• 07.11.2016 -- 12:07 pm

Financial IT Speaks with Christian Schiebl, Executive VP, Corona Business Unit at SmartStream about  cash and liquidity management.

Compass Plus, an international provider of retail banking and electronic payments software to processors and financial institutions, has announced the successful completion of stress testing its open development payment platform, TranzAxis, on Oracle Exadata Database Machine.

Oracle Exadata Database Machine delivers exceptional performance and is the ideal database platform for online transaction processing (OLTP) applications, data warehouses, and the varied and unpredictable workloads of cloud computing.  It is a complete package of servers, storage, networking, and software that is massively scalable, secure and redundant.

Working with FORS Distribution, a Platinum level member of the Oracle PartnerNetwork (OPN), which provided the Oracle Exadata Database Machine for the test environment, Compass Plus recently performed further stress tests to ensure TranzAxis’ high performance as part of its initiative to continuously develop and improve its software and solutions.

The stress testing was carried out with the primary objective of benchmarking the platform’s performance when deployed in a network of 10,000 ATMs and to demonstrate its functionality when working with the hardware against specific test environment criteria. The results have effectively enabled Compass Plus to evaluate the usability, availability and continuity of TranzAxis on Oracle Exadata. Other test objectives included measuring the ability to detect and eliminate application errors and any issues in the configuration as well as finding and removing any bottlenecks affecting the performance of applications within this test environment.

“The optimised hardware and software complex of Oracle Exadata helps increase efficiency of the systems several-fold through a simple and quick infrastructure update which does not require replacement of application software,” said Andrey Tambovsky, Technologies Director at FORS Distribution. “A strong team of experts from Compass Plus and FORS Solution Center, with their long-term experience with Oracle Exadata, once again managed to prove it by showing impressive results.”

“By testing how our payment software will behave in a variety of real-life situations, we are able to propose optimal system and hardware configurationsbased on our customer’s requirements, and subsequently offer savings for their transaction processing business,” said Alexandra Kochergina, Head of Partner Programs at Compass Plus. “We are grateful for the continued support provided by FORS distribution in our testing endeavours and look forward to working with them in the future.”

• 28.10.2016 -- 10:17 am

Financial IT speaks with Jouk Pleiter, CEO, Co-Founder, Backbase at Sibos 2016.

• 27.10.2016 -- 09:56 pm

Michael Heffner,  Global Capital Markets and Banking Industry Lead , Appian speaks about  digital transformation and  how the company helped First Republic Bank to transform it's banking platform.

TOC BIOMETRICS, the biometrics specialist company, presents its new TOC App at the Money 20/20 global event. The consent administrator system allows users to confirm or authorize with their fingerprint and smartphone to perform tasks such as online banking login, money transfers, payments, purchases, permits, electronic signatures and so on. Through a push message, the person can answer "I am/ I do" while placing their finger on the sensor of the smartphone. This system is revolutionary since it is the only one in the world that is based on the "trusted third party" security protocol patented by TOC, in which a third, autonomous, independent and reliable party corroborates the received information. The system safeguards the user’s personal data by not using databases or any information related to the transaction.

"TOC aims to create a paradigm shift in how to authenticate by changing the traditional models to make them more efficient and safe. An average person handles 18 passwords, inevitably leading to security breaches. Today, systems that allow greater autonomy, security and speed are required, and the solution is --literally—just a finger. The TOC system checks anyone’s ID with its corresponding fingerprint to perform operations such as bank transfers in a 100% safe and efficient way. The system technology does not use databases and operates with a trusted third party making it safe and private for users”, said Ricardo Navarro, TOC’s CEO & leader of TOC Labs.

Biometrics is the big trend in the world to improve safety standards and to foster the development of mobile phones with fingerprint sensors - Apple sells 50 million of these phones a month - showing that it is now massive. With the creation which integrates this technology effectively, TOC BIOMETRICS is at the forefront of innovation on this area, and will present its accomplishments exclusively at Las Vegas Money 20/20 event by participating as a sponsor in booth K2060. 

