Banca Carige Smart, the new intelligent branch model enabled by Auriga #NextGenBranch solutions , combines digitalisation with a human touch for an innovative customer experience
Auriga, a global software provider for the omnichannel banking and payments sector, today announced that Banca Carige, an Italian retail bank with over 480 branches all over Italy, is launching its first four Carige Smart branches using Auriga’s #NextGenBranch digital self-service solutions including secure, integrated video banking in-branch.
The new Banca Carige smart branches operate in parallel with the traditional network and utilise greater automation and innovative digital banking capabilities enabled by Auriga’s #NextGenBranch solutions. This new branch banking model is expected to increase profitability for the bank, with a fully digital branch reducing operating costs by 38% compared to traditional branches. It also enables Banca Carige to optimize highly skilled personnel and deploy staff to more valuable activities.
Each of the new smart branches is equipped with intelligent technologies that allow customers to access all the bank’s services in self-service mode or to interact in specific areas with the bank’s consultants via video assistance in a secure way. To guide customers, branch staff perform Meeter and Greeter roles to help users familiarise themselves with digital devices, as well as authenticate them.
With the Smart branches, Banca Carige can preserve its physical presence, reach its customers locally, and alleviate branch management costs. Moreover, digital branches will transform the customer journey into an interactive digital banking experience, with enhanced customer satisfaction.
“In our digital age, banks need to be competitive by offering integrated services that meet the needs of a diversified customer base, while optimising their investments. Banks cannot sit by as powerful change affects the future of bank branches and technology can play a significant role in enhancing in-branch customer experience. We are proud of how Banca Carige is working with us to seize this opportunity for change, addressing the digital challenge through an approach capable of integrating the physical experience with digital tools and automation”, commented Vincenzo Fiore, CEO of Auriga.
The intelligent branches are equipped with the latest Auriga #NextGenBranch solutions that offer integrated customer-facing services across all banking channels, on self-service and assisted self-service terminals. The latter allows customers to carry out all the operations of traditional branches and to receive assistance from remote operators. Outside the branches, multifunctional ATMs provide in self-service mode, a wide range of banking operations that are always available – including card or mobile withdrawals, wire transfers, cash and cheque deposits, tax, and bill payments. Thanks to the Auriga Bank4Me solution, private consultation areas are equipped with assisted self-service counters, tablets, and monitors to allow customers to access services (including consultancy and sales) independently or via remote assistance. The integration of the biometric signature at the access station allows Banca Carige’s consultants to provide advice and assistance, even remotely, on a wide range of banking, financial, and insurance products.
Cloud technology in banking: Why adoption is on the rise
Alpesh Tailor, Executive Director at digital transformation specialist GFT
The banking sector has never shied away from innovation, whether it is new products to improve customer savings habits or new ways of interacting with people and business, but embracing new technologies such as cloud has, until recently, been relatively slow. However, leading global financial institutions such as Goldman Sachs and Deutsche Bank have accelerated their adoption of cloud, which can provide insights for efficient technology transformation across the sector.
We conducted research to measure 21 medium-size and large banks’ sentiment and operations regarding cloud technology. Examining the relationship between cloud technology and banking professionals, our research provides an insight into the overall finance sector’s perception of cloud technology and how its application can improve banking procedures and efficiency.
A significant trend showed that the way people use their finances and banking systems has changed, particularly when it comes to payments and transfers. Our research revealed that 86% of bankers have adopted cloud services to harness its virtually unlimited scalability, citing a definitive change in transaction behaviour as the main reason for moving to the cloud.
In the world of retail banking, buy-now-pay-later, open banking, and contactless payment systems have revolutionised the way people use their bank, making financial management easier and more efficient. However, despite these evolutions, high street banks are playing catch-up to the challenger banks who possess fewer legacy processes and, therefore, an easier migration to new technologies, such as the full utilisation of cloud and artificial intelligence.
The cloud provides a dependable, scalable, and flexible data system that allows traditional banks to modernise quickly and stay abreast of the innovations that ‘born-in-the-cloud’ challenger banks are bringing to the market. An increasingly popular way of doing this is by adopting a hybrid and multicloud approach.
Most organisations are considering diversifying their cloud technology, with 76% of bankers now agreeing with the importance of implementing multicloud systems in order to benefit from resilience and security improvements made by the main cloud providers. These cloud ‘hyperscalers’ also provide regular updates and continue to release exclusive new services and platforms as they continue to innovate.
Our research indicates that cost optimisation is a primary reason that banks are looking toward the cloud for their future storage needs, with 81% of bankers confirming they have adopted cloud technology to save costs.
Installing and maintaining on-premise IT systems is lengthy and costly for financial institutions. When using the cloud, however, purchasing and installing hardware is no longer required as the cloud service provider hosts all the required infrastructure. The management of the hardware is included within this, reducing the overall cost of IT support further.
