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Banks are changing dramatically amid an avalanche of regulatory change and widespread debt reduction. They will be safer and, sadly for users of bank services, costlier as a result. Yet all of this may soon seem somewhat irrelevant, because technology could transform the way banking works far more profoundly.
Banking is very ‘digitizable’. Cash is the only part of the industry that is inherently physical and that is a tiny part of what a bank does. The rest is really about transferring and modifying property rights and information of various sorts, all of which can be digitized.
Banks are next in line
Of course banks have invested huge sums in technology – automating processes and enabling customers to bank online – but we haven’t yet seen the fundamental transformation of business models that have taken place in other sectors, such as music.
It will happen, and when it does it will have a huge impact.
Some of the consequences are clear from other industries. Intermediaries disappear or get marginalized unless they discover new ways of adding value.
Look at what has happened to recorded music companies or bookshops. Banks are the primary intermediaries of the financial world, so their margins will fall unless they reinvent what they offer their customers and how they work.
Winners take it all
In the digital analytics world, things work differently. Scale and network effects drive competitive advantage. Winners tend to take all, as Google and eBay demonstrate. Discrete products get turned into bundled services. Customers of Spotify, a music service, do not buy recordings of individual songs – they buy a subscription to a cloud-based archive.
Perhaps surprisingly, the transparency of the Internet doesn’t always lead to the disaggregation of bundles and the disappearance of cross-subsidies. Things get pulled apart and put together in different ways. Monetisation, costs and customer value can be even more often disconnected than in the physical world.
New business models will emerge, as we have already seen: Lending Club’s peer-to-peer model is changing personal lending. Some will thrive, many will fail.
Banking will get cheaper
Above all, customers will benefit enormously. Greater transparency will mean better prices for customers. Digital analytics delivery will mean never having to go to a branch. More information and more flexible service configurations will put the customer in control.
Why is it happening so slowly compared to other industries? Part of the answer lies in the banks themselves. Contrary to what many believe, banks are extremely risk-averse. They don’t like failing, and it’s almost impossible to innovate unless you are prepared to fail. In a context where trust is so important, and where there’s increasingly little tolerance for any kind of failure, that’s extremely difficult.
...it’s almost impossible to innovate unless you are prepared to fail."
But regulation is an even more powerful impediment – and not only because ‘financial innovation‘ is a four-letter word in banking supervision circles. Technology-driven innovation that leads to big winners and big losers, that replaces established products with flexible service bundles, that overturns established business models and blurs the boundaries of banking, and that sometimes fails to deliver quite what was intended, doesn’t fit well with today’s regulatory zeitgeist.
Real innovation needs to happen
To be fair to the regulators, it’s not like banks are straining at the leash. Mostly they’re investing in technology to meet ever-increasing regulatory demands, or to reduce costs. There’s relatively little investment in real innovation that offers major changes in customer experience; and the prevailing ‘zero tolerance’ environment is toxic to new ideas.
Moreover cyber-security and privacy issues are becoming ever more acute. The more finance becomes digital analytics, the more important it is to prevent intrusion, disruption and digital analytics theft.
Yet, despite such challenges, and whether they like it or not, banks and their regulators are going to have to embrace technology-driven innovation. Otherwise it will simply happen by stealth, driven by players outside the industry. We have already seen examples such as M-Pesa, the mobile payments solution pioneered in Kenya, the ubiquitous Paypal, or most recently, Bitcoin – the online currency.
We should be making banks better
Given the scale of customer benefits, and the scope to seize competitive advantage, there are huge prizes for those who can innovate successfully. Too much of the debate about banking is about not repeating the mistakes of the past. We risk missing the opportunity to make banks much better in the future.
We’re stepping up the pace of innovation at the bank I run: generating more ideas, implementing them more swiftly, being quicker to discard the ones that don’t work. By making everything digital analytics, exploiting the power of Big Data and the ubiquity of mobile communications, we see huge opportunities to enhance the value to our customers, to increase efficiency and to manage our risks more effectively.
The upsides are huge, and the downsides are stark. That’s why accelerating technology-driven innovation is a top priority.
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With over 10 years experience working solely in the Data & Analytics sector our consultants are able to offer detailed insights into the industry.
Visit our News & Blogs portal or check out our recent posts below.
