September 26 by Cory Haynes

Today was a good day. This is not a replay of Ice Cube’s platinum single back in the 90’s. It was truly a good day as my day was saved by automated payments and banking technology. Today, I left my wallet on the kitchen table, but I didn’t miss a beat without my antiquated leather cash and card carrier. My Galaxy Note 8 smartphone, IoT and smartwatch allowed me to do everything I needed and more.

 

Surviving on Apps

survivingGoogle Home locked up the house and set the alarm with a few verbal commands. My Peet’s Coffee App allowed me to check in to purchase a coffee and a breakfast wrap. I crossed the toll bridge with my FasTrac and navigated the traffic via the Waze app. I noticed I was low on fuel when I eventually pulled into my company parking lot so I fired up the FuelBooster app and 2hrs later they topped of my SUV with gas at competitive price. I know I need to go electric…maybe next year. I could even track how far away they were prior to the fill-up taking place. For lunch, I checked in at Crunch Fitness with my app and later ordered a veggie smoothie at a nearby JuicePressery contorting my wrist to pay with Samsung Pay on my smartwatch. The only thing I missed was my driver’s license.

No app for that. Yet.

 

Enablement

So what’s the point of this digital diary? Needless to say that contractual automation is integrated and expected in our consumer lives—each digital interaction and payment was a contractual obligation. That same expectation has crossed over into our business lives. We demand and expect the seamlessness in our consumer lives to transcend into our business to business lives. While I’m waiting at the airport, I should be able to login into my contact management system via SMS text. While I’m stuck on Highway 101 I should be able to have find out if a deal is closed or not via natural speech recognition. Better yet, move a deal forward that might stuck in the approval queue or add a subscription service to a proposal based on a text that I received from that prospect earlier. This is the kind of sales enablement automation that will be demanded by employees and employers to make the business interaction more seamless. Apttus is at the forefront of machine learning based sales enablement tirelessly deploying their 1200 employees to enables sales organizations across the globe with their enterprise grade financial services cloud based solutions.

 

Digital Native

I’m not a digital native millennial – missed that by a couple of years, but by 2025, 75% of the workforce will be digital native. They will demand systems that are as simple as their Uber app. By 2025 the eldest millennials will by 45, many will be mid-level executives. Who wants to work for an organization flooded with paper and archaic processes? Financial institutions have the most opportunities for automation from trading desks, NDAs, loan securitization, Exchange Traded Fund (ETF) settlements, account onboarding, retirement plan provider RFPs, alternative investment funding, and settlement of options contracts, can all be automated and optimized by machine learning. Not only will automation create a better customer and better employee experiences, ultimately it result in workforce efficiencies, restructuring of jobs, especially in the back office. More financial institutions will have to “upskill the job”, as coined by John Cryan, CEO of Deutsche Bank who said, “In our bank we have people doing work like robots. Tomorrow we will have robots behaving like people. It doesn’t matter if we as a bank will participate in these changes or not, it is going to happen”.

 

Just like forgetting my wallet, the paper shuffler will become a thing of the past, but the people “upskilled” with more client facing, multi-analytical capabilities will be in high demand. Just like the barista cheerfully serving my coffee, or the fuel tank driver pumping my gas, even those coding and marketing the apps will continue to add value and make my day a very good day.

 

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