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How can banks survive and thrive in a world of automated finance?
What will be the role of the bank in a world where managing our finance is increasingly automated? To survive the next stage of evolution of the industry, banks will need to find a way to make customer interactions as relevant at the individual level as those delivered by the most insightful, best-in-class digital brands across the spectrum of their lives. But with a market that is ripe for such personalisation, why is it so difficult for banks to really know and understand customers? This paper will look at the challenges that traditional banks face both externally (including consumer trust, competitive innovation and big tech encroachment) and internally (including data silos, legacy systems, strategic vision and competition for qualified talent) as well as the opportunities that await them to increase engagement, loyalty and growth. It will also consider what success looks like for banks that can meld automation into a personalised experience that makes the financial well-being of the customer the top priority.
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Jody Bhagat is a former digital banking executive, partner with McKinsey and now a FinTech leader. As President of Americas at Personetics, the global leader in AI-powered customer engagement, Jody brings a unique perspective on enhancing customer experience and profitability through data-driven personalisation. Personetics' vision is Self-Driving Finance using artificial intelligence to help banks guide customers throughout their financial journey. Prior to McKinsey, Jody served in senior digital operating roles at U.S. Bank, Citizens Bank and Wells Fargo, where he drove significant organic growth and his teams received various industry recognitions for digital experience and impact. Jody joined Personetics in 2018 and has overall responsibility for market development, client success and client results delivery for the Americas. He has a degree in Computer Science from The University of Michigan and an MBA from Northwestern’s Kellogg school, where he was an Austin scholar. Jody resides in Silicon Valley.