When Ford first introduced the assembly line, he could only imagine how it would affect the automotive industry. But what about how it could affect supply and demand within the life sciences industry? Automotive and similar factories have been converted before to help build items most needed. Not the least of which, today, is to help supply those in the life sciences industry with the PPE and medical devices they need. Demand is high. Supply is not. Enter blockchain technologies. As health systems become overburdened and disruptions to ‘normal’ life occur on a global scale, it’s important to ensure critical resources are prioritized. So, what can businesses do to help ensure supply and demand are met in not only these critical times, but for the future. FIVE WAYS TO ENSURE SUPPLY MEETS DEMAND When it’s difficult to supply even the most in demand products, it’s time to take an assessment of various scenarios. These scenarios can help leaders predict what and when they’ll need certain products and critical items. Assess your scenario within the framework of increased disruption.What are your capabilities?Identify the most immediate needs to meet, any risks to be aware of, and take action.Determine any structural changes you’ll need to make.Prepare to pivot. Be aware you may be in a continuous cycle of determining risk, assessing where you are and need to go, any configurations you’ll need to make to get there, and any operational procedures to improve and move forward. By assessing, prioritizing, and visualizing, companies are able to craft a clearer scope of vision. The scenarios created can offer insight into key pieces of planning to help mitigate disruptions of supply chain processes. This crisis will have long-lasting effects and implications from how we work to how we assure supply and demand. It’s in these strange crosshairs, the life sciences industry finds itself at the center of this pandemic, and at the same time is the life force which has given blockchain technologies fuel to improve. No matter where you are on the spectrum of supply chain technology, there is calculated risk to every decision. Just because we’re easing restrictions now, doesn’t mean there won’t be an about face in the next few months, and what companies do between now and then is critical. Supply is already short. Now is the time to take immediate action to help mitigate risk for patients, providers, your clients, and your communities WHAT TO DO NOW AND HOW TO PREPARE FOR THE FUTURE The scale of risk is unlike any leaders have seen in recent years. Its speed adds to the uncertainty as numbers rise, decisions change, and most are left wondering what’s next. Businesses who respond quickly and confidently can help to alleviate some uncertainties, but can craft a plan crucial to understanding the complexities of blockchain within the industry. Strong data, analysis, predictive modelling can help to anticipate any further or potential disruption. Taking these steps can help make businesses more resilient in the future and also help them manage future challenges. It’s integral to have strong, responsive, and resilient risk management capabilities. To do this, your business will want to ensure their capabilities are technology-led platforms which support analytics, machine learning, and artificial intelligence. Whether you’re mitigating risk, preparing an assessment, or determining your capabilities, it’s important to ensure you’re transparent. We are all in this together. Even in business. Transparency builds trust as does assuring supply and demand by mitigating risk. It’s these things which will soon become the basics of business protocols. Business processes have shifted online, looking for your next job has become more daunting than ever before. But here’s the good news. Leaders, hiring managers, recruiters, and prospective employees are all navigating a new way of doing business and finding talent to keep those businesses running. In the wake of work-from-home policies, remote working, and the shifting landscape of working outside the office, technology careers are prime opportunities to both gain increased knowledge in your chosen field or begin your career path. If you’re interested in Big Data & Analytics professional opportunities, check out our current vacancies or contact one of our recruitment consultants to learn more. For our West Coast Team, contact us at (415) 614 - 4999 or send an email to firstname.lastname@example.org. For our Mid-West and East Coast teams contact us at (212) 796-6070 or send an email to email@example.com.
