Blending the Physical and Digital Worlds of Banking
Banks, credit unions, and brokerage offices are facing an evolution in the culture of personal finance. With the rise of online and mobile banking, customers now expect more services to be available digitally and in a serve-yourself model. And while there’s still a need to see a teller or bank manager for personalized services, many customers are opting to skip the line for everyday transactions and account maintenance.
The future of retail banking and the future of digital banking are intertwined. Many financial institutions are redesigning older branches to incorporate technologies that make the branch flexible, accessible, and digital. With this new digital edge inside the branch, financial institutions can create consistency between what customers experience at brick-and-mortar locations and what they experience online. This supports an omnichannel strategy and lets customers engage how, when, and where they want.
Powering this transformation are several major banking technology trends, including advanced analytics, AI, and intelligence at the edge. These technologies are enabling new types of dynamic digital signage and self-service kiosks in the branch. Meanwhile, in the data center, financial institutions are preparing for next-generation banking by moving to systems that can scale to accommodate big data and AI workloads.
New Insights Through Banking Analytics
With the widespread adoption of online and mobile banking, financial institutions have unprecedented access to data about their customers’ behavior. A big data platform can take banking analytics to a new level, helping institutions create new products and services or improve the delivery of existing ones.
And now, thanks to intelligence at the edge, insights are no longer limited to the data center. A new wave of Internet of Things (IoT) technologies is bringing analytics and AI into the branch, making it possible for brick-and-mortar locations to act more like online channels. For example, banks can use IP cameras and AI-powered vision technology to measure how long customers are waiting for a teller at different times of the day. These insights can help branch managers make better-informed staffing decisions.
A new wave of Internet of Things (IoT) technologies is bringing analytics and AI into the branch, making it possible for brick-and-mortar locations to act more like online channels.
Better Service with AI in Banking
Artificial intelligence (AI) has the potential to transform virtually every industry, and it’s already making an impact in financial services. AI in banking will help financial institutions improve efficiency and service as well as risk management and regulatory compliance. Customer service chatbots and virtual assistants will become more helpful as they grow more capable of understanding natural language. AI-powered fraud detection can help identify suspicious activity or claims—and get better over time as models learn from new data.
AI is fueling new capabilities in the branch too. Self-service kiosks embedded with facial recognition can identify if an unauthorized user tries to access an account, block the transaction, and capture images of the thief. Digital signage embedded with vision capabilities can “see” who is looking at the display and change messages based on the audience.
Enhancing Security in Banking
Whether protecting transactions or customer information, data security is of the utmost importance for any financial institution. Banking solutions that incorporate built-in security technologies can help keep data protected.
Hardware-Based Memory Encryption
Intel® Software Guard Extensions (Intel® SGX) offers application and solution developers a more granular level of control with hardware-based memory encryption. Intel® SGX makes it possible to isolate specific application code and data in memory. This technology is just one way to help improve cybersecurity in banking.
Biometric security can help financial institutions go about their everyday operations while improving customer experiences and authenticity. Intel® Core™ vPro® processors deliver the performance needed to power biometric signature solutions, like fingerprint or retina identification.
Self-Service Banking Kiosks
Globally, more than 85 percent of consumers have used a self-service kiosk and are comfortable with their experience.2 The newest generation of self-service kiosks go beyond what traditional ATMs can do. Not only can customers withdraw cash and make deposits, but they can also open accounts, review their investment portfolios, explore upgrades and perks, pay bills, and more. They can complete all these tasks anytime that’s convenient for them, even outside banking hours.
One Intel partner reports that its self-service banking kiosks have led to a 20 to 30 percent ticket lift on average, along with higher customer retention and a lower overhead.3
With advances in connectivity, visual capabilities, and AI, kiosks can offer even more services. For example, a virtual teller machine lets customers conduct a private videoconference with a live teller in another location. And with remote management capabilities like those available as part of the Intel vPro® platform, kiosks can be deployed anywhere, allowing banks to expand into new locations without the costs of building a new branch.
Dynamic Experiences with Digital Signage
Banking digital signage makes a big impression on customers while they’re in the branch. It’s also a great way to share messages while customers are waiting for a teller, manager, or consultant. Digital signage near the entrance or in the lobby of a branch is ideal for high-level brand messages that reassure customers that the bank or credit union is a trusted partner in their financial goals. As customers move into transactional spaces, digital signage can promote banking products and services.
The latest digital signage solutions feature high-definition video and graphics that offer a unique way to blend physical and digital experiences and enable dynamic in-branch merchandising. Built-in video analytics makes it possible to show customized content based on audience demographics—for example, a younger customer might see a promotional interest rate on a home loan, while an older customer might see information about wealth management services. Content can be easily updated across all branches, sharing new information as soon as it’s available.
One Intel partner reports that its self-service banking kiosks have led to a 20 to 30 percent ticket lift on average, along with higher customer retention and a lower overhead.4
Efficient IT Management with Thin Clients
For banks looking to streamline their IT environment, thin-client computing can help simplify software management and reduce costs. Thin clients, like those powered by an Intel® NUC, run on virtualized computing resources hosted on a remote server instead of on the device itself. Since everything can be hosted on a centralized server, updates to applications and operating systems can be rolled out efficiently. IT teams can also monitor devices for security threats. Servers powered by Intel® Xeon® processors deliver the performance needed for thin-client computing.
Intel® Technologies for Banking
Intel enables the latest digital banking solutions with a range of hardware and software designed for performance, security, and manageability. Intel® Core™ processors deliver a strong foundation for digital signage and self-service kiosks, supporting ultrahigh definition (UHD) visuals and responsive touchscreens. Processors on the Intel vPro® platform offer additional remote management and security capabilities.
In addition, the Intel® Distribution of OpenVINO™ toolkit streamlines the development of computer vision applications to add capabilities like audience analytics to digital signage and kiosk solutions.
As the banking environment evolves, Intel will continue to empower digital transformation with technologies that deliver reliable performance and advanced capabilities, helping financial institutions realize better service for their customers and greater efficiency in their operations.