A bank that can deliver a loan decision a little faster, or ask a client to input information just once, could get a leg up on the competition. But some executives are skeptical of software sales pitches and fear overpaying.
Many banks talk about the need to replace legacy core systems, but relatively few go through with it. The CEO of Mechanics Cooperative Bank in Massachusetts explains the case he made to his board that the promise outweighed the risk.
Millennium Bank in Tennessee has quickened approval times on loan applications by using software that frees lenders from repetitive, manual tasks. The result: Loan balances have increased by more than 50% in less than two years.
New technologies are poised to sweep through investment banks, relieving many rank-and-file employees of roughly a third of their current workload, according to McKinsey & Co.
The image of traditional custody banks is as stodgy as it gets, but some are using machine learning to help their clients and their own research teams glean insights from massive amounts of data.
Digital banking services should solve consumers' problems and offer them advice, and they must rely on artificial intelligence and other cutting-edge technology, bankers from TD, RBC and Bank of the West said.
