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The critical tech to deliver personalised digital financial experiences 



Jay Sanderson, Senior Product Marketing Manager, Digital Experience at Progress


Providing customers with outstanding digital experiences is now a must for organisations in all sectors, and the financial services industry has its own specific set of needs in utilising technology to engage with customers. The rise of Open Finance is giving way to digital-only banking entities actively setting a benchmark for an increasingly open, inclusive, and technologically oriented financial environment that customers expect – The human touch and personalised customer engagement has never mattered more in financial services.

Financial institutions (FIs) can consider new technologies such as AI and ML to add human elements into digital experiences through personalisation, omnichannel content delivery, and conversational AI to make interactions more user-friendly, engaging, effective and secure.

And these technology developments are further accelerated by customer demand – Recent research by Sopra Steria reveals that nearly four out of ten customers now have an online bank, with mobile applications and websites being the primary communication channels for 58 per cent of those surveyed. With this significant segment of consumers adopting digital banking, FIs need to work harder to attract and retain customers. Users’ digital experience is critical to brand reputation.

The pressures to stay relevant to consumers are driving financial brand leaders and challengers alike to explore ways to elevate digital financial experiences that impact the bottom line. Security, accessibility, and customisation have become priorities for all products and services.

Jay Sanderson

The state of personalisation in the financial services industry

In order to take the right approach for their organisation, tech leaders in banks and financial organisations should first understand what  personalisation should look like in 2023. For consumers, it’s all about the experience. 2023 marks the UK’s sixth year of the Competition and Markets Authority’s (CMA) publishing of the services quality league table of personal and business current account providers. Personal and small business current account holders are asked to rate their banks on how likely they would be to recommend them, giving feedback on areas such as the quality of online and mobile provision, branch and overdraft services. This promotes competition between providers and clearly highlights the leaders and laggards.

Delivering high quality services through an app or website is now table stakes to attracting and retaining consumers. With the explosion of available data and analytics, their customers’ experiences also need to be tailored to improve relevance. This might be offering behaviour-related products and services or spending habits to identify suitable marketing promotions or make personalised recommendations.

Despite customers desiring a high level of digitisation, it is important to note that human interaction is still important when making high-value financial decisions. By incorporating human interaction into digital experiences through methods such as omnichannel content delivery and conversational AI, organisations can make interactions more engaging and personalised to consumers.

The opportunity provided by AI and data analytics

Technologies such as data analytics, mobile development, artificial intelligence, and APIs can be used by financial institutions to deliver value to customers while still maintaining a human touch. Conversational AI tools like chatbots let financial institutions offer 24/7 support. Chatbots can handle routine inquiries and transactions and hand off more complex queries to virtual assistants. Banks must use their most important asset – their customer data – to offer tailored recommendations and promotions.

It has become critical for banks and other financial organisations to use digital technologies to facilitate visibility and interaction between themselves and their users through more and more digital channels. Those brands that offer customers access to the right information when they want it can easily secure new account openings, loans, and other products. Financial institutions now need the right tool to enable them to offer a consistent and seamless experience across channels which incorporates the right mix of digital interaction and human touch.

Delivering centralised financial services content with a DXP

Building trust and familiarity with customers comes from delivering consistent online content across all digital assets and applications, and managing it all in one place, and there is one clear frontrunner for this – a digital experience platform (DXP).

What makes a great digital financial experience possible is timely and relevant digital content that keeps customers abreast of their financial situation. This is why a DXP, which manages all digital content and delivers personalised experiences, is the way forwards. A DXP enables banks to harness and manage all digital channels, such as websites and mobile apps, in a centralised manner. Delivering highly tailored content requires customer insights, data intelligence, and content management processes to be streamlined through reliable, future-proofed technology.

In addition to simplifying content creation and management, a DXP can also ensure consistency across digital channels. Details like specific offerings, rates, and locations change frequently and a DXP can be used to publish changes across multiple sites more quickly and efficiently.