 The results of a large-scale study of more than 24,000 consumers in 12 countries published today by Verint^®Systems Inc. (Nasdaq: VRNT), with support from Opinium Research LLC, and research and advisory firm IDC, identifies a tipping point between digital and traditional customer service.

The Digital Tipping Point: How Do Organisations Balance the Demands for Digital and Human Customer Service? report shows that despite the rise in digital customer service channels and options, 79% of consumers prefer the human touch to remain a part of customer service when engaging with brands and service providers. Complexity of the service requests are shown to heavily influence whether a customer will choose digital or more traditional channels, such as phone or in-store, to fulfil their needs.  

Contact Methods of Choice

Businesses are responding to the increasing digital world by offering their customers new ways of engaging with them. However, most consumers worldwide choose using the phone (24%) or going in-store (23%) as their primary way to interact with brands or service providers. In terms of preferred digital customer service channels, 22% of consumers want access to an online account, 14% want the ability to communicate with a customer service agent via email, and 9% cited that they prefer to connect using mobile apps.

In terms of leading customers on a digital journey, speed, insight and desired outcomes are the biggest factors. Over two-thirds (67%) state that customer service online and via mobile devices should be faster, more intuitive and better able to serve their needs.

Complexity Drives the Tipping Point

Consumers engage with brands and service providers for multiple reasons, and their channels of choice, whether digital or traditional, are quite often determined by the complexity of their requests. In fact, this Digital Tipping Point research reveals that when consumers have a simple customer service request or enquiry, the phone is the most popular option for (22%), while email and SMS come in second place (19% each). 

However, as customer service requests become complex, reliance on human interaction increases. More than a third of customers prefer to go in-store (34%) for complex enquiries, while another third prefer to connect by phone (33%). The closest digital channel for complex customer service situations is email, but only 7% of consumers opt for this channel. 

The research also highlights that consumers are more likely to behave favourably towards brands following instances of good customer service in-store or on the phone. A quarter of respondents would give a positive review, and almost a fifth (18%) would renew products or services, even if they aren’t the least expensive option. This compares to 21% of those who would write a positive review and just 13% who would renew products or services following good customer service on digital channels.

What Do Businesses Say?

Alongside the consumer research, Verint also ran comparative research with businesses, asking 1019 organisations worldwide about the digital and traditional customer service channels they are prioritising and investing in. In contrast to customers’ preferred options, these businesses reported they are investing least in traditional channels, such as the phone or in-store.

When exploring attitudes towards service channels, almost seven in 10 consumers (68%) believe that they are more likely to negotiate a better deal in person rather than online. However, only 47% of businesses surveyed offer the availability to speak to someone in-store, relying on other methods of communication with customers such as web chat and email. Businesses also acknowledged that digital customer service needs to improve, with 91%agreeing that customer service online and via mobile devices should be faster, more intuitive and better able to serve customer needs.

“This study represents a call-to-action for businesses to better understand their customers’ engagement preferences in order to better serve them,” says Mary Wardley, vice president, enterprise applications and CRM software, IDC. “There continues to be much discussion about the rise of digital and proliferation of mobile. However, as this research shows, human contact is still critical for consumers, increasing the stakes for businesses to strike the right balance in order to effectively service and retain customers, influence sales, and heighten engagement and loyalty.”

“As consumers become more digitally savvy, organisations are considering and even implementing more cost-effective digital channels as part of their evolving customer engagement strategies. However, the message from consumers is clear. They still want human touch as an option in many customer service scenarios,” explains Dave Capuano, global vice president, integrated marketing, Verint. “This dynamic means that businesses considering more cost-effective, digitally-driven channels need to ensure they understand customers’ channel preferences and the influence they have on customer behaviour and engagement. Those organisations that tip the balance in favour of digital at the expense of traditional service may risk not keeping their customers happy in the long run.”

