Banks are already getting great benefits from automation. Most banking operations create friction. Newer ntech out ts are calling out this friction, and removing it, attendees discussed. Delegates heard how an immediate15% drop in call centre traffic was achieved at a major global bank when it introduced the capability for account holders to update address details through online banking. At another national bank, a time stamp notification of a received payment resulted in a reduction in call centre calls by 700,000, and branch transactions by 60,000.

Beyond established automation bene ts, in order to achieve the end goal,digital identity needs to be addressed, put to the forefront of any strategy so that it pervades business processes. Underscoring this, shrewd application of technology to leverage information and data across a collaborative platform.

Automation within distributed ledger-based networks has disrupted tradenance and supply chains and are an example of what value can be generatedonce end-to-end real time visibility and trust have been established. If the full supply chain, from funding, through authorisation, purchase order, shipping, receipt of goods and payment is visible, the uptick in business and market confidence that this generates can be very exciting indeed. Add tothis the concept of the Internet of Things, whereby parts of the chain could be automated and business systems could communicate automatically and it opens up a world of opportunity.

The business ecosystem needs to transform such that payments become
fully integrated within a trusted, secure and transparent network in which
all players know exactly who they are dealing with and can ‘plug in’ easily.
It is at this stage that value-add products and services such as accounting, reconciliation and tax packages, for example, can be developed at a faster rate and the proposition for the end user becomes brighter.

JCash co-founder, fintech/blockchain expert. Interested in innovations in digital payments and AI technologies.