A DXP also enables integration with other systems, such as marketing automation platforms and Customer Relationship Management (CRM). Integration creates the opportunity to offer personalised experiences based on the account portfolios and branch locations of customers.

A DXP enables digital channels to be optimised for different devices and methods of consumption. FIs can develop responsive websites and mobile applications for different devices and screen sizes, which is essential for customers to access financial services anywhere, anytime, and on any device.

Maximising the value of a DXP

A DXP has the capability to deliver a huge breadth of unique customer experiences to a wide variety of audiences, specifically tailored to the complex financial sector. Choosing one which features built-in security, auditing, and compliance capabilities will deliver engaging digital experiences in the most efficient and valuable way and enable secure data transfer.

With a single command and control centre for targeted campaign management and analytics, banks can not only boost revenue, by helping financial institutions increase loans, grow deposits and issue more cards. They can also reduce costs by eliminating siloed communications and redundant efforts. This generates a higher return on investment and eliminates unnecessary or redundant operational costs. For financial organisations that are looking for a way to achieve personalised, consistent, and relevant messaging for consumers and impact the bottom line, the DXP is a trustworthy solution.


How technology can help win the war on financial crime




By Andrew Doyle, CEO of AML compliance software, NorthRow


Financial crime is on the rise and the stats are alarming. In the UK alone, 64 percent of businesses (according to data from the Global Economic Crime Survey) have experienced fraud, corruption or other incidents of financial crime within the last 24 months, while ONS stats show there were 3.7 million incidents of fraud in England and Wales in the year ending December 2022.

So it’s no surprise that financial institutions and other regulated firms are under increasing pressure from regulators (and the ever-evolving legislation they must adhere to) in the battle against dirty money. Regulators are imposing crippling fines for any compliance breaches, not to mention the significant reputational damage that comes with non-compliance.

Historically, financial firms have employed large numbers of staff to combat money laundering, but regulators are now expecting to see digital solutions in place to counter the risk of financial fraud, and with good reason. Technology can be the deciding factor in the war on financial crime and here’s why:

Better risk detection

Technology platforms can analyse historical data to predict potential incidents of money laundering, enabling organisations to take preventive measures, while also identifying unusual patterns or changes in customer risk profiles, which may also indicate suspicious activity.

Advanced analytics can help companies identify complex patterns across large datasets, making it easier to detect networks of fraud. It is also possible to assign risk scores to transactions or entities based on their likelihood of being associated with money laundering. This helps in prioritising high-risk cases for investigation.

Andrew Doyle

Enhanced customer due diligence

Automated software platforms can analyse customer information, public records, and other data sources to perform thorough due diligence on clients, identifying potential risks or suspicious behaviour before they are signed up.

RegTech automates the process of verifying customer identities and conducting enhanced due diligence on individuals and on companies, ensuring compliance with Know Your Customer (KYC) and Know Your Business (KYB) regulations, both vital components of anti-money laundering efforts.

More accurate identity verification

Biometric verification is a powerful tool in enhancing anti-money laundering and fraud detection. It involves using unique physical or behavioural characteristics of an individual to verify their identity. Traits like fingerprints, facial features, iris patterns, and voiceprints are unique to each individual and are nearly impossible to replicate or forge. This makes them highly reliable for verifying that clients are who they say they are.

Biometric verification can also reduce the number of false positives in fraud detection by providing a highly accurate means of confirming the identity of a customer. This leads to more reliable results and lessens the need for manual intervention.

Continuous and real-time monitoring

Real-time alerts allow for immediate action when suspicious activity is detected. This can prevent or minimise potential financial losses and damage to a company’s reputation. By identifying and acting upon suspicious activities in real-time, financial institutions can reduce the risk of financial losses associated with incidents of economic crime.

Continuous monitoring with real-time alerts can also help refine the accuracy of anti-money laundering systems over time. This reduces the number of false alerts and decreases the need for manual intervention.

