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The No.1 Online Resource for C-Suite Digital Transformers Gets A Redesign

NEW YORK, September 18, 2018 – The Millennium Alliance announces the redesign and relaunch of Digital Diary, the only blog dedicated to bringing the latest Digital Business Transformation content to C-Suite Executives from North America’s most progressive industries. The Digital Diary started out as a blog and grew to a bi-weekly newsletter, digital magazine, video series, podcast, and now its own domain.

As the fastest growing invitation-only, fee-based membership organization for Senior-Level Business Transformers in the United States, The Millennium Alliance has once again evolved to meet the needs of its clients and members.

In a recent survey of The Millennium Alliance membership, over 90% of C-Suite Executives stated they were actively seeking Digital Business Transformation content in an easily digestible format, that they could take on the go and read where and when suited.

Application to attend is now open. Subscribe to The Digital Diary today >>

Freya Smale, Vice President Marketing, Product, and Client Services’ The Millennium Alliance; Editor-In-Chief Digital Diary stated “It is my great pleasure to introduce to you Digital Diary 2.0! The Digital Diary is another string to The Millennium Alliance’s bow, offering our members relevant content daily.  

We are constantly working to ensure that we deliver the best content to our clients and members, either through in-person events, through white-papers, eBooks, case studies, reports, and through daily content. By working with our industry partners and Advisory Board, we’ve built a new digital asset for Digital Diary, to make access to the best content easier for you, our valued reader.” 

Subscribe to The Digital Diary today >>

Alex Sobol, Co-Founder and CEO, The Millennium Alliance says, “As The Millennium Alliance gears up for our 5 year anniversary, we are more confident than ever of breaking into different businesses outside of our core event and Executive Education model. What started out as a place for digital transformation leaders to write, comment, post, etc., has now turned into a fully developed and integrated digital asset for C-Suite IT, Marketing, Security and digital leaders from the most progressive industries around the world.

The launch of the Digital Diary 2.0 reconfirms that The Millennium Alliance really is the domain expert when it comes to digital transformation. We hope our clients; members and the occasional browser enjoys the content and are looking for more people to join the thousands of Executives who participate on a daily basis.”

Subscribe to The Digital Diary today >>

About The Digital Diary Team:

freyaFreya Smale is Vice President of Marketing, Product and Client Services at The Millennium Alliance, Editor-In-Chief at Digital Diary, contributor for Forbes, Business2Community, and Marketer in New York. Freya writes mostly about digital marketing transformation, and the industries looking to the latest digital technology to transform in 2017. You can find her online @FSmale tweeting about #marketing #leadership #digitaltransformation and the occasional shoutout to the Welsh rugby team. Or connect with her on LinkedIn.

jennyJenny Schecher is a Client Services Director & Social Media Manager at The Millennium Alliance. Jenny is an avid contributor to our blog, Digital Diary, as well as all social media platforms. When she is not writing about digital transformation and technology, she is working with her team to make visions come to life at our events. (and eating all of NYC’s best food.) Follow her on Instagram: @jennyschecs or find her on LinkedIn!

catCatherine Hand is the Marketing Coordinator at The Millennium Alliance and Editor of Digital Diary. A recent graduate of Siena College in Albany and New York newbie, Cat assists in the creation and implementation of social media, the event agendas, brochures, E-Books, and frequently write blogs for Digital Diary on topics from all industries from Marketing to Information Technology. You can connect with her on LinkedIn.

caraCara Bernstein is Manager, Executive Education Partnerships at The Millennium Alliance. She works with Thought Leaders at The Millennium Alliance assemblies and is also a contributor to Digital Diary. Cara writes about different industries preparing for the digital revolution. You can catch Cara on LinkedIn and on twitter @CaraBernstein

Subscribe to The Digital Diary today >>

How Important Is It For CIO’s To Be Good Leaders?

Chief Information Officers have a big role to play when it comes to guiding an enterprise towards the realm of digital transformation.

Not only do they have to be knowledgeable and ready to conquer any challenges that technology brings, they have to possess a unique skill set: leadership.

CIOs Are The New Leaders

If it is one thing that we know for sure, it is that getting a business on board with new processes of technology can be tricky. This has made the role of CIOs crucial in the enterprise because they are the ones trusted with such change. Basically, think of them as the captains of the technology ship.

“Deloitte found more than half of CIOs serve as “trusted operators,” with a focus on IT efficiency, reliability and cost containment.” CIO Dive reports.

Leadership Comes As A Challenge

According to a report found on Deloitte, “many CIOs rose to their position based off their IT talent rather than their leadership and communication skills. Transitioning their skills to leadership is a challenge for some.” 

So, why is this a challenge?

Well, for starters, being a leader in a world of constant digital change can be tricky. When people continuously rely on you for answers, it may be difficult to establish a clear vision of a developed IT transition, while still playing the role of the leader.

In other words, it is important for CIOs to remember that not everyone is familiar with technological terms. For instance, when dealing with beginners on the journey of digital transformation, it may take them some time to become familiar with technological terms. After all, not everyone can be skilled writers on Digital Diary, right?

