Digital Journey: "Open" Banking, Next-Gen Consumers, AP Automation + IT Support Transformation

 
 
What do banks need to do to survive?
What do banks need to do to survive?
 
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NEW YORK - May 21, 2019 - PRLog -- Leveraging state-of-the-art cloud infrastructure and advanced data intelligence services, a slice of industry is accelerating digital transformation initiatives with the end goal of global prosperity.

In this episode of "Digital Journey", we follow some foreboding trends in banking, see how PVH Asia is connecting with next-gen consumers, hear what is causing automation in accounts payable, and get a grasp on how Confindustria plans to move its entire IT infrastructure to the Cloud.

In our top story, banks are enjoying all-time high profits, driven by a positive economic environment and lower risks. Be that as it may, the industry faces critical transformation challenges amidst rising consumer demand for digital banking and the growing possibilities of open banking.

So serious are these threats that some experts says 1 in 10 banks won't survive the disruption. The fact of the matter is that one quarter of bank branches across Europe have already closed over the past ten years.

"Not all banks will survive the tide of change" said Simon Kent, partner at A.T. Kearney. "Branch closures are a short-term fix to steady the books but it is not enough. Traditional institutions need to consider strategic transformations and innovative products and services if they are not only to survive, but thrive."

So what will banks need to do to survive? "Open banking", a system that provides a user with a network of financial institutions' data through the use of application programming interfaces, could be the answer.

By relying on networks instead of centralization, open banking helps financial services customers to securely share their financial data with other financial institutions.

One other trend revealed in  A.T. Kearney's research is the transformation of traditional banks into lifestyle platforms, or in other words, becoming a 'one stop shop' for customers' daily needs.

Check out a new episode of "Digital Journey" on YouTube (https://youtu.be/defJEiM1jnU)



Meanwhile, retailers need to deliver added value to win favor with the next gen of shoppers. Likewise, PVH Asia, one of the world's largest apparel companies, plans to modernize its customer experience and store technology. Its iconic brands include Calvin Klein, Tommy Hilfiger, Van Heusen and Izod.

PVH Asia plans to implement Oracle Retail Xstore Point-of-Service and Retail Customer Engagement to connect with the next generation of consumers. The solution will be rolled out in stores across China, Hong Kong, Macau, Taiwan, Singapore, Malaysia, South Korea, and Japan.

"As we compete and grow across Asia, we wanted to ensure our technology partner understands and supports local business requirements of a modern customer experience," said Eileen Mahoney, CIO at PVH. "After a competitive evaluation, Oracle emerged as the best choice to support our business."

In other news, the benefits of automation are clear for any organization. It can drive efficiency, reduce costs, improves fraud controls, and increase visibility into cash flow to optimize working capital.

In point of fact, digital transformations are even hitting the accounts payable department as finance departments push to automate manual functions.

What's a  number to sit on? 20% of businesses plan to automate accounts payable within one year.

"The macro trend of digitization in the finance function is gaining significant momentum" said Micah Remley, COO of MineralTree. "Forward-thinking companies are automating the manual components of the finance function, and the AP process is quickly becoming the central point of those automation efforts."

But what's really driving the progression? It really breaks down to 3 trends: the continued rise of electronic payments, the increasing frequency of fraud attempts in the middle market and a lack of visibility into accounts payable costs.

At the same time, while some digital transformations are relatively open and shut, some open up a can of worms. Confindustria, the main association representing manufacturing and service companies in Italy, is more like the latter as it is moving its entire IT infrastructure to the Cloud.

Representing more than 150,000 manufacturing and service companies, Confindustria has a bundle of IT workloads -- from its customer-relationship management system to its external-facing member channels. The goal of its migration is to help securely scale to meet the fluctuating demands of its members and tap into advanced technologies that can power more personalized, innovative offerings for members.

IBM has helped Confindustria identify a hybrid cloud strategy to prepare for change, as well as better leverage its applications, processes and infrastructure on the Cloud.

"With the choice of IBM, we have taken with conviction the road of technological enhancement" said Vincenzo Boccia, President at Confindustria. "The digital transformation has now become a categorical imperative not only for companies but also for those who represent them."

"Digital Journey" is produced by TVP in New York City, and sponsored by RestonLogic, cloud wizards leveraging over 10 years experience helping companies automate, transform and build highly-secure and stable systems. Visit RestonLogic dot com and book a strategy session today!

Disclaimer: The blurbs highlighted on "Digital Journey" are highlighted for information purposes only, and don't necessarily reflect opinions of our editors.
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