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Sandstone Technology

Recent Posts

Banks feeling the pressure with big approval delays: how digital onboarding and banking automation can relieve the pressure

Posted by Sandstone Technology on Jun 7, 2021 12:03:03 PM

In the first half of 2021, Australians have experienced a major bottleneck in loan application approvals. Lenders continue to struggle as a hot residential property market fuels consumer demand, and as businesses seek to finance a strong recovery post COVID.

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Topics: Digital Banking, Featured Origination

7 digital banking solutions to help retain and acquire SME customers

Posted by Sandstone Technology on Apr 26, 2021 10:27:00 PM

During the pandemic, at a time when many SMEs needed their banks’ support the most, they were let down by a major service gap. Outdated digital banking solutions are a big part of this ongoing problem. 

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Topics: Digital Banking, Featured SME

5 Reasons Why Banks Urgently Need Intelligent Document Processing

Posted by Sandstone Technology on Apr 14, 2021 12:33:19 PM

Finally - banking technology and big data are high on the agenda for financial services C-suites. 

As big data becomes a fact of life for both consumers and banks, it introduces new avenues for creating revenue streams. Banking leaders recognise that the capability to extract and use data held within their business operations - and to automate document processes in their value chain, give tremendous competitive advantage.

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Topics: Featured AI and Machine Learning

Financial wellbeing beyond 2021 for banks and their customers

Posted by Sandstone Technology on Feb 8, 2021 3:51:12 PM

The COVID-19 pandemic has left Australia in an environment of low interest rates and reduced stability in earnings caused by government-imposed lockdowns, strategic business changes such as operations, budget cuts and redundancies that affect daily operations and budgets and employment, as well as changes in economic trends; these trends majorly affecting sectors including travel, finance, brick and mortar retail and hospitality, with flow-on effects within the broader economy.

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Topics: Digital Banking, Featured Financial Wellbeing

Banking's competitive landscape - what can smaller banks do to thrive

Posted by Sandstone Technology on Jan 29, 2021 11:39:20 AM

With competition emanating not only from fintechs but also leading technology companies, it has become extremely difficult to grow or even maintain margins. The banks have the advantage that they have the customer base, however the advancement in technology is reducing the barriers to offer different financial products by fintechs and technology companies. We have already seen the proliferation of a variety of players in the payments space offering digital wallets, merchant services, payments rails, for example. PayPal, Square, Stripe, etc. The same is happening within the credit space with buy now pay later firms popping up, technology companies like Apple offering cards and even retailers offering their own credit facilities, thereby eating into the margins of the banks. Even Google has plans to introduce checking and savings accounts in tie-ups with banks. Smaller banks, at times are further disadvantaged especially in terms of funding available to invest in technology and innovation.

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Topics: Digital Banking

The role of AI in in financial services

Posted by Sandstone Technology on Jan 23, 2021 4:30:00 AM

Whether it is personalised content on your social media feeds, instructing Alexa to change the song or using FaceID to gain access to encrypted details on your smart phone, Artificial Intelligence (AI) is something we can no longer ignore and in some cases, we can’t imagine living without it.

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Topics: AI and Machine Learning

Heraclitus, Machine Learning and the Heavy Outlier

Posted by Sandstone Technology on Nov 17, 2020 11:21:33 AM

In the machine learning, at least for some classes of problems, a predictive model is built based on training the dataset where the outcome is known, and the same model is then used to predict the outcome from actual input data. The model may be further refined when larger numbers of data with known outcomes are available, or in a continual fashion, when a 'training' occurs on an incoming data for which the current model has failed to predict the correct outcome. I.e. the data point that has been 'trained' enlarges the training dataset thus occasioning the model to be rebuilt considering one more datum points with known outcomes, than was previously available.

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Topics: mobile and digital banking

The impacts of Covid-19 on the mobile and internet banking landscape

Posted by Sandstone Technology on Oct 14, 2020 4:20:40 PM

Covid-19 has significantly transformed our lifestyle on multiple fronts. From the way we do our professional work, go about our daily responsibilities to planning or managing finances, we all have been pushed to adopt digital technologies. ATM cash withdrawals and footfall at physical bank branches are down, whereas e-commerce and contactless payments have increased significantly. A recent article in the Sydney Morning Herald, pointed out that the ATM usage in recent months has plunged by about 40% in volume compared with last year, while branch traffic fell about 50% from February to April. Contactless payments, in contrast, are up about 65% in value. Australians are showing a greater preference for contactless payments during the Covid-19 pandemic, according to debit card provider Eftpos which is claiming 400% growth of its mobile payments business.

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Topics: Digital Banking, Financial Wellbeing

Is the world ready for global data standardisation?

Posted by Sandstone Technology on Sep 21, 2020 11:58:58 PM

Imagine if all financial data could be moved around like trains with pre-defined carriage content on a standard gauge.

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Topics: Data & Open Banking

The importance of digital banking in the digital age

Posted by Sandstone Technology on May 26, 2020 8:44:45 PM

All banks and financial institutions have a Digital Banking platform these days. But does yours just cover the basics?
Or have you realised the fast-growing importance of this channel for your customers and your bank’s future?

Increasingly, it’s the channel your existing customers choose to interact with you in. And as the digital native generation reaches adulthood and the workforce, it will be the only channel they’ll use – to research, apply and use their banking products and services.

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Topics: Digital Banking