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2018 CUSTOMER EXPERIENCE TRENDS IN BANKING AND FINANCIAL INSTITUTIONS

By Shashi Nirale, SVP and GM, EMEA at Servion Global Solutions
The BFSI industry has been in the center of disruptive changes in recent years, and they are poised for another transformative year in 2018; especially, on their customer engagement front. The industry will leave behind traditional banking methods and go on to embrace digital transformation. Successful banks will realign their strategy and invest in technology that can automate processes and drive more meaningful conversations with tech-savvy customers.
Here is a forecast of trends that are likely see to an early adoption in 2018 to strengthen customer experience.
Embracing Open Banking
Open banking, also known as Open Bank Data, will be the latest innovation of financial technology that banks will adopt. The customers are already rooting for it. This involves the usage of APIs to allow customers to switch and carry on transactions from one bank to another. This Banking-as-a-Service model (BaaS) will encourage banks to be transparent about their service offerings. It also allows customers to switch between accounts and avail a more personalized service at a considerably lesser cost. By factoring this innovation in their technology investment plans, banks will be in a position to increase customer satisfaction and drive maximum loyalty from them.
Expansion of Digital Economy
The ongoing advancement of Digital Economy will go full steam ahead this year. New digital initiatives will offer online financial services to the growing crowd of people using mobile apps. Banks will make a move to gradually replace their legacy systems, in addition to infrastructure changes required to be future-ready and millennial- friendly. The adoption of Bitcoin currencies will be widespread, and its demand will keep rising. The cryptocurrency payments are already the acceptable mode of payments in a few countries. Safe to say that with proper regulation, we will be moving towards a cashless society.
Simpler and Highly Secure Authentication
Biometric-based customer recognition created from fingerprint, retina, iris, voice, and face will rise as a preferred authentication two-way verification process. Currently, customers require multiple levels of a password to ensure their financial wealth and identity remains safe. This will slowly change in 2018. Banks will embrace advanced biometrics authentication methods to improve customer identity management along with mitigating the risk of security breach. However, by using multifactor biometric authentication the security levels can be stacked up higher making it extremely difficult for fraudsters to imitate true users.
Digital Personal Financial Management
2018, will be the year where customers will want to employ Digital Money Managers. It will simplify money management for the average Joes by offering spending insights, budgeting recommendations, tools and overall guidance for those who need to manage their wealth on the go. Banks can benefit by offering personalized digital finance management assistance, which in turn, will strengthen the customer-bank relationship and unveil new sales opportunities. To make it successful, banks need to be proactive and help their customers make smart financial decisions.
Banking on the Cloud
The cloud has evolved from being a hesitant ‘should we?’ to a confident ‘yes, we must’ technology for the BFSI industry. Going pro-cloud opens up a lot of benefits, including exponential cost reduction. Global accessibility, ease of deployment, scope to build new applications and test it out on-premise are some of the best of the rest that comes along with cloud adoption. In 2018, the cloud will become increasingly secure by committing to rigorous security monitoring. This has been a barrier that hindered the adoption of cloud in 2017. Next year, this will all set to change
Growing with Artificial Intelligence
It is clear that Artificial Intelligence (AI) is revolutionizing the BFSI sector for good. This will only continue to boom in 2018, as well. Chatbots and virtual assistants will lead the change for delivering outstanding customer experience through increased self-service and
and improve security of critical financial data.
Going Big with Big Data & IoT
Big Data has enabled the banks to embrace the Internet of Things (IoT) with open arms. It can open up cross-selling possibilities for financial services, including insurance covers. Big data can leverage customer insights to offer a more personalized and proactive experience. By investing in right IoT technology and integrating with Big Data, it allows ease of transactions in an interconnected world.
In 2017, some of these predictions were just buzzwords. In the coming year, they will be major investment areas for BFSI. They will increasingly go digital in all areas possible. 2018 will be challenging in converting these predictions into action. The success of this will largely depend on the speed of execution and the overall value they offer their customers. To stay on top of competition they need to be on the top tier of financial technology innovation.
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U.S. inauguration turns poet Amanda Gorman into best seller