28. May 2020
In the race to develop tests and create vaccines, the Life Sciences have become leaders within the Data industry. Working in tandem with a variety of sources such as human capital, blockchain, Data, and Analytics professionals to get help delivered to where it’s needed most. This remains a critical time for the Life Sciences. As we work to flatten the curve and take steps to reopen the economy, the Life Sciences industry is also helping to empower the workforce for the foreseeable future. For many businesses, this means allowing remote working either through the end of the year or indefinitely. The ability for those in the Life Sciences industry to collaborate remotely widens the availability and offers more virtual engagement for patients, providers, and researchers without risk of contagion. There are four key areas in which companies can focus their efforts: Strengthen and empower your workforce and business community.Ensure demand meets supply.Leverage your Data to advance how patients are treated.Ensure technologies and processes are in place to virtualize patient/provider engagement. We’ll look at each of these over the next few weeks. So, how do you empower your workforce, build your community, and ensure continuity for your business? First, determine how you might best attract and retain talent for the problems to solve now and in the future. Five Ways to Ensure Workplace Flexibility for the Future Enable your employees to work remotely through digital, virtual, and collaborative technologies.Build a transparent culture through meaningful connection between healthcare providers, patients, partners, and vendors. Make sure everyone’s on the same page at every stage.Innovate new ways to interact through digital means and encourage business continuity through remote work, virtual AI to assist with customers, and evolve connections to meet strategic objectives.Widen your scope to collaborate across geographies at a global scale.Automate when possible to expand detection and response Life Sciences Brands Set New Standards for the World of Healthcare The sudden and long-lasting impact of COVID-19 requires brands to move more quickly than ever before to best serve their customers. It’s imperative customer operations offer quality, caring, and compassion particularly within the healthcare and by design Life Sciences industry. In order to offer the best care and treatment, Life Sciences brands must use the Data and Analytics information they’ve acquired from healthcare records, researchers, and more to ensure quality care for both customers and employees. In times of uncertainty and fear, leaders must make informed, swift decisions. Trust is paramount is work, research, customer and employee relationships move to and remain online rather than face-to-face. While our collective emotional state adds to the challenge, it also offers new opportunities to be forged. The work-from-home model is dependent on having the right secure technology. Employees and businesses need to feel as secure working from home as they would in an office environment. To create this experience and build trust, implementing networking infrastructures will be more important than ever before. Put People First As important as secure technologies, solid networking infrastructures, and customer care are, the number one priority to ensure you can meet each of these is to care first and foremost, for your workforce. It’s this caring which will enhance your efforts allowing for business continuity as you also care for your customers. We are all in unchartered territory these days, but leaders who put their employees first are building another level of trust. Understanding the unique intensity of caring for family members and managing wellness as well as navigating increased workloads for some of their employees may seem untenable. But when your workforce is armed with the latest information, assurance of frequent communication, and the chance to celebrate small wins and jobs well done, the people you care for will care for your business. Business processes have shifted online, looking for your next job has become more daunting than ever before. But here’s the good news. Leaders, hiring managers, recruiters, and prospective employees are all navigating a new way of doing business and finding talent to keep those businesses running. In the wake of work-from-home policies, remote working, and the shifting landscape of working outside the office, technology careers are prime opportunities to both gain increased knowledge in your chosen field or begin your career path. If you’re interested in Big Data & Analytics or other Data professional opportunities, check out our current vacancies or contact one of our recruitment consultants to learn more. For our West Coast Team, contact us at (415) 614 - 4999 or send an email to firstname.lastname@example.org. For our Mid-West and East Coast teams contact us at (212) 796-6070 or send an email to email@example.com.
21. May 2020
Small business. Big business. From Amazon to Zoe’s Restaurant, everyone has taken a hit during the pandemic. Some are closed indefinitely while some have been retrofitted to make masks, ventilators, or have even become makeshift labs to find a vaccine or a cure for the coronavirus. But what’s one thing all these businesses have in common? The need for marketing. We’ve all had emails assuring us our favorite business is doing their part to flatten the curve. Others might explain they’re refocusing or redoubling their efforts to support front line workers, but they’ll return to business when they can, and small enterprises? Every sale is a bonus for them as they struggle to make ends meet and stay in business. So, what are some ways that Marketing Analytics are helping these businesses both big and small plan for the future? They’re making use of marketing analytics. Shift Strategies. Build Community. It’s a virtual business world, but that doesn’t mean you should stop marketing, or that your customers aren’t still around. By showing you care about your customers whether it’s taking steps to sanitize surfaces or offering high-value content. By shifting strategies from outbound to inbound, it’s giving your customers a chance to window shop, browse, and consider before buying. Whether they’re having to be cautious about their finances or not, how you present yourself to them, keeps them around for the long haul. Being there for your customers shows them you appreciate them and care about them. And that you’re not just about the sale. This is the virtual handshake which keeps your customers coming back and gives them something to look forward to in the future. Show Support. Express Solidarity. This is for both your employees and your customers. When you show support and express solidarity from within your