The universe of banking and payments is ever evolving. 2017 has seen a number of significant changes in the payments industry, thanks to advances in technology. Consumers now have access to a myriad of ways to pay. As a result, payment and shopping habits change....
There was a time when data collection was a lucrative practice for companies. That was due to the understanding that the more a brand knows about its target market, the easier it is to address those people and meet their needs. However, recent cyberattacks have made...
I recently interviewed Nitin Chugh, Country Head – Digital Banking at HDFC Bank Limited, and we discussed some hot topics in banking industry today: digital transformation, personalization, AI & machine learning, blockchain etc. HDFC Bank is an acknowledged...
Technology vs credit card fraud is a never-ending battle, in which the stakes are high. Hackers are creating new sophisticated techniques to illicitly obtain credit card information and use it to satisfy their financial needs. To avoid losing billions of dollars,...
Regardless of how much people earn, the jobs they have or whether they’re part of the workforce, banking is a necessary routine. It may not come to mind as one of the most technologically advanced industries, but has still undergone some significant advancements that...
It is easy to forget in our busy lives how much we rely on institutions, specifically banks, financial institutions and businesses. The role of AI in these industries could facilitate improvements for employees and customers alike. Big data has surfaced as a buzzword...
The scope of application of artificial intelligence is almost unlimited. However, there is at least one field where the role of AI can hardly be overestimated. This field is security, or, to be more exact, the financial security of Internet services users. If your app...
Tell us a little about yourself, outside of the information that is publicly available and online. Ah, that’s a tricky one. Well, it may be interesting to note that before I started my career in finance, I had explored the option of doing an advanced degree at ISI...
I recently interviewed Ron Shevlin, Director of Research at Cornerstone advisors, for Big data made simple, Crayon’s big data information portal. We talked about a wide range of subjects, from how banks need to use the data they have at hand, to their business models,...
Since its launch as the core technology of Bitcoin, blockchain stirred the minds of developers, marketers, and technicians. Other virtual currencies followed its pattern and as a result the total market value of virtual money exceeded 100 billion this summer. Company...
Today’s millennials expect a range of services, on their phones or tablets. All at the click of a button, while being on the move. Clearly, the world is going completely mobile. A significant demographic for the banking industry is that nearly 65 percent of India’s...
It's not a stretch to say that the very idea of money is taken for granted these days! The fact that we exchange bits of paper for various goods and services is seen as a fact of life, one that seems to have existed since time immemorial. But the truth is that money...
Foreign exchange (Forex) trading has evolved rapidly over the past three decades. The internet made it not only accessible to new traders, but helped those traders succeed. There are just so many tools available out there for analysis and execution strategies. And, of...
Probably, you’ve heard the buzz surrounding blockchain and cryptocurrencies by now. It’s easy to see why blockchain is valuable, but understanding how it works can be a challenge. Blockchain is a complex piece of technology that’s capable of changing many facets of...
For many years, banks and financial institutions dominated the currency trading arena and money transfer services. Banks were viewed as the most credible, reliable and efficient means of conducting international money transfers. However, the costs of using banks for...
Consider this scenario. You are planning to holiday at the Dead Sea. You search the internet for information on flights and hotels around the area, sift through travel blogs and watch countless YouTube videos, posted by the more enterprising holidaymakers. You then...
Fintech is the new gold rush for investors, growing from 10% in 2016, to a staggering $23.2 billion, with China and USA leading the market. This boost is powered by the growing capabilities of machine learning and artificial intelligence. It is an idea whose time has...
Data monetization is not difficult. For example, companies have been selling their email lists (legally or otherwise) for years. If you have information that another company is willing to pay for, then data monetization is just a case of finding the right customers....
There are very few financial firms that fully understand the value of their data. The information captured and stored by days/months/years worth of data is worth its weight in gold. It’s so valuable, in fact, that data breaches are often the target of hackers, looking...
Big data and blockchain are two technologies that are expected to transform the way we do business the coming years. They’re powerful on their own but even more so when combined. Here’s why big data needs the benefits that blockchain provides. What Is Blockchain? The...
Amazon India recently received its wallet license from the Reserve Bank of India, meaning it’s about to get easier for online shoppers to complete their purchases using Amazon Pay. The license took effect on March 22, 2017, and will remain valid through March 2022, as...
2018 is likely to be a game-changing year for the banking and finance sector. As the General Data Protection Regulation (GDPR) and Revised Payment Service Directive (PSD2) are implemented across the European Union, the exclusive control of banks and other financial...
![Top 5 ways chatbots transform the financial industry [Infographic]](https://crayondata.ai/wp-content/uploads/2017/04/artificial-intelligence-3-1.jpg)
Chatbots are taking over the world. Banks have started investing in this intelligent chatty friend, to make their customer conversations easier and more efficient. Human – human to human- machine? …. Better? Safer? Faster? What are chatbots? Chatbots are programs that...
![7 ways to improve customer experience in Banking [Infographic]](https://crayondata.ai/wp-content/uploads/2022/05/banking-5.jpg)
Throughout the years, financial institutions like banks have been extremely vital in making our society more prosperous, viable and stable. Across the globe, there are over tens of thousands of banks that serves billions of customers of all ages, cultures, and...
Chatbots and Artificial Intelligence (AI) will revolutionize the way banks understand the intentions and emotions of customers and interact with them in the next three years, says “Accenture Banking Technology Vision 2017” report, released by leading consultancy...
