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TOP ITALIAN BANK ROLLS OUT FIRST OF ITS FULLY DIGITAL BRANCHES WITH AURIGA

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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.

 

Banking

Three tips to help banks profit from the rise of managed services

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By Chris Mills, Global Head of Managed Services Sales, Finastra

Research from IDC finds that only 29% of banks claim to have a long-term, strategic digital transformation plan in place, despite results showing firms that had invested in transformation saw improvements of 27% in reducing risk, 27% in innovation and 26% in improved customer satisfaction. The days when banks’ IT teams operated in isolation of business goals should be very old news. Effective CEOs build digital transformation into their strategies from the start, and the most successful CTOs understand how to apply technology to achieve business success.

In many ways, CTOs have become more like orchestrators or conductors than individual instrumentalists. They need everybody on their team to work in concert to deliver value according to desired business outcomes. It’s less about building IT from scratch and more about assembling components and making sure that they operate smoothly and cost-effectively.

Chris Mills

One of the most striking findings is that 40% of financial institutions said that the pandemic meant they had to accelerate and increase all of their digital-first initiatives. They had to innovate to remain viable and competitive. It’s also clear that there is no longer just one, singular path of IT delivery. Instead, CTOs are facing multi-threaded challenges. It means CTOs must consider many different deliverables and leverage all the resources at their disposal, including internal and external partners.

Changing customer expectations

The financial services sector was facing a range of external challenges even before the pandemic arrived. For example, from a consumer’s perspective, the exponential advancement of a smartphone’s technological capabilities in recent years has increased their expectations for new updates and improvements. This behavioural change has impacted customer decision-making and they now expect a high level of service and responsiveness, whether they are customers of a retail or a corporate bank.

The banking industry also faces regulatory, compliance, resilience, and sustainability issues. As ESG agendas become an increasingly important priority for financial institutions, pushed by the rise of net-zero targets, CTOs must respond to these demands, and that’s why they see innovation as such a key focus.

But how can financial institutions that are late to the digital transformation party use technology to capture competitiveness and improve responsiveness for their clients?

One approach that has proved successful is managed services, which is a term used to capture the blending of services, product, and functional capabilities. When CTOs consider this option, they need to start by thinking about the business outcomes with the associated technical and functional expertise they need.

This includes the business uptime that is required, scalability and deployment speed. Does the bank need to roll out capabilities across the globe, and does it need to serve only the main financial markets, or emerging markets too?

Another question CTOs must consider is choosing what service partner to work with. Large system integrators have been providing these services for a long time, but a software partner like Finastra has advantages in terms of product proximity.

Service providers must offer tailored products focusing on the needs of its clients. Offering quality software allows banks to achieve their long-term strategic outcomes.

It’s important to look at all areas of a banks’ business, For example, what does the payments team need?

What does the head of lending need? What does the head of treasury need in order to grow their business over the next five years?

With that in mind, I offer three tips to banks when considering managed services.

1. Be very clear about what your business outcomes need to be. Really drill down into KPIs and metrics that we can look at to ensure we provide the service your bank demands. This can range from resiliency, compliance, regulation or even functionality and capabilities – such as how often you require upgrades.

2. Measure and assess your own resources, skills and capabilities. Understand where you want to draw the line between the responsibilities you would want a service partner to take on and what you want to retain. There shouldn’t be any grey areas. You want a clearly-defined line where responsibilities lie, so that everyone is very clear about who’s doing what and how KPIs and service levels will be met.

3. Be prepared to develop a long-term strategic partnership, over five or 10 years. We expect hard questions, and you should be expecting them back – ultimately that’s how good relationships and partnerships work.

As IDC writes in its report ‘New service models to accelerate innovation in banking’ these holistic and software-led models require banks to master a set of new skills, including governance and partner management. Service partners should be industry-savvy, should supply end-to-end expertise, and should be aligned to support the financial institution’s business goals, not just technical KPIs.

Digital transformation infrastructure management requires CTOs to act as a conductor, rather than a solo performer.

 

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How Biometric Payments Are Tackling Financial Exclusion

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By Catharina Eklof, CCO, IDEX Biometrics

We are moving closer to a cashless society: 89% of payments in the UK are contactless and, globally, contactless payment transaction values are set to surpass $10 trillion by 2027. Ease, convenience, security, and inclusion have accelerated the transition away from cash. However, many of today’s current payment solutions are leaving entire cross sections of society behind: including the most vulnerable, underserved, and unbanked populations.

