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Laura Shin (@laurashin) contributor for Forbes touches on research from Blumberg Capital sharing that 3 in 5 Americans admit banks are failing to meet their needs and 57 percent believe the traditional model of banks will disappear within their lifetimes. The article notes that customer attitudes toward fintech are decidedly positive and most feel that fintech is providing more transparency, access, and efficiency due to automation. Blumberg makes dire predictions for banks in light of this evidence, saying: “Banks need to adapt, adopt or hasta la vista, baby. Banks cannot continue to do what has made them successful for the last 50 or 100 years. We are at a fundamental changing point because of big data, cloud infrastructure, mobile telephony, social media, artificial intelligence, machine learning, etc."
Mike Johnson for ReceivableSavvy weighs in on how businesses can better manage cash flow by getting rid of paper checks. The time-honored tradition of using cash float as a money management strategy is a reactionary one at best. The article debunks common fears surrounding ePayments like loss of payment control or job elimination in Accounts Payable. It sheds new light and value on electronic payments and how this solution gives back the control, precision, and visibility AP has always wanted.
With the future of traditional banks uncertain, KPMG imagines how virtual assistants could revolutionize the way we bank as early as 2030. Their vision for a digital assistant? An "Enlightened Virtual Assistant"—aptly named EVA. The full report details KPMG's vision for EVA, which would act as an “invisible" banking layer that operates much like the internet of things, fueled by the building blocks of APIs, artificial intelligence, and cloud-based services. While the future is uncertain, one thing is sure: “The winners [in the banking space] will be those that are able to make best use of their data, drive down costs, build effective partnerships with third parties, and build strong cybersecurity."
A cheat sheet for what to know while choosing a new ERP software. Instead of stressing the transition, ERP News lends a few cost reduction strategies for smart companies looking for the best automation solutions. Tips include avoiding customization right off the bat and watching the number of licenses issued for your solution. It's a breezy read for the basics of picking the right ERP solution the first time around.
Jon Markman for Forbes (@jdmarkman) covers the hope most big banks have in the future of blockchain technologies—speeding up transactions and saving the financial system millions in fixed costs. The latest test run of this blockchain-backed technology (developed by Intel) revealed a successful exchange of U.S. Treasury bonds with as many as eight banks, including HSBC and Scotiabank. The signs predict a coming overhaul of the paper-based financial system: “According to the American Banker, the global financial system completes transactions involving trillions of dollars and serves billions of customers annually yet much of this is shuffled along on paper and a hodgepodge of technologies concocted in the 1970's. It's centralized, colossally inefficient and vulnerable."
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