Aligning Expectations: The Business Case for Digital Financial Services

whitePaper | June 28, 2023

Central banks have different motivations for exploring or developing central bank digital currency (CBDC), and the demand for improved domestic and cross-border payment rails differs across jurisdictions. To help central banks in the planning and development of their CBDCs and to make sure that interoperable functionalities are considered in time, the central bank community should take steps at the beginning of the design process to include these considerations. Although this paper does not take a stance on the choice to issue a CBDC, it considers interoperability in a global future state where a CBDC may exist.

whitePaper | October 21, 2021

Some might say Video Banking is already a "next-generation" technology, and in many ways it is. But even though using video to provide face-to-face communication with remote experts is a welcome addition to online banking, most deployments to date add little more than a trust element. We can still find much room to further improve the customer experience as it relates to video and digital banking, as we will demonstrate in this paper. Video Banking is a remote one-way or two-way connection between you and a bank representative working in a call center, branch office, or from home. There are several use cases for Video Banking, depending upon your location and need. A common Video Banking model is the Personal Teller Machine (PTM),calso called a Video Teller Machine (VTM). A PTM functions like ancautomated teller machine (ATM) outfitted with a built-in monitor, camera, microphone, and speakers to facilitate video interactions. That allows a connection with a remote banker to answer questions about transactions when you need help. PTMs often have the convenience of 24-hour service with remote bankers on a shift-based roster to cover the customer load.

whitePaper | July 27, 2022

As banking players have embraced the digital era, customers want to do more and more online and via their mobile apps. They expect their financial transactions to be seamlessly embedded in their daily lives.

whitePaper | March 28, 2023

Real-time processing can offer many benefits for bank treasuries, including improved accuracy, faster decision-making, enhanced liquidity management and improved customer service with faster transaction processing and real-time visibility into customer account balances. By focusing on certain key functions, we can assess which are real benefits to treasury processes, and which may require industry consensus and further investment to become worthwhile. The industry must agree a way forward, weighing cost against benefit.

whitePaper | April 20, 2022

The banking industry is experiencing seismic change, as the advance of cloud technology, rapidly changing customer expectations and increased competition apply pressure on traditional banking models. Meanwhile, more and more customers are moving their financial transactions online – a trend that has been further precipitated by the pandemic. This generational shift in banking has impacts across all channels and services: physical branch, online, mobile, retail, and commercial banking services are all under pressure to deliver and innovate in an increasingly competitive environment. A fundamental change in consumer behaviour is setting new expectations of banking products and services. Customers are demanding ease of use, 24x7 availability, real-time data and analytics, exceptional customer support, full visibility of all banking products, and more.

whitePaper | January 19, 2023

Privacy is regarded as a crucial factor in the investigation and development of Central Bank Digital Currencies (CBDC) and is therefore thoroughly researched by monetary authorities, academia, and the private sector. Academic research indicates that CBDC transactions may involve processing significant amounts of identity and transaction-related information (Lee et al., 2021), raising privacy concerns for future users. While there exist countless definitions for privacy, such as “the right to be left alone” (Warren and Brandeis, 1890), in this document, the definition of Nissenbaum (2010) - “the appropriate flow of information” - will be followed.