JULY 20166Copyright © 2016 ValleyMedia, Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.JULY - 2016Mailing AddressValleyMedia, Inc.44790 S. Grimmer Blvd Suite 202, Fremont, CA 94538T:510.402.1463, F:510-894-8405 JULY - 2016, volume 02 - 04 Published by ValleyMedia, Inc. To subscribe to Banking CIO OutlookVisit www.bankingciooutlook.com Editorial StaffSalesT:510.556.2627RETAIL BANKINGBrian Thomasbrian@bankingciooutlook.comVisualizerMatt RyderManaging EditorJames RobertsonConsumers have upped the ante. The constantly changing expectations of consumers are putting banks in a precarious position. Tough competition, new technology, changes in customer behavior, and stringent regulation are forcing banks to play catch-up. It is now time to reinvent banking or risk falling behind.Next generation financial firms are breaking the norm by adopting latest technology, implementing novel practices, and better catering to customers whose lives are becoming increasingly influenced by mobile phones. Such efforts are closing the gap between the fintech hype and tangible production-level implementation. From biometrics and big data to mobile payments and real-time initiatives, a major shift is around the corner. While this change will not be immediate, significant progress can be observed with the `platformification' of banking where fintechs and banks complement each other, rather than compete. Particularly, fintech firms with innovative and specific use case solutions that drive phenomenal results for banking customers will be at the forefront of this new era.Alongside this radical shift, leading to the emergence of banking platforms, making big data actionable is of high priority on the `to-do' list of banks. Capturing and utilizing consumer insights is a key differentiator for firms intending to build new relationships. According to reports, over 90 percent of financial institutions in the U.S. believe "successful data initiatives will determine the winners of the future." Regardless, there is still more to go before the banks completely understand how leveraging data can help them serve customers better. Having access to data and the technology to extract insights alone is not sufficient, financial institutions need to be able to provide real-time recommendations based on changes in a customer's financial profile. The days of banks waiting for customers to walk into a branch are behind us. Financial institutions are now striving to engage customers at every stage of their purchase journey.As banks step up their game and continue to partner with fintechs, while rolling out mobile wallet applications and turning to blockchain for security, Banking CIO Outlook presents a special edition on Retail Banking. Featuring insights from industry thought-leaders and highlighting innovative technology solutions, we hope this edition complements your journey of transforming the retail banking experience for customers.`Platformification' of BankingJames RobertsonManaging Editor editor@bankingciooutlook.comAaron PierceAva GarciaJade Ray EditorialAlex D'SouzaEileen SinghJoshua Parker
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