WASHINGTON (Thomson Reuters Foundation) – The president’s poet woke up a superstar on Thursday, after a powerful reading at the U.S. inauguration catapulted 22-year-old Amanda Gorman to the top of Amazon’s best-seller list.
Hours after Gorman’s electric performance at the swearing-in of President Joe Biden and Vice President Kamala Harris, her two books – neither out yet – topped Amazon.com’s sales list.
“I AM ON THE FLOOR MY BOOKS ARE #1 & #2 ON AMAZON AFTER 1 DAY!” Gorman, a Los Angeles resident, wrote on Twitter.
Gorman’s debut poetry collection ‘The Hill We Climb’ won top spot in the online retail giant’s sale charts, closely followed by her upcoming ‘Change Sings: A Children’s Anthem’.
While poetry’s popularity is on the up, it remains a niche market and the overnight adulation clearly caught Gorman short.
“Thank you so much to everyone for supporting me and my words. As Yeats put it: ‘For words alone are certain good: Sing, then’.”
Gorman, the youngest poet in U.S. history to mark the transition of presidential power, offered a hopeful vision for a deeply divided country in Wednesday’s rendition.
“Being American is more than a pride we inherit. It’s the past we step into and how we repair it,” Gorman said on the steps of the U.S. Capitol two weeks after a mob laid siege and following a year of global protests for racial justice.
“We will not march back to what was. We move to what shall be, a country that is bruised, but whole. Benevolent, but bold. Fierce and free.”
The performance stirred instant acclaim, with praise from across the country and political spectrum, from the Republican-backing Lincoln Project to former President Barack Obama.
“Wasn’t @TheAmandaGorman’s poem just stunning? She’s promised to run for president in 2036 and I for one can’t wait,” tweeted former presidential candidate Hillary Clinton.
A graduate of Harvard University, Gorman says she overcame a speech impediment in her youth and became the first U.S. National Youth Poet Laureate in 2017.
She has now joined the ranks of august inaugural poets such as Robert Frost and Maya Angelou.
Her social media reach boomed, with her tens of thousands of followers ballooning into a Twitter fan base of a million-plus.
“I have never been prouder to see another young woman rise! Brava Brava, @TheAmandaGorman! Maya Angelou is cheering—and so am I,” tweeted TV host Oprah Winfrey.
Gorman’s books are both due out in September.
Third on Amazon’s best selling list was another picture book linked to politics and projecting hope: ‘Ambitious Girl’ by Vice-President Kamala Harris’ niece, Meena Harris.
(Reporting by Umberto Bacchi @UmbertoBacchi, Editing by Lyndsay Griffiths. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers the lives of people around the world who struggle to live freely or fairly. Visit http://news.trust.org)
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Why brands harnessing the power of digital are winning in this evolving business landscape

By Justin Pike, Founder and Chairman, MYPINPAD
Delivery of intuitive, secure, personalised, and frictionless user experiences has long been table stakes in digital commerce, well before the era of COVID-19. As businesses harness the revolutionary power of digital technologies, they have pursued large-scale change to adapt to evolving consumer preferences (some more successfully than others, but that’s a blog for another day). Digital transformation is a term we hear repeatedly, and it looks different for each organisation, but essentially, it’s about utilising technology and data to digitise, automate, innovate and improve processes and the customer experience across the entire business.
As I said, this was already well underway but then came 2020 and no industry escaped the disruption of the coronavirus outbreak, which has had an indelible impact on businesses performance, operations, and revenue. Regardless of whether the impact of COVID has been very positive or very challenging, it has forced organisations globally to re-evaluate and re-orient strategies to adapt.
As lockdowns and pandemic-related restrictions continue to change daily life, this raises the question of how we can balance a dramatic shift to digital and the benefits it brings, while ensuring business continuity and innovation both during and post-COVID, and protecting everyone against fraud?
Digital is an essential survival tool, and even more so in a COVID world
No one could have predicted the dramatic digital pivot that has taken place over this year. Indeed, within weeks of the COVID outbreak cash usage in the UK dropped by around 50%. Digital solutions including delivery applications, contactless payments, mobile commerce, online and mobile banking have become essential components of a touchless customer experience in the era of social distancing. It’s no longer just about an enhanced and superior customer experience, it’s also about health, safety and survival.
In store, businesses have benefited from contactless payments enabling faster throughput and reduced need for consumers to touch payment terminals (therefore requiring greater cleaning, which degrades the hardware much faster). Mastercard reported a 40% increase in contactless payments – including tap-to-pay and mobile pay – during the first quarter of the year as the global pandemic worsened. Digital has also become an essential sales channel for many B2C brands. Where brick and mortar stores have been required to close, digital commerce enables continuity of customer relationships and revenue. This channel also provides brands with rich customer data, which can be used to enhance and personalise the customer experience and typically results in greater levels of engagement and uplifts in revenue.
Industry forecasts estimate that worldwide spending on the technologies and services enabling digital transformation will reach GBP 1.8 trillion in 2023 – a clear indication that the process represents a long-term investment and a global commitment to digital-first strategy. The key point here is that digital brings significant benefits, and regardless of COVID, is here to stay.
The challenges that rapid digital transformation brings to businesses