Rachel Lane, director of customer analytics, EMEA, Verint adds, “This research across a dozen countries points to some misalignment of priorities in terms of which channels businesses plan to focus on in the future and how customers prefer to engage. The organisations that understand the needs and wants of their customers, along the entire customer journey, will be well positioned to meet customers where they wish to engage, whether in-person or via digital channels.” 

About the Research

This research was commissioned by Verint from 23 June to 20 July 2016 in association with Opinium Research LLP, a UK-based research company. Interviews were conducted amongst 24,001 consumers in the following countries: Australia (2,000), Brazil (2,000), India (2,000), France (2,000), Germany (2,000), Japan (2,000), Mexico (2,000), Netherlands (2,000), New Zealand (2,000), South Africa (2,000), UK (2,001) and US (2,000). The research was conducted online, in the local language for each country, and respondents were incentivised to participate.

Learn More

As part of this study, Verint partnered with research and advisory firm IDC to launch a new report titled The Digital Tipping Point: How Do Organisations Balance the Demands for Digital and Human Customer Service? This report, which is downloadable at www.verint.com/digital-tipping-point, shares insights, practices and advice for organisations on which channels and methods of contact matter most to consumers today, and how this differs across service query types, industries, territories and demographics.

In addition, Verint will host a webinar on the Digital Tipping Point report on 15 November that will feature Dave Capuano of Verint and IDC’s Mary Wardley, vice president, enterprise applications and CRM software. Participants will learn about the importance of understanding customer engagement preferences and improving customer experiences in the digital age. To register for the webinar, visit [insert hyperlink].

 Cognizant (NASDAQ: CTSH) today announced that it has enabled Ohio-based KeyBank, one of the largest regional financial institutions in the U.S., to reimagine online and mobile banking by providing a more intuitive, personalized and simpler customer experience on a new digital platform.

KeyBank, the principal subsidiary of KeyCorp (NYSE: KEY), is the 13^th largest bank in the U.S, with operations in 32 markets, approximately 3 million customers and more than 400,000 daily digital banking transactions. 

Using the Oracle Banking Platform, Cognizant redesigned and transformed KeyBank's core systems, applications, business processes and customer interfaces to simplify transactions and enable easy access to personalized financial wellness tools and resources. The modern, secure and scalable next-gen IT solution also enables KeyBank to better use data for customer insight, to improve services and easily introduce innovative new features and functions that provide an overall improved digital experience.

"We build enduring relationships with our customers by improving their financial wellness through ease, value and expertise in every interaction," said Amy G. Brady, Chief Information Officer at KeyCorp. "Cognizant worked with our team to navigate the shift by redesigning and reengineering our platforms and processes to make the experience of banking with us from anywhere simple, modern and more secure."

"We are on a mission to deliver a secure, stable and differentiating digital experience for our clients on multiple devices, anywhere and anytime. This is more than a makeover. We revamped, re-designed and re-engineered underlying digital channel architecture, infrastructure and processes. The new digital experience makes it easy for our clients to carry out banking tasks on the go while making confident financial decisions." said Vipin Gupta, Executive Vice President and Chief Information Officer of Key Community Bank at KeyCorp. "Cognizant's deep expertise in both retail banking and with platforms enabled us to take a comprehensive approach to our business transformation to deliver a superior, differentiated customer experience."

"In order to remain competitive in a changing business landscape, regional banks are adapting and scaling their infrastructures to provide the digital banking experience and capabilities customers are demanding," said Prasad Chintamaneni, President, Global Industries and Consulting at Cognizant.  "Cognizant placed human relationship management at the center of KeyBank's online and mobile banking processes.  By completely reimagining their technology and processes around this we were able to help ensure that their customers have an improved personalized online experience while spending less time on daily banking chores."

This engagement builds on Cognizant's more than decade-long relationship with KeyBank with innovative joint initiatives in a number of areas including managed application services, testing, payments and mobile solutions, with additional projects underway in several areas, including branch modernization.