We had a chance to interview Jim Callan, one of the masterminds behind The Conversation Hub™, the world's first intelligent conversation platform. Recognized as an entrepreneur and innovator in retail banking and banking technology, Jim is the founder and CEO of...
It can be hard to know just how to groom your personal finances so as to get the best possible personal loan terms. The difference between one loan and another can be enormous. Even though two different banks might grant your loan request for $X, the differences in...
Big data is the future of many forms of technology, including the world of forex. Big data could change the way we trade, the way we make decisions and the way that we reinvest our earnings. In short, it could change our entire way of trading. In this post, we look at...
Banks are having to change Especially in the Retail sector, Banks are having to consider what they do. I think some of the reasons for these changes include: The need to understand who the customer is and what they’re expectations and needs are. Consider the different...
Managers have this bad habit of looking for a silver bullet. That magical holy grail that will make all of their problems go away quickly, and preferably painlessly. Those expensive consultants. That fancy new CRM system. This flashy acquisition. That confusing and...
Six Sigma is a quality improvement program that gets its name from the concept of 99.9997% quality. In statistics, each sigma represents the statistical measure of 1 standard deviation from the mean in a range of outcomes in a normal distribution. Six Sigma translates...
Beyond Innovation Theatre Innovation is all about value creation. Or at least it should be. It’s easy to get caught up in the front end of the process. Brainstorming new ideas, drawing on whiteboards, and moving different colored sticky notes around the wall is fun....
Positive customer experience is channel sensitive, with customers placing a higher weight on digital customer experiences more than physical or call center channels. In fact, in a recent J.D. Power, survey, the largest banking organizations improved in overall...
Big data is more than just another business buzzword. In the past few years, the term and idea have grown in popularity to be used by governments, private businesses and even individuals in the pensions industry. Big data is essentially the large volume of information...
While digital payments are quickly transforming the way consumers pay, it’s clear that both paper and plastic payment methods are far from dead. There’s no question that digital payments have built a strong foundation — standardized technology is optimizing...
Just about every industry has something to say about big data. It’s changing the way bookies make predictions; helping sports coaches make better decisions, and furnishing healthcare companies with the tools to improve patient care. The phenomenon has already produced...
What makes you think banks can't be nimble? - Chanda Kochhar Can large banks like ICICI compete with innovative startups and win? Startups can be quick and nimble, whereas a bank with $100 billion in assets must test a technology extensively before rolling it out. And...
Panic! One can’t truly appreciate the sense of this word until you realize you have misplaced your wallet that has your credit cards! So, you frantically call home or office just to check whether you have left your wallet over there. And you finally realize that you...
![50 facts about mobile wallets re-shaping Fintech [Infographic]](https://crayondata.ai/wp-content/uploads/2016/12/infographic-3.jpg)
Mobile Wallets are the hottest startups in emerging markets and here's why... More of the world is coming online than ever before. Emerging markets are flocking to the Internet and their tool of choice is their Mobile. This wave is helping Mobile Wallet Fintech gain...
The digital disconnect Even though digital channels should be an extension of the retail strategy, many organizations adopted mobile quickly and created a situation where they were providing two very different experiences. Think about it this way – What would you do...
This is the last of my special Invested in Tech series with Capital One, where I have been taking a look behind the scenes at how they are using technology, innovation, and design to create a better banking experience. In my last post, I spoke to Naveed Anwar who runs...
On the first week of November, I attended an IBM blockchain discussion at Rise New York, featuring Jalak Jobanputra, Founder and Managing Partner of Future\Perfect Ventures and Brigid McDermott, Vice President of Blockchain Business Development & Ecosystem for...
Talk of banks and fintech companies partnering together has increased dramatically in the past year. There have definitely been some interesting partnerships announced, particularly with some of the marketplace lenders, various blockchain projects and some artificial...
According to a popular belief, banks and big banking corporations rule the world – they deliver all the funds where they are needed, handle large transactions, choose who to support, and, ultimately, decide what the world is going to look like in the future. However,...
Last week at Money20/20 in Las Vegas I spent some time behind the scenes at Capital One to see how they are using technology, innovation, and design to create a better banking experience. I sat down with Scott Zimmer, Capital One’s Global Head of Design, to focus on...
The banking industry needs to reimagine what current day banking means to millennials or risk losing out on a potential $600 billion of indirect spending that millennials can influence. By the year 2020, Asia will be home to 60 percent of the world’s millennials, who...
It is not news here, or anywhere else, but bankers and fintech entrepreneurs are from different planets. They are just wired differently. Just a few years ago, all of the fintech companies wanted to put traditional financial institutions out of business. Disrupt the...
Tell us a little bit about yourself, and how you got into the banking industry. During my school days, I was a student of commerce & finance stream, while studying for ICWAI course. I heard about computers in the early 90s and felt this is something that might...
Financial technology, or “fintech” for short, is threating to turn traditional financial fields like banking, lending, asset management, and insurance upside down. Fintech firms use various digital channels to deliver personalized services to their customers. Here is...
Make way for the And-I’s. And-I’s are my name for a new phenomenon I’ve noticed in financial services job titles. “And-I” stands for the words “and innovation” tacked on to the end of existing job titles. Your “Head of Digital Banking” is now “Head of Digital...