December 20188IN MY OPINIONReshaping the Banking ExperienceBy Sangy Vatsa, EVP & CIO, Comerica Bank [NYSE:CMA]Current Pain PointsOne of the major tasks for CIOs is to methodically start increasing their share of mind and drive controlled operational and transformational shift through a culture of continuous experimentation, constructive disruption, and ongoing focus on talent and culture development. At the `2018 Detroit CIO Executive Leadership Summit', I spoke about tri-modal digital leadership, a neologism to create awareness about three core priorities for every CIO to focus on--operate, transform, and disrupt. This can essentially help every business harness partnership with other business units to ensure operational efficiency, and constructively disrupting their business before others do it to them.Keeping pace with technological advancements, customers want to consume products that emotionally connect with them, and it's the creators of these products who have to fulfill this requirement. Now that we have the strategic advantage, Comerica Bank plans to actively start partnering with the Fintechs, leaving no opportunities to innovate in the realm of banking technology. When we deploy a cloud strategy or applications, it includes innovation coming from the cloud and security vendors to deliver the most secure solution.Latest TrendsBased on my assessment, four of the following digital trends are influencing the banking industry:1. Frictionless Digital Banking: It's the ability to execute most of the banking services from a customer's digital device of choice in a paperless way and minutes versus hours and days. Digital banking carves a way for consumers to use the banks for high-value transactions and allows organizations to nurture relationships with their customers. As a result, we are planning to carry out paper-free real-time payments for customer acquisition.2. AI-based Robots: This is a collaborative effort between the software robots and humans to offer exemplary services. We have built a solution for a retail contact center where certain emails are being answered by robots in seconds, which eliminates a day's delay Leveraging an API approach, we are in a position to actively partner with the startup businesses to benefit from the value creation opportunitiesSangy Vatsa
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