Developments in the payment sector over the past decade still aren’t a perfect fit for all. Those suffering from dementia, literacy challenges, or impaired vision can find current payment methods – with a PIN to remember – extremely challenging. Financial inclusion requires us to make payments accessible to all demographics. Though the financially excluded represent minorities, they account for an estimated 1.7 billion people – almost a third of adults globally.

Enabled by huge advances in technology, our evolving social dialogue has become accelerated and unfettered, on a global scale. It is critical to harness technology as a force for dynamic economic improvement: democratizing access to banking and payments. As such, we need to look beyond mobile wallets or digital payments and support those in need of easier access to payment and fintech solutions. A more inclusive form of payment technology is essential.

Catharina Eklof

 

Personal Identity as the New Pin Code

Many communities remain vulnerable or underserved by the functionality of traditional payment solutions such as bank cards. These products are, at their core, only linked to the owner by way of name and signature, offering limited security and protection. With contactless payments, no link whatsoever is required to a card for payment.

In an increasingly contactless society, fraud and digital security are growing concerns. Credit and debit cards can be used by anyone, and card readers don’t understand if cards have been apprehended illegally. Vulnerable groups may also struggle to input their credentials into what can be, for some, a complex system. Empowering those vulnerable groups therefore means providing them with the independence to access payments with greater ease.

Biometric payment cards play a significant role in bridging the gap between the financially underserved and the financially included. Simple and secure financial authentication, like facial or fingerprint recognition, allow payments to become about who a person is rather than what they know or remember. If individuals can be personally linked to a payment card via biometrics, it can address the significant 1.1 billion people worldwide who are currently without official government identification or access to it. In Nigeria alone, 149 million individuals lack the legal means to evidence their identity, while in South Africa, 12 million individuals are excluded from the country’s formal identity system.

Fingerprint authentication has the added benefit of optimizing security, in that it requires the individual to opt into a purchase, avoiding any issues of unauthorized or unintentional payments from having a reader placed near the card owner’s face. This provides increased independence for the blind and visually impaired, who account for an estimated 2.2 billion people globally, as it allows for seamless payment authentication without sensory barriers. Similarly, biometric smart cards can be transformative for more than 55 million people living with dementia and Alzheimer’s, as it enables access to payment without the difficulty of remembering passcodes.

Literacy is also a little talked about hurdle to inclusion. Globally, there are 750 million “functionally illiterate” individuals struggling to use and understand financial products. Across all levels of education, biometric authentication is a universally inclusive concept. It is easy to communicate and understand that one’s fingerprint is inherent to their identity, and can act as a form of verification. Biometric smart cards facilitate and secure payments with ease by simply requiring their fingerprint to instantly authenticate their own card.

 

Pushing on With Progress

Even the most reluctant individuals are likely to have succumbed to contactless payments and some form of digitized banking in recent times. This will have the positive impact of making the needed transition to biometrics more seamless. Using fingerprints or facial recognition to unlock phones or access apps is not unusual. If anything, they have been convenient and comforting additions to the surge of tech innovations over the last couple of decades. There is a relief in knowing that these portals are being secured by methods that are almost impossible to replicate.

It is a breakthrough that financial players and governments in the world’s most developed countries still need to catch up with, as emerging economies have already capitalized on biometrics’ capabilities for almost a decade now. In India, for example, internal fraud and leakage from pension payments dropped by 47 percent after transitioning from cash to biometric smart cards. Because the solution bypasses the need for prior credit ratings or credentials, the country has also been able to catalyze safe online banking among previously unbanked adults since biometrics’ introduction in 2014.

Meanwhile, in Pakistan, the total number of mobile wallet accounts tripled from 5 to 15 million in 2015, with an estimated 50 percent of new registered mobile wallet accounts opened using biometric authentication. This was a result of Pakistan’s National Database and Registration Authority’s (NADRA’s) effort of collecting biometric information to allow for more convenient and democratic account opening processes.

Many around the world have been marginalized by both the pace of change in banking and the solutions that have, to this point, been created to accommodate such change. With the mass adoption of biometric smart cards, the same benefits seen in India could be realized on a global scale. If we take on the opportunity in front of us – promoting solutions like biometric smart cards to increase accessibility to the global economy – we will foster a digitally-focused, equitable and inclusive society. This doesn’t just mean ease and convenience, but also security for all and financial inclusion of those who have been left out of digital evolution, until now.

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