To the future

According to data from Capgemini, 68 percent of UK institutions are already looking into real-time anti money laundering monitoring systems to stay ahead of potential threats while 86 percent, says Refinitiv, agree that innovative digital technologies have helped them identify financial crime.

So the data tells us that companies are already heading in the right direction when it comes to fighting fraud, but as the landscape of financial crime continues to evolve, financial firms must ensure they do the same.

By leveraging the right technology, businesses can ensure they not only meet regulatory requirements and safeguard their operations, but also protect their reputations and crucially, maintain that all important customer trust.

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In 2024, payments will evolve to broaden accessibility




Attributed to Roy Aston, COO at Paysafe.


As we look to 2024 and beyond, businesses will need to adapt experiences to changing consumer needs and demands, working with payments providers to increase accessibility, offer broader choice, and more.

We break down some the forces driving evolution in payments over the coming years.

Payments need to be available to everyone, everywhere

Regardless of their location or situation, consumers do not want to wait when it comes to payments. The proliferation of smart devices has given users access to everything, all at once, and this is also expected when making transactions.

In 2024, banks and financial institutions will continue to push ahead with this journey to offer smooth, secure payments to everyone, everywhere, delivering services at the lowest possible barrier to entry. This also means ensuring consumers, even those that are unbanked or underbanked, have access to remittances and cross-border payments.

The first step in achieving this goal will be to improve reliability, security and availability, which may see traditional payment methods like debit and credit cards – still the most popular payment methods – become less dominant, while alternative payment methods (APM) like eCash and digital wallets will grow.

This is because, with the right payment provider, merchants can ensure these APMs are available anywhere in the world – eCash, for example, does not require a bank account to use. In addition, digital wallets and online cash can offer swift, secure transactions, helping users overcome security issues by not requiring them to enter their financial details.

Financial companies will embrace collaboration in 2024

While businesses can address consumer payment concerns using APMs, they must also look to bolster their own defences as the threat landscape changes. Increasingly advanced technology, like AI models, are now accessible to far more people, including threat actors.

To combat this escalating threat, it’ll be no surprise to see more financial companies collaborate in 2024 as they seek to improve cyber risk mitigation. This makes perfect sense – and would be a positive step for the industry – though it is easier said than done.

Businesses must share data legally, while aimed toward a positive purpose, rather than for pure profit. For example, if a financial organisation gains intelligence on a cyber group, they could share this with other companies to protect against bad money movement.

Ideally, collaboration could help improve anti-fraud, anti-money laundering, and cyber security measures, and more broadly reduce risk for businesses and consumers alike. But first, thinking around data governance may need to change.

Existing trends will evolve

While exciting new trends will emerge in 2024, we’ll also see the evolution of some that have yet to reach their full potential.

Embedded payments, for example, will continue to develop, with more businesses bringing together financial products with features like loyalty schemes to offer more added value to consumers.

Decentralised finance, too, should continue to build momentum in 2024. While decentralised finance, and specifically NFTs, have faced challenges this past year, it will be no surprise to see companies get to grips with changing regulatory requirements and continue to build in this area.

Open banking could also see a big 2024, with more APIs becoming available, and companies starting to develop new solutions to enhance customer experience and reduce friction in the payment ecosystem.

And while evolution rather than revolution is a necessity in technology, it’s always exciting to look ahead to the big trends that could shape the future – perhaps not in the year ahead, but beyond.

The future is quantum

Quantum computing is a trend that is as exciting as it is potentially frightening. Able to perform computations that are exponentially faster than ever before, quantum computing represents a new frontier and it will be thrilling to see how it is used in the years ahead.

Combined with AI, for example, quantum computing could optimise processes at a speed and scale never seen before – with serious benefits passed onto consumers.

In the nearer term, however, ensuring payments are available and accessible for everyone must remain the focus in 2024.

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