Banking
Drive impactful change in your banking operations. Leverage innovative technologies to streamline processes, enhance client engagement, and secure a competitive edge.
Together, we can explore tailored solutions that deliver real business results.
Innovation in banking
From payments to wealth management, the modern bank is expected to securely navigate the increasingly complex information environment while delivering distinctive and streamlined experiences to clients of all types.
Despite enormous efficiency gains as a result of digitalization, the need to securely manage and analyze exploding data volumes while keeping security risks at bay has put significant strain on banking operations teams around the world. And now, in an ever more consolidated banking landscape and the looming threat of disruptive fintechs, reliable core operations are no longer sufficient to drive a competitive edge.
As a result, nimble banks across the spectrum are looking to partner with emergent fintech's to driver operational efficiency, increase organizational security and offer high-value products and services to clients.
Despite enormous efficiency gains as a result of digitalization, the need to securely manage and analyze exploding data volumes while keeping security risks at bay has put significant strain on banking operations teams around the world. And now, in an ever more consolidated banking landscape and the looming threat of disruptive fintechs, reliable core operations are no longer sufficient to drive a competitive edge.
As a result, nimble banks across the spectrum are looking to partner with emergent fintech's to driver operational efficiency, increase organizational security and offer high-value products and services to clients.
Banking technology trends
Digital first client experiences
As financial operations have shifted entirely into the digital domain, banks are significantly ramping up development spend on apps and web experiences, vying for business through differentiated value-add features and experiences.
Open banking & value-add integrations
As US regulators follow the European model in requiring banking data to be made readily available to authorized 3rd parties, banks are increasingly exploring value-added ways to integrate with 3rd party platforms and data providers to drive increased security and operational efficiency, while offering clients enhanced analytics, user experiences and process automation features.
Autonomous omnichannel customer support
The advent of GenAI has driven customer support into the final stages of automation, seamlessly handling full support requests, often without clients realizing they are talking to an AI agent. Realizing the enourmous cost efficiencies and customer experience improvements, banking specific omnichannel agents are being implemented at a staggering rate.
Jason Zilberkweit
Senior research associate
Want to discuss banking innovation?
Connect with Jason, our expert in research and technology scouting, who supports top industry clients with innovative solutions in banking. With a strong background in financial services consulting, Jason is equipped to help you drive impactful change. Reach out to explore tailored solutions for your needs!
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Use Cases
Advanced AI credit underwriting
Leverage a wide range of traditional and alternative data (bills, social media, behavioral, etc.) from both 1st and 3rd party sources in combination with advanced ai to more accurately assess an applicant's creditworthiness and price the loan at a near instant speed. with an ever increasing volume of data available in relation to any given loan application, human analysts are no longer able to underwrite at the speed and accuracy of advanced ai models that take the full spectrum of data into account. by integrating ai underwriting models either as a support tool for human analysts (ex. for larger commercial loans) or as fully autonomous underwriters in adherence with dynamic firm risk appetites, banks have been able to dramatically improve the client experience, offer more competitive pricing, expand credit access and free up resources for higher ticket loans. client experiences are improved by accelerating the time from application to payout, while rates are priced to more accurately reflect the true risk of the applicant. at the same time, a wholistic application analysis can provide credit access to applicants that may not meet traditional requirements, but have otherwise stable financial records all while reducing the time spent by human agents on reviewing smaller ticket loans, allowing them to refocus on high-value applications.
The impact:
Underwriting Efficiency | Reduced Delinquency Rates | Expanded Credit Access | Higher Loan Approval Rates | Reduced Time-to-Payout |
50% - 75%
Decrease in manual review time through ai supported application
235%
Increase in approvals for protected class consumer loan applicants
80%
Of applications auto decisioned (without increased delinquency ratios)
30% - 40%
Lower delinquency rates than us average
20%
boost in approval rates without increased delinquency rates
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Advanced biometric authentication & KYC
Utilize a variety of advanced biometric verification methods to both accelerate user onboarding experiences and increase security across the organization. as fraudsters and identity thieves increasingly target banks and their customers, next generation authentication methods such as facial recognition, fingerprinting and id verification not only offered enhanced security but also allow users to have a more streamlined and trusted onboarding and login experience.
