On Jun. 17, UK FB blogged on banking automation strategies webinar.
UK FB blog post Automation strategies in banking reported on its participation in a webinar held on May 23, 2024, which included a panel discussion on this topic.
Follows UK FB Jun. 2024 blogged on increasingly important role of data, see #215333.
Summary
Named top challenges and opportunities included adopting new tech for streamlined processes and staying compliant with widening regulatory responsibilities; preparation, the right technology, proper management, automating as early as possible are key.
Vital to integrate new tech with legacy platforms and across an entire organization; customer information, data protection, cross-border trading compliance are also key.
Recommendations included engaging senior management in replacing legacy systems, due to the complex governance required, plus iterative development, rigorous testing.
API investments aimed to cut reliance on outdated tech and manual data entry, cross-border payment, and for meeting legal obligations, e.g. on international sanctions.
Internal APIs can reduce the time taken to resolve customer inquiries to seconds.
External vendor criteria: financial stability, security, integration, GDPR-compliance, plus onboarding, training, customer support, managing upgrades, dedicated data teams.
UK FB said banks are 'becoming tech companies', throughout their entire process.
