoint identity security offerings.
Story image
Artificial Intelligence
Updates from Google Workspace set to ease hybrid working troubles
Google Workspace has announced a variety of new features which will utilise Google AI capabilities to help make hybrid working situations more efficient and effective.
Story image
Microsoft
Microsoft unveils adaptive accessories for disability access
Microsoft is introducing an expansive Inclusive Tech Lab to give people with disabilities greater access to technology through new software features and adaptive accessories.
Story image
Ransomware
Ingram Micro Cloud adds Bitdefender solutions to marketplace
Ingram Micro Cloud has announced the expanded availability of Bitdefender solutions on the Ingram Micro Cloud Marketplace.
Story image
Kodari Securities (KOSEC)
NFT trends and opportunities: expert reveals all
The NFT market is growing at an exponential rate, with unprecedented liquidity. Here we explore how businesses can profit.
Story image
Wireless
SmartCIC, BICS partner to expand wireless service options
SmarCIC has partnered with BICS to increase choice for organisations using fixed wireless services, expanding existing carrier relationships for its CELLSMART division.
Story image
Sift
Sift shares crucial advice for preventing serious ATO breaches
Are you or your business struggling with Account Takeover Fraud (ATO)? One of the latest ebooks from Sift can provide readers with the tools and expertise to help launch them into the new era of account security.
Story image
Ransomware
Cybersecurity starts with education
In 2021, 80% of Australian organisations responding to the Sophos State of Ransomware study reported being hit by ransomware. 
Story image
Sustainability
Grasping the opportunity to rethink the metrics of a sustainable data centre
A data centre traditionally has two distinct operations teams: the Facility Operations team, and the IT Operations team. Collaboration between them is the key to defining, measuring, and delivering long-term efficiency and sustainability improvements.
Exabeam
Find out how a behavioural analytics-driven approach can transform security operations with the new Exabeam commissioned Forrester study.
Link image
Story image
Cybersecurity
A10 Networks finds over 15 million DDoS weapons in 2021
A10 Networks notes that in the 2H 2021 reporting period, its security research team tracked more than 15.4 million Distributed Denial-of-Service (DDoS) weapons.
Story image
Sustainability
Power at the edge: the role of data centers in sustainability
The Singaporean moratorium on new data center projects was recently lifted, with one of the conditions being an increased focus on power efficiency and sustainability.
Story image
BitTitan
Why tenant consolidation is critical to cloud success
Consolidating tenants can improve cost management, security and engagement after a flurry of reactive activity following the widespread shift to remote operations.
Darktrace
Threat actors are exploiting weaknesses in interconnected IT/OT ecosystems. Darktrace illuminates your entire business and takes targeted action to stop emerging attacks.
Link image
Story image
Excel
Could your Excel practices be harming your business?
While Excel has been the de-facto standard for budgeting, planning, and forecasting, is it alone, enough to support organisations in the global marketplace that’s facing rapid changes due to digital transformation?
Story image
IT budget
$20m boost for digital technologies announced
The government is spending an extra $20m over four years on its plan to transform the digital technologies industry.
Story image
Ivanti
Ivanti and Lookout bring zero trust security to hybrid work
Ivanti and Lookout have joined forces to help organisations accelerate cloud adoption and mature their zero trust security posture in the everywhere workplace.
Story image
Application Security
What are the DDoS attack trend predictions for 2022?
Mitigation and recovery are vital to ensuring brand reputation remains solid in the face of a Distributed Denial of Service (DDoS) attack and that business growth and innovation can continue.
Story image
Mobility
Hands-on review: STM laptop bags
The advent of hybrid working has meant we need laptop bags. We got our hands on two of the most popular laptop bags from STM.
Booster
Booster Innovation Fund. A fund of Kiwi ingenuity – for Kiwi investors.
Link image
Story image
Remote Working
How organisations can meet employees' changing expectations
The global employment market has shifted dramatically in favour of employees, sparking the so-called great resignation, in which people are leaving unsatisfying roles in search of greener pastures.