When electricity was invented more than a hundred years ago, it revolutionized society; suddenly people had the exciting, yet challenging task of adapting to a new technology, and a new way of living. Industry was transformed, life was revamped and everything seemed newly possible. Today AI puts us in a very similar position. Just as it is very difficult to imagine households, communications, healthcare and practically every domain of our life without electricity nowadays, in recent years AI has advanced to a point where we can see change of a similar magnitude happening in the not-so-distant future. A change set to refashion industry yet again and mark a turning point in history.
Personal Financial Management (PFM) has evolved greatly since its birth in the early eighties. Originally developed to bring money management into what was then a widespread technological shift to the nascent personal computer age, PFM has since become a sophisticated means of managing your money.
But in its current “visible” guise, PFM is not nearly as innovative as it can be, and it is the “invisible” idea of PFM that is set to overhaul banking as we know it.
In this article, we look at why the unseen PFM is inevitable and why it will be the driving force in transforming banking. Additionally, we look at how banks will evolve to intuitively anticipate their customers’ financial needs as well as scrutinize the major threat that all banks face if they fail to adapt.
Banking is undergoing enormous change, and whilst the bricks and mortar are the same — the banking sector is a money-making business after all — nothing about the design, or the look and feel have any resemblance to the banks that have been and gone.
Approximately 97% of SMEs are micro enterprises, meaning they have fewer than 10 employees, or are sole proprietors, and/or have an overall revenue of below €2m. Whilst they fall under the SME umbrella, their needs are anything but similar and banks are best advised to provide the service their unique set of circumstances require.
There is no doubt that embracing digital transformation is a must to grow and prosper in today’s business world.
Organizations of all types across the globe are striving to find the best talent to help them do just that —especially in the tech space. As if that weren’t enough, with the widespread demand for these positions, most companies are facing significant challenges not only in attracting that talent, but in retaining it.
What is it about that email addressing us personally, or the forgivably misspelled name on the side of a cup at a coffee house that makes all the difference to us? It seems that we, the average consumer, are on a constant search for the personal touch, the antidote for the anonymous and a fulfilling way of reconnecting with others.
Easier perhaps for the coffee house than an international corporation?
How can we expect a global bank of colossal proportions – the usual suspects such as BBVA, Santander, Deutsche Bank or Citi - to have a one-to-one conversation at customer level? Given that the branch is increasingly a thing of the past, surely it’s becoming more difficult, as opposed to easier, to give the end-user what they want?