company, it speaks volumes to your customers. These are trying times for everyone, if you must close your doors, be clear in your communications. Be honest and explain what’s happening, if and when you hope or expect to resume operations, and stay positive. Niche Market Analysis Determine who your customers are and how they might react in times like these. How they react can determine what you do next and how you do it for your business? As much as you should have an overview of your demographics, it’s also important to take a deeper dive. Knowing this information can help you plan the most effective marketing strategy for the future of your business. This kind of raw Data offers a wealth of information and resources to help you best analyze your information. Gather Data. Track. Analyze. This can help you get an overview of what’s working, what isn’t, and how you can pivot based on your customer’s needs. This time is an opportunity to assess, reassess, and pivot if needed to determine what works best for you and your customers. From here, you can refine your strategies, get creative in your ideas, test, and track. Remember, Marketing is a process. Marketing is a long game. Have patience. Be consistent. While the fruits of your labors may not be immediately felt, customers may feel of a sense of normalcy knowing you’re with them during this pandemic. Everyone’s in the same boat. We’re all in this together. Whether you’re a business on the front lines or have to close your doors for a while, using these strategies help not only your customers have something to look forward to, but you as well. As business processes have continue to shift online, looking for your next job has become more daunting than ever before. But here’s the good news. Leaders, Hiring Managers, recruiters, and prospective employees are all navigating a new way of doing business and finding talent to keep those businesses running. In the wake of work-from-home policies, remote working, and the shifting landscape of working outside the office, technology careers are prime opportunities to both gain increased knowledge in your chosen field or begin your career path. If you’re interested in Big Data & Analytics professional opportunities, check out our current vacancies or contact one of our expert consultants to learn more. For our West Coast Team, contact us at (415) 614 - 4999 or send an email to firstname.lastname@example.org. For our Mid-West and East Coast teams contact us at (212) 796-6070 or send an email to email@example.com
14. May 2020
As states begin to lift restrictions, projections of cases and deaths, are expected to rise. Racing against the clock are scientists, Predictive Data Modelers, Bioinformatics Statisticians, and AI. Together with Machine Learning platforms, they’re working to find a solution to not only flatten the curve, but stop the virus in its tracks. And the first line of defense they’re turning to? AI. AI as First Line of Defense Against Covid-19 Once a challenge to humans as taking over jobs, AI is now at the center of cutting-edge technologies to track the pandemic. Combined with other technologies such as machine learning, bioinformatics, and other Data solutions, AI has become a first line of defense against the outbreak. With the ability to filter through massive Data sets at a speed unmatched by humans, AI is working to crack the code of how best to treat Covid-19 patients. And to help flatten the curve? Some companies are using surveillance systems to help determine hotspots, track contagion points, and help to slow the spread of the virus. Experts understand computation prowess alone won’t solve this disease. But its speediness will ratchet up the information so we can avoid years of trial and error. AI and Big Data can help give research groups, pharmaceutical firms, and even private businesses, who’ve tossed their hat into the ring to help fight this pandemic, a leg up. Healthcare Analytics Enters the Fight While there is a risk to Data given to algorithms, some private sector businesses are willing to take the chance. This kind of information can help to predict future hotspots to catch the virus in its tracks and work to ensure it doesn’t spread out from these localizations. Using the technologies we have in place like AI, Machine Learning platforms, Big Data, and Bioinformatics can help to speed up treatment, improve vaccines and pharmaceuticals, and offers near real-time solutions. As with anything involving large amounts of Data given directly into a machine, there is an urge to be cautious. Hotspots on a map can pinpoint where the worst or newest cases have sprung up. This insight gives experts a 360-degree view of patients using Machine Learning. Using a wide array of healthcare Data such as X-rays, ER visits, medical codes, and more, a new tracking system shows hidden areas where outbreaks could occur but may not be expected catching the virus in its tracks. Monitoring is Critical as States Lift Restrictions Though coronavirus is not the flu, flu season isn’t taking any time off. So as the two viruses collide, it’s more important than ever to monitor the spread. This can ensure hotspots are pinpointed early, efforts to flatten the curve, and monitor flare ups should the arise as the country begins to reopen. Experts are working around the clock and using this clinical Data to inform their models. Predictive modeling, AI surveillance systems, and Bioinformatics used in healthcare Data are working together to find a cure. It’s important humans do their part, too. This just might be a best case scenario of machine and human working in cooperation toward a common goal. But one thing this world needs at the speed of light beyond AI to syphon through Data? Professionals who have the technical prowess to understand the machines and the human skills of communication to explain the analyses. One Final Thought… Business processes have shifted online, looking for your next job has become more daunting than ever before. But here’s the good news. Leaders, hiring managers, recruiters, and prospective employees are all navigating a new way of doing business and finding talent to keep those businesses running. In the wake of work-from-home policies, remote working, and the shifting landscape of working outside the office, technology careers are prime opportunities to both gain increased knowledge in your chosen field or begin your career path. If you’re interested in Big Data & Analytics or other Data professional opportunities, check out our current vacancies or contact one of our expert consultants to learn more. For our West Coast Team, contact us at (415) 614 - 4999 or send an email to firstname.lastname@example.org. For our Mid-West and East Coast teams contact us at (212) 796-6070 or send an email to email@example.com.
07. May 2020