Banks think about technology as an added cost. Adding person-to-person payments, online account opening, a data lake, or any other piece of technology is sometimes talked in terms of “being defensive” and an “additional cost of doing business.” Not only is that 180 degree the wrong way to view technology investment but using that framework will lead to sub-optimal decisions that could potentially hurt a bank’s business model. In this article, we explore a person-to-person payment case study and show what we believe is a superior decision methodology.
Tag: Banking Technology
It has been six months since Citibank released their upgraded mobile app. During that time, their app has garnered a following and we have been able to collect data on the user experience. We now rank Citi as the third best banking app behind Wells Fargo and USAA and it is moving up. Citi has closed the gap not only with all banks but with most fintech firms as well. This new app is the foundation of their yet to be released digital bank which is why everyone is paying such close attention.
Bank of Tokyo-Mitsubishi UFJ is proving assembly lines shouldn’t be the only ones with robots as it introduces Nao, the world’s first banking robot into its branches next month. Nao stands two feet tall, speaks 19 languages and doesn’t take any breaks. Developed by Aldebaran Robotics, a French company owned by Softbank, Nao is also one of the first robots to recognize and “feel”/mimic human emotion. Ask about a problem with your statement and Nao will judge the level of frustration, anger or sadness.