• Daniel Döderlein, Founder and CEO at AUKA


• 04.10.2016 10:45 am
Banks

Banks and financial services are racing to innovate in order to enhance the customer experience. Mastercard recently launched Selfiepay whilst HSBC has said they’ll allow their customers to use selfies to open bank accounts. Samsung has also announced that they’re planning to launch voice and facial recognition biometrics for mobile banking.

Integrating Artificial Intelligence (AI) has started to become a key factor in the innovation race; UBS is testing how AI can better help them serve their customers and Finie has just been launched. Visa developed an augmented reality (AR) space to showcase their latest payment technology at the Toronto International Film Festival and Alibaba has publically stated they are developing VR payment technology.

Pure players are also actively participating in the race. N26 is enabling transactions using Siri whilst Atom Bank is using biometrics to facilitate onboarding. Further, Paypal has teamed up with Lenovo to integrate fingerprint identification to enable payments.

The banking sector is at a technological turning point. Rest assured the implementation of new technology is aimed at achieving growth and retention - the enhanced payment and banking experience of their customer is a happy side-effect.

One of the key factors missing from many fintech innovation conversations remains: why are banks neglecting to overhaul their legacy systems and failing to move to the cloud where they can react with future-proof agility and speed?