Justin Pike
Regardless of whether businesses are operating in developed or less-developed economies, these times of crisis have levelled the playing field in the sense that all businesses are facing similar issues. Access to products and supplies, maintaining customer relationships, accelerating sales for some and declining sales for others, health and hygiene are just a few of the unique challenges brought about by COVID.
Many businesses in physical environments have had to swiftly implement changes to significantly reduce safety risks for staff and customers, such as contactless payments, mobile ordering and delivery options. But with these changes come a host of other benefits of digitisation, such as faster transactions, and reduced human error at the point-of-sale.
The reliance on technology, however, can also expose organisations and consumers to certain vulnerabilities. In particular, the risks of fraud and cybercrime have dramatically increased since the onset of the pandemic as scammers have taken advantage of digital technologies to target both businesses and individuals.
As a McKinsey report illustrates, new levels of sophistication in the activities of fraudsters have placed more pressure on companies that have been previously slow to go digital, bringing “into sharp relief how vulnerable companies really are”, and damaging the financial health of small and large businesses. In fact, the Bottomline 2020 Business Payments Barometer reveals that only one in 10 small businesses across the UK report recovering more than 50% of losses due to fraud.
But take these stats with a grain of salt. While it is important to be aware of the risks and challenges this new business landscape brings, it’s equally as important to have a lens firmly across your own business, industry and audience, and to identify the changes you can make internally to mitigate risk as well as improve your customer experience. Where can you make some quick wins? Do you have the right skillsets internally to achieve what you need to achieve? What technology is out there that will enable your business goals? There are tech companies like MYPINPAD that are making huge strides in software development, which will transform businesses globally.
A digital world post-COVID
Almost a year in, the line between business success and failure remains fragile. However, an ongoing transition towards greater digitisation will be the difference between survival and the alternative.
There is a wide range of initiatives businesses can implement to weather this storm. If we look at the space MYPINPAD operates within, secure digital consumer authentication is crucial to the ongoing success and security of not only financial products but also identification and verification across a range of different industry verticals. Shifting the authentication of consumers securely onto mobile devices enables businesses to completely reshape their customer experiences. By bringing together a more seamless, frictionless customer experience, accessibility, privacy, security and access to consumer data, businesses are able to drive digital transformation across day-to-day activities.
Against this backdrop, software with stronger security standards continue to play an ever more vital role in supporting society, protecting consumers and businesses from the increase in risks that rapid digitisation brings. Already, merchants can deploy PIN on Mobile technology from companies like MYPINPAD, onto their smart devices to speed up the digitisation process many are now tackling.
Essentially, opening up universal payments and authentication methods that feel familiar, for both online and face-to-face transactions, will be key to opening up a world of possibilities when it comes to redefining how businesses engage with consumers.
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Brexit responsible for food supply problems in Northern Ireland, Ireland says

LONDON (Reuters) – Food supply problems in Northern Ireland are due to Brexit because there are now a certain amount of checks on goods going between Britain and Northern Ireland, Irish Foreign Minister Simon Coveney said.
British ministers have sought to play down the disruption of Brexit in recent days.
“The supermarket shelves were full before Christmas and there are some issues now in terms of supply chains and so that’s clearly a Brexit issue,” Coveney told ITV.
The Northern Irish protocol means there are “a certain amount of checks on goods coming from GB into Northern Ireland and that involves some disruption,” he said.
(Reporting by Guy Faulconbridge; Editing by Tom Hogue)