Technological innovations are usually heralded for their ability to streamline operations, making them quicker and more secure. Our research illustrates that 62% of bankers believe organisational culture and inertia to be a key challenge within the sector. Besides being flexible for scalability and cost, adopting cloud technology can bolster organisational efficiency, since banks can spend fewer resources managing the relationship between trading volumes and payment infrastructure. Bankers acknowledge this opportunity, with 95% of organisations understanding that cloud technology can reduce time-to-market.
Overcoming misconceptions with cloud technology
Misconceptions usually exist around any emerging technology and our research found that this theme continues with cloud technology.
43% of the bankers we spoke to admitted that security concerns have impeded full cloud migration – a concern that has frequently been confirmed when speaking to financial services institutions. However, cloud providers invest heavily in the security of their cloud infrastructure which, as a result, makes it almost always safer than its on-premise, client-owned counterpart.
One aspect of adopting the cloud that continues to cause concern, is that which is commonly termed the ‘digital skills gap’. More than half of banks claim a lack of cloud-savvy employees internally has slowed down adoption. At GFT, we understand that this is a major issue for the adoption of cloud technology in all sectors, including banking, and have committed to training and encouraging young people to learn the required skills and enter the sector. We recently launched our Manchester Innovation Hub – a dedicated location to support the upskilling and growth of tech roles in the north.
Going forwards, cloud technology is the primary option for banks seeking to evolve and scale their business, whilst minimising risk, time and cost. Bankers recognise these benefits and the overall findings of our research suggest they will continue to grow their investment in cloud technology. Whilst evolving traditional legacy systems is very challenging, cloud technology continues to advance and we believe that over time it will become a powerful mainstay within the financial services industry.
Bringing Automation to Banking
Ron Benegbi, Founder & CEO, Uplinq Financial Technologies
Automation is everywhere you look these days; from supermarkets to warehouses to automobiles. This prominent trend shows no sign of abating anytime soon. However, some sectors remain behind others when it comes to adopting automated technologies. Banking is one such segment, but there’s now evidence to suggest that this could be about to change.
What do we mean by automation?
There are a lot of ways to define automation, but broadly the term applies to any technological application where human input is minimized through design. Over the years, automation has evolved from a basic level, which took simple tasks and automated them, all the way to advanced automation powered by Artificial Intelligence (AI). In general, automated solutions work to increase productivity and efficiency within businesses and often result in a reduction in costs associated with human capital.
Why has the banking sector been slow to adopt automation?
The banking sector has been built on a number of long-standing, tried and tested processes and protocols, which have been continually fortified and refined over time. This is one explanation as to why the sector has been so slow in adopting new, automated methods within its operations. Additionally, many major financial institutions have spent decades building their own internal legacy computer systems, which are often incompatible with modern automated solutions.
When combined, these two issues have caused a significant lag in the banking sector with regards to the adoption of automated technologies. This lag has created a market opportunity that a number of fintech providers have been able to exploit in recent years. Offering a more responsive and tech-first user experience, many fintech providers are leveraging the power of automation to better meet the banking needs of their customers. However, there is still time for the banking sector to start bridging this gap.
Does automation have a place in the banking sector?
The opportunity for automation to play a role within banking can be transformational.
To achieve this, it’s important that legacy organizations begin to learn from their more tech-savvy, smaller counterparts. If used effectively, automated financial solutions can greatly improve the experience of banking customers, both on a personal and business level. So, what exactly does this change look like, and how far away are we from seeing it become a reality?
A good place to start is the small business credit lending process, where not much has changed since the 1980’s. Over that period, the world has greatly transformed, but the methods used to assess credit worthiness have remained somewhat static. For the most part, banks assess data related to businesses’ accounting and banking records and from credit scores. For many businesses, especially the newer and less established ones, this antiquated approach is having a detrimental effect. In fact, it’s often cited as a contributor to the huge funding gap between SMBs and their larger counterparts.
How can automation benefit the banking sector?
By adopting more automated technologies, lenders in the banking sector can begin to assess more comprehensive information when making credit decisions. Notably, new methods exist, which enable additional data sets to be evaluated, in order to build a more accurate financial depiction of a business’ overall position. This data can come from sources like external market attributes, economic indicators, demographic data and exogenous shocks.
By leveraging additional data sets through new methods of financial automation, banks are now in a position to respond more effectively to small businesses, including those in emerging and evolving markets where there is a lack of conventional sources of information.
With more ways to access funding, facilitated by alternative data and automated processes, small business owners can improve their operational efficiencies and accelerate their growth efforts. In doing so, legacy oriented financial institutions can now better equip themselves in protecting against new, nimbler tech-based disruptors.
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