Check out my latest Posts and Articles on LinkedIn and Substack

Check out all my latest POSTS on banking, fintech, payments, risk management, AI and more on my LinkedIn page HERE

Read my latest Articles at 'Stanley's Musings' by clicking HERE  

For datails of my training courses click HERE

The Promise of Generative AI May Be Further Off—and Less Visible—Than Many People Think

For the past year, generative AI has dominated discussions about how emerging technology stands to transform our lives, and the payments space has been a big part of the conversation. Though generative AI is a hot topic, the road to development is long. Along with the opportunities come notes of caution and warnings that this revolution may take a while.

Read the full story HERE.

Fast payments: design and adoption - BIS

The payments landscape is evolving rapidly, and fast payment systems (FPS) have emerged as a key innovation. Jurisdictions differ in their approach to designing FPS and in user adoption. 

In this article the authors lay out the main design features of FPS that may foster adoption. Cross-country regressions suggest that adoption of fast payments is greater when the public sector plays an active role in the FPS. Other design factors important for adoption are non-bank participation, more use cases and more cross-border connections.

Read the full article HERE.

How Artificial Intelligence Is Reshaping Banking

Artificial intelligence is transforming the banking industry, with far-reaching implications for traditional banks and neobanks alike. This transition from classic, data-driven AI to advanced, generative AI provides increased efficiency and client engagement never seen before in the banking sector. 

According to McKinsey’s 2023 banking report, generative AI could enhance productivity in the banking sector by up to 5% and reduce global expenditures by up to $300 billion. But that’s not even half of the picture.

Read the full story HERE.

Is GenerativeAI Banking’s Best Offense?

"While every banking executive understands that generative AI will transform banking, few fully understand the potential scope of this change. With so much at stake, now is the time to create strategies and actions that can take advantage of the opportunities across the organization."

Read more on the Financial Brand HERE.

The worst year for banks since 2008 - FT Film

The banking sector survived two big shocks in 2023: the collapse of Silicon Valley Bank and the disaster-driven sale of Credit Suisse. Swift action prevented a global economic crisis but threats remain

Stanley’s Musings - Fintech, Banking & Payments News #2

Thoughts on fintech, banking, payments, risk management, AI, going green, economics, business and much more…

The latest edition is now available - HERE

Forecasting the Evolution of Retail Banking: Insights from the Crystal Ball

A comprehensive examination involving more than 300 insiders from the banking industry worldwide reveals intriguing and sometimes conflicting viewpoints regarding the speed and nature of forthcoming changes in retail banking in the coming years.

The 2024 Retail Banking Crystal Ball research initiative collected insights from major global and national banks, regional banks, community institutions, credit unions, fintech firms, vendors, and advisors across North America, Europe, Asia, and other regions. In an effort to address pressing questions confronting financial institutions as we transition into the new year, the Digital Banking Report sought input from industry professionals to outline their projections on what the future holds and when.

The study delved into 14 perspectives, as depicted in the initial chart below, spanning four pivotal areas of banking:

• Competition and Consolidation
• Modern Technologies
• Payments
• Digital Transformation

Read the full article HERE.

Check out my posts on STANLEY's MUSINGS

Check out my regular posts and articles on STANLEY's MUSINGS.

Thoughts on fintech, banking, payments, risk management, AI, going green, economics, business and much more...

Regular posts on issues related to banking, fintech, blockchain,digital banking, payments, foreign exchange, technology, CBDC's and much more.

Never miss a new posting. Subscribe now on the site.

About SET Training

Since 2001 the Citadel Advantage Group (as Citadel Advantage Ltd. from 2001 to 2022 and as the Citadel Advantage Group since 2023) has been working with banks and financial institutions to make them safer and more profitable.

International GRC & Operations Consulting

Since our establishment in 2001, SET - Citadel Advantage Group has been dedicated to enhancing the safety and profitability of banks and financial institutions worldwide.

Consulting and Training Excellence

We specialize in guiding our clients through Governance, Risk Management, and Compliance (GRC) with a proven track record in consulting and training. Our focus extends to various core areas, including governance, compliance, operational risk management, payment and treasury systems, and operations/back office management.

Professional Courses and Training

Explore our wide array of professional courses and training programs that set us apart. As banking operations specialists, we provide a unique perspective derived from real operational managers with global experience. This invaluable viewpoint is often overlooked by other training organizations.

Real-World Relevance

Our courses, training materials, and case studies maintain currency and topicality, reflecting real-world scenarios. We prioritize focused, practical training aimed at enhancing participants' application of learned concepts in their daily work environments.

Visit our Course Catalog page for details on currently available courses.

Comprehensive Consultancy Services

Our consultancy services cater to both commercial and central banks, focusing on key areas:

Operational Risk Management: Implement practical operational risk management systems, enhance business processes, and mitigate operational risks.

Payment Systems and Issues: Develop robust payments systems, manage liquidity, and optimize treasury management. We cover structured IT operations, operations procedures and controls, SWIFT, and clearing houses.

Operations/Back Office Management: Ensure optimal efficiency in managing cash flows, operations, and processes based on sound principles.

Securities Settlement Systems: Address the critical aspect of processing, clearing, and settling investment instruments within the financial system.

Experienced Leadership

Our senior staff comprises skilled bankers with a comprehensive understanding of banking and bank operations at all levels, from strategic policy making to detailed daily operations.

Contact us to discuss how we can assist you. Find our contact information on our Contact page.

Store-branded Credit Card Usage in the Past 12 Months

Credit card usage has become a prevalent financial tool for many individuals and businesses worldwide. A credit card allows one to borrow money from a financial institution, and instead of making cash payments, the amount owed is paid off in the future. 

With virtually every major retailer accepting credit cards, usage has become more commonplace, and some benefits include convenience, rewards, and reliable financial protection.

ChatGPT Will Become ‘ChatOMG!’ in 2024, Forrester Predicts

As the use of ChatGPT and other large language models become more prevalent, there will be trouble. Forrester says eight neobanks and two large traditional banks will run afoul of regulators and consumers in 2024. Tightening up controls and compliance with those controls is a key starting point.

Read more HERE.

Banks May Be Ready for Digital Innovation: Many on the Staff Aren’t

Banks are deploying digital products and services at ever faster rates. Implementing any new technology can be a challenge if frontline staff isn't properly trained. The deployment of AI in particular can expose glaring gaps in skills and experience. If banks are going to succeed as digital tools proliferate, they need to identify and address employees' needs quickly and effectively.

Check it out HERE.

Global Banking Annual Review 2023: The Great Banking Transition

Banking profits are up, thanks to rising interest rates, but financial institutions globally need to reinvent themselves in the face of major structural and macroeconomic shifts.

Check out McKinsey's just published report HERE.

 

6 Steps to Effective Multichannel Customer Service (Yes, AI Is One)

The expectations for seamless customer service experiences have skyrocketed, and banking is not the only industry failing to deliver, as my recent attempt to resolve a problem with an airline demonstrates. 

Companies simply cannot create an effective multichannel strategy for customer service when the channels where these interactions take place are largely siloed off from each other. Here are six components needed to ensure a seamless experience that leaves a lasting impression on customers and drives long-term growth.

Read the full story on the Financial Brand HERE.