The technology is in place for financial institutions to use remote visual banking, but the appetite is not. Yet.
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Digital social platforms are emerging in nearly every sector of the banking industry, driving innovation and popularising the concept of the socialisation of finance.
As the 'Internet of Everything' comes ever closer to becoming a reality, with the potential to change day-to-day life for consumers everywhere, banks need to be able to step up to the challenge of processing the billions of tiny transactions that will be involved and harness the data they generate.
Businesses that fail to innovate will get swallowed by the ones that do and banks that ignore customer demand for online offerings do so at their own peril.
The traditional banking structure is an invitation to change, says Chris Skinner, as the world awaits the game-changing initiatives that will see us all transacting differently 10 years from now.
Big data has the potential to revolutionise banks’ understanding of their customer base, allowing them to target individual business needs. But are banks ready for this new internet age?
The fact that many financial firms still have not embraced straight-through processing shows just how difficult it is to overhaul processes and how few CIOs are willing to step up to the challenge.
Is Facebook banking finally here? Commonwealth Bank of Australia and India's ICICI Bank seem to think so, and the social media site's decision to drop its credit system shows it is moving in the right direction.
Is Fidor Bank's online offering the most innovative bank concept yet?
Banks are embracing the online community, but do they really understand social finance?
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