| | JULY 20206CIOReviewConsidered as one of the oldest businesses in the world, the banking industry continues to evolve with changing times. The new technological advancements have disrupted the industry today and created a turbulent business environment. The traditional banks are challenged by the digital players who continue to make inroads. Consequently, these banks are capitalizing on the opportunities created by technology and buckling up to compete with the new players. They are redefining themselves and leveraging banking technology to provide a more valuable and personalized experience for customers. However, the existing culture of traditional businesses has become a barrier to change.Entering a new decade, collaboration with fintechs is considered to become the most prominent trend by various researchers due to the numerous merits it brings to the table. The fintech firms combine traditional payment with web dashboards, business software and technologies including blockchain enabling users to save time and money. Through various partnership models with fintechs, banks can thus focus on attracting and nurturing a strong customer base for the present and the future. Further, offering customer insights, in other words, the ability to provide the right advice at the right time for customers, has always been the holy grail for the industry. It not only helps to cement the customer relationship but also to increase sales. The smart banks will leverage data, analytics, and actionable insights to intelligently engage with customers and maintain trustworthy customer relationship. Undoubtedly, demographics play an important role in providing excellent customer experience since understanding the population helps financial institutions to create strategies accordingly. If last decade was spent figuring out the millennials, 2020 has a new generation altogether--Gen Z. A major factor differentiating the Gen Z from millennials is their fiscally conservative attitude. They prefer to avoid debt and incline towards services that help them stay financially sound as their priority is living the moment than saving for life after retirement. Born in the internet age, Gen Z-ers demand hassle-free and easy payment modes. And that is why digital payment products with multiple touchpoints and clean interfaces prove an excellent option to serve this generation. We hope this edition will provide you with assistance in choosing the best banking technology solution providers to cater to your requirements. Let us know your thoughts!EditorialUshering Tech Era in Banking CIOReviewContact Us:Phone:510-230-0395Fax:510-894-8405Email:sales@cioreview.comeditor@cioreview.commarketing@cioreview.com July 24, 2020, Vol 09, Issue - 44 (ISSN 2644-237X) Published by ValleyMedia, Inc.To subscribe to CIOReviewVisit www.cioreview.com CIOReviewEditorial StaffAaron PierceCarolynn WaltersDean WinchesterJune Williams Shirley FaithRussell ThomasVisualizersIssac GeorgeJohn GothamJustin Smith Managing Editoreditor@cioreview.comManaging EditorJustin SmithSalesStephen Thomasstephen.thomas@cioreview.com Copyright © 2020 ValleyMedia, Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.*Some of the Insights are based on the interviews with respective CIOs and CXOs to our editorial staff
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