Banking innovation will be aided by the broad application of artificial intelligence (AI) technologies, which include machine learning, facial recognition, and near-real-time analysis of massive datasets.
An article by Dr Eugene M. Edwards
Technology can be used to reduce the need for project buy-in, and it can also bring new opportunities for banks. By integrating technology into project financing solutions, banks can take advantage of the latest trends and technologies. This can help them improve their lending methods, reduce the risk of default, and increase their revenue.
Reduces the need for buy-in
There are a few simple techniques that help project managers reduce the need for buy-in. One way is to communicate early with key stakeholders. The sooner they become involved, the better. The project team is usually the first to notice an impending change, so they are often the best positioned to convey the impact. However, many project teams are overwhelmed with tasks and don’t take the time to understand the views of key stakeholders.
Communicating project goals and objectives with stakeholders is key to gaining their buy-in. It’s crucial to understand what motivates them. For example, one team member might be motivated by financial rewards, while another may be motivated by work-life balance or career opportunities. To build buy-in, tie the project goals to the values of the stakeholders.
Brings about opportunities for banking innovation
The financial services industry traditionally required a lot of fixed assets, which acted as a barrier to entry for new entrants. However, advances in technology have allowed upstarts to operate almost completely online. One such example is the UK-based neobank Revolut, which has grown to 1.5 million users despite having no customer-facing function. These new entrants are taking advantage of technology to offer better customer experience.
Financial institutions must become agile and ready to pivot when needed to meet the needs of a demanding consumer. Today’s consumers are more sophisticated than ever, and they demand a high degree of customization. This is largely due to changing customer demographics and the growing demand for digitized experiences.
As a result, banks will be able to achieve greater operational efficiencies and eliminate manual processes in the process. They will also be able to automate a range of processes, and replace human decisions with advanced diagnostics. Banking innovation will be aided by the broad application of artificial intelligence (AI) technologies, which include machine learning, facial recognition, and near-real-time analysis of massive datasets.
FinTechs are a major source of disruption for the financial services industry. In the past, financial institutions were wary of FinTech firms and reluctant to surrender control of their customers’ data. However, more banks are now viewing these companies as a viable source of financial innovation.
One such example is the FINCA DR Congo network, which has more than 1,000 agents by the end of 2018. Their agents process over 80 percent of FINCA clients’ financial transactions. As a result, they provide clients with a safer and more convenient access to financial services. Additionally, they do so by eliminating the risk of identity theft.
In addition to AI solutions, a variety of other new technologies are affecting financial services. New technologies are making processes simpler, reducing human error and enhancing customer relationships. They can also make banking processes more profitable by automating a variety of processes.
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