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12. 11. 2017

AI will speed up branch closures – W.UP Digital Banking Weekly

Branch closures

Branch closures: you ain’t seen nothing yet?

More than 9,000 bank branches were closed in Europe last year and more than 50,000 people working at those banks lost their jobs, according to recent figures by the European Banking Federation (EBF). Traditional high street banks are expected to retain some branches, but if AI delivers on its promise these cuts might seem small scale compared to what will come, at least according to the Computer Weekly.

Banks make progress in digitalization

Banking is second only to the telecom sector in making the most progress in digital transformation, according to a new survey by Ovum. It ranked big data and APIs as the top tech enablers, but stressed that even enterprises in the top-rated industries still have a long journey in digital transformation, TechTarget reports.

Trust in Amazon nears trust in banks

Banks appear to be vulnerable to further incursions, according to a survey of more than 133,000 banking customers in 22 countries by Bain & Company. It also revealed that US consumers now ranks PayPal and Amazon nearly as high as banks for trust with their money and demand for alternatives to traditional banks will only grow, Forbes wrote.

CMOs must make changes in 2018

Senior marketers can either elect to step up as digital leaders or quickly give up their power and influence, Forrester warns in a recent report. To remain relevant and maintain their job security, CMOs must redirect their marketing budget from traditional advertising spending partially into revitalizing customer experiences. More details here.

Digital wake-up call