Institutions within the customer owned banking sector are often viewed as followers rather than innovators. There’s a belief that smaller, community-focused providers are not having as significant an impact on consumers as their bigger, publicly-traded counterparts. But these kinds of assumptions couldn’t be further from the truth. 

Why do so many financial institutions aspire to 100% configurable technology? In our experience, it’s the appeal of maintaining ownership over their platform and the promise of cost savings. But going down that path may actually end up costing more and putting an unbearable maintenance burden on the business.

Last month, Sandstone Technology attended the Future of Financial Services conference in Sydney, staged annually by FST Events. The theme was a compelling one: ‘Pioneering Purpose Driven Innovation and Sustainability to Reshape the Future of Financial Services’.

As digital natives enter the ranks of customers in their droves and challenger banks emerge with ever more attractive offerings, many financial institutions are facing a hard truth: they can’t bank on loyalty if their customer experience is sub-par. We outline some of the new digital experience imperatives in the battle to stop attrition. 

No business today can afford to take their customers for granted. Customer experience has become one of the great differentiators, and leading organisations in the financial sector are already lifting their game.

Banking technology is always on the move. The annual Banking Transformation Summit (BTS) is an opportunity to get some well-rounded perspective on innovation in the marketplace and current thinking at financial institutions across the UK.

It seems like only yesterday that Millennials were the up-and-comers, their digitally-driven behaviours forcing change in the financial industry. Now it’s Generation Z, half of whom are already adults, and all of whom are digital natives. Meanwhile, the Alpha generation – the under 10s – are hot on their heels. 

We’re now in a market, post-Covid, where digital expectations have been pushed to new heights. Digital customer acquisition strategies are more important than ever, but financial institutions (FIs) are still seeing too many application dropouts. 

Even before the events of 2020 pandemic, Australian and New Zealand consumers were embracing banking on the go. A RFI global digital banking study shows that 73% of consumers are using a mobile app to do their banking, with a significant increase of 12% over the past two years. The uptake of mobile banking apps has risen dramatically across all demographics, bringing with it new vulnerabilities.

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.