The impact:
Improved Client Experience | KYC / AML Processing Efficiency | Fraud Reduction | Accelerated Onboarding |
95%
Reduction in verification time
10,000%
Faster onboarding experience for new consumer banking clients
50%
Reduction in onboarding costs for smb commercial banking
53%
Faster aml/kyc processing time for consumer banking loan applications
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Contextual credit onboarding
Streamline historically arduous loan application processes for smbs by implementing a dynamic and contextual onboarding flow that leverages 1st and 3rd-party data to make the loan application process quick and simple while enhancing data validity. this not only materially improves the client experience throughout the process, but also ensures an accelerated time-to-payout, materially driving conversion rates. driven by novel genai applications, a full ai application concierge can additionally drive client value add throughout the process while freeing up resources to focus on the underwriting analysis.
The impact:
Improved Client Experience | Underwriting Efficiency | Reduced Time-to-Payout | Increased Conversion Rates | Accelerated Onboarding |
3x
Increase in conversion rate from start of application to payout
90%
Reduction in loan officer time spent on each application
2-3 min
Average response time for new loan application requests 24/7
1-4 days
Average end-to-end loan application time
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AI collections automation
Ai-powered collections automation enables banks to streamline their debt recovery processes by utilizing intelligent workflows and predictive analytics. this technology prioritizes cases based on recovery potential, allowing staff to focus on high-value activities while personalizing communication strategies for better engagement with customers. additionally, advanced machine learning models help predict delinquency and forecast customer financial behavior, facilitating proactive interventions. by automating routine tasks and providing a comprehensive view of customer data, banks can enhance operational efficiency and improve recovery rates significantly.
The impact:
Improved Client Experience | Collections Efficiency | Reduced OpEx | Increased Collections Rate |
15%
More cash collected
6x
Higher engagement conversion rates
91%
Increase in debtor engagement on early stage delinquency outreach campaigns
66%
Less useless chasing of accounts
5x
More accounts managed per agen
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Resources
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Blog
2023 tech trends for insurance companies.
Can technology solve some of the challenges we’ve seen in the insurance industry in the last few years? The answer is yes. Our analysts are sharing 3 technology trends that can make a positive impact on insurers’ bottom line in 2023. Read on to see how technology-based underwriting, automated claims processing, and mental health and wellness solutions are changing the insurer and customer landscapes.
SOSA editorial team
November 13, 2024
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Blog
How auto insurers are transforming in a digital landscape.
With automakers embedding data-collecting markers into the vehicles, it becomes much easier to offer embedded insurance as part of a new car purchase.
Jonathan Kaplan
November 13, 2024
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Blog
Why cyber insurance is a blue ocean for tech startups.
The damage that can be caused from cyber attacks is serious and imminent, and the world of cyber insurance must catch up.
Jonathan Kaplan
November 13, 2024
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Blog
Metaverse, insurance, and mental health. The new new thing.
As enterprises are heading towards the metaverse, emerging technology is on the rise for the healthcare industry, covering mental health risks.
SOSA editorial team
November 13, 2024
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Blog
What every company needs to know about reinsurance.
The concept of reinsurance has existed for over 700 years, created to protect the assets of traders and merchants. It has since evolved to be a global industry that stabilizes local insurance markets, and provides capital to the economy.
SOSA editorial team
November 13, 2024
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Report
Mental health & insurance spotlight report.
If you’re feeling stressed or anxious, you’re not alone. Nearly half of US adults reported symptoms of anxiety or depression in the pandemic too. The discussion surrounding mental health has found its place in the limelight and becoming increasingly important for insurance companies.
November 13, 2024
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Report
The future of insurance.
In this report, we’ve collaborated with Tokio Marine’s Innovation Lab, London to break down insights into the future of insurance. We explore the major changes the insurance industry faces as a result of the growing protection gap and the emergence of a new generation of consumers, and present a wide range of opportunities offered by advanced technology.
November 13, 2024
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Report
IoT in insurance industry insights report.
In collaboration with Tokio Marine’s Innovation Lab in London, we present this report on how IoT is taking risk prevention and mitigation to the next level and what these indicators relay about the future of home, SMB, and industrial insurance.
November 13, 2024
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