OCTOBER - 20196The new-age consumer, mainly belonging to the Gen Z age group, is moving money in ways that bypass traditional financial institutions. Digitization, emerging technologies, and customer-centric offerings represent important priorities for retail banks as they are under pressure to function more like fintech or face a reduction in market share. An upcoming trend in retail banking will be the move toward open banking and ecosystem banking. Several critical factors, such as the increasing acceptance of open APIs by banks and fintech companies, will enable this change. At the same time, data-driven artificial intelligence and machine learning will also allow banks to translate data into insights that can be applied in real-time decision making. For instance, the time taken to approve loans can be reduced from days to hours. Soon, AI-enabled chatbots will be able to mimic human conversation with the helpful insights drawn from consumer data. In addition, banks can utilize biometrics and facial recognition to implement online approvals without ever having to visit a branch in person. Such developments will improve overall customer experience, and at the same time, promote a bank's operational efficiency. Staying ahead of such changing customer expectations and preferences is the current focus in the retail banking industry. Since this pace of change is expected to quicken, financial institutions must start now to implement essential strategies. At this junction, Banking CIO Outlook presents its retail banking edition featuring insights from industry thought leaders and solutions from innovative technology providers. We hope this edition helps prepare you for the challenges of tomorrow.Let us know your thoughts. Copyright © 2019 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.Contact Us:phone:510.402.1463Fax:510-894-8405Email:sales@bankingciooutlook.comeditor@bankingciooutlook.commarketing@bankingciooutlook.com OCTOBER - 17 - 2019, Volume 05 -14 (ISSN 2644-2418) Published by ValleyMedia, Inc. To subscribe to Banking CIO OutlookVisit www.bankingciooutlook.com Editorial StaffSalesT:510.402.1464Sebastian Jacobsebastian@bankingciooutlook.comVisualizerJaxon JaseIssac GeorgeManaging EditorJames RobertsonTechnology Driving Better BankingJames RobertsonManaging Editor editor@bankingciooutlook.comCarolynn WaltersJustin SmithJoseph MichaelEditorialKenneth ThomasRussell ThomasPaul Barber*Some of the Insights are based on the interviews with respective CIOs and CXOs to our editorial staff
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