“Naming specific technology can be used to augment the point of the mission and to help better explain why the tech is needed to complete the process.” CIO Dive reports.

We Rely On Technology Leaders

No matter how hard it may be for the CIO to wear many different hats, the leadership that is most important. The CIOs of the world must be able to lead those who are inexperienced with technology towards a place of clarity. Enterprises will rely on CIOs for this, and it is crucial that leadership is possessed among all tech executives.

A healthy digital culture is a key to success for any enterprise. Those who succeed in adopting this culture, succeed overall, compared to those who have not.

This begins and ends with the CIOs of the company. The CIOs are able to get all members on board, with their knowledge and expertise.

All in all, no pressure, CIOs, but you are the future leaders of the world!

ABOUT TRANSFORMATIONAL CISO ASSEMBLY

In a new digital world, driven by data, businesses of all sizes are working tirelessly to secure their networks, devices, and of course, their data. CISOs need to plan for worst-case scenarios, stay ahead of latest IT Security transformation technology, and maintain their company’s information assets without losing sight of the corporate culture.

This November, the 6th edition of our Transformational CISO Assembly will bring together industry leaders to discuss the latest strategies and innovations in cybersecurity in Miami. Join us today, the assembly is now open for application!

Download your copy of the sponsorship prospectus here for more information>>

Rethinking Your Brand In The Era Of Voice

Brand voice has long been a product of written copy, whether it be on websites, marketing materials or email newsletters.  Voice is making it’s way through each industry, redefining how consumers see their favorite brands while giving those brands a way to connect with their audiences on a deeper level.

Most importantly, it is allowing consumers to find their voice.

According to AdWeek, the voice recognition market will be worth over $600 million by the end of 2019. And by the end of 2022, the voice market will be a $40 billion industry with over 50 percent of American homes including at least one smart speaker in their space.

With this knowledge, brands are repositioning themselves to rethink brand building in the era of voice technology, a strategy that is now vital to their success and survival in the MarTech landscape.

The Effect of Smart Speakers

Most experts say that the effect of smart speakers and personal digital assistants in smartphones to IoT devices will be unprecedented. Just as social media eliminated barriers between brands and consumers, voice technology represents another turning point where brands can get closer to their target audiences than ever before.

However, experts predict that consumers will eventually stop searching for products on their own and start heavily relying on their voice assistants to do the work for them. That being noted, this ultimately creates immense pressure for brands to find a voice that resonates with their customers. To survive, brands will need to refashion their SEO, brand-building, and data strategies to create something that customers will run to and return to over and over again.

Reinventing Your Approach

When it comes to voice search, companies will have to understand how to make their content relevant and indexable within the context of how a user queries something with her voice and diction rather than typing.

“Most CMOs aren’t currently focused on brand voice as a strategic initiative, but voice is an avenue for increasing visibility and growing the brand, two key objectives of any CMO. Brands that want to remain relevant should invest in understanding the technical aspects of voice search as well as developing a holistic voice that encapsulates their brand, no matter the platform.” AdWeek.

In addition to figuring out their SEO strategies and building their brands on voice platforms, marketers should focus on their data strategies to prepare for the voice era. Why? It is because voice is based on AI and machine learning, which is based on data and two of the biggest technologies impacting marketing.

With AI’s help, brands will be able to read contextual clues to refine their customer model by what stage of the buying journey someone is in. With this information, brands will be better positioned to fine tune their voice in accordance with their intent with that particular customer.

All in all, voice is the future, and that is not surprising. As technology continues to advance, the CMOs who are prepared for this shift will be the ones whose brands win the biggest market share in the future.

ABOUT TRANSFORMATIONAL CMO

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This October, the 8th Transformational CMO Assembly in Denver is a unique event that challenges our attendees to learn how to anticipate what’s next for the highly complex marketing environment that has emerged throughout the year through a series of executive education roundtables, keynote presentations, collaborative think tanks, educational workshops, and networking sessions with our industry experts and advisory board over the course of 2 days.

Download your copy of the sponsorship prospectus here for more information>>

Spaces are reserved for the best in the business. If you’re a CMO looking to stay one step ahead of the digital world, reserve your seat today >

451 Research Survey Uncovers the Positive Benefits of AI and Machine Learning

Congratulations to Millennium Alliance partner 451 Research who today made a very exciting announcement. Read the full press release below.

New York, NY, September 13, 2018 – 451 Research announced its Voice of the Enterprise (VoTE): AI & Machine Learning – Adoption, Drivers and Stakeholders 2018 survey results today that suggest most organizations are adopting or considering adopting machine learning due to its benefits, rather than with the intention to cut people’s jobs.

Despite being new, there is a healthy amount of adoption of these technologies already. Almost 50% of survey respondents have deployed or plan to deploy machine learning in their organizations within the next 12 months. According to Nick Patience, founder and research vice president for software at 451 Research, this paints a more realistic picture of machine learning adoption than is often portrayed.

“Out of many possible benefits we presented to our survey respondents, almost half (49%) cited gaining competitive advantage as the most significant benefit they have received from the technology. Improving the customer experience came a close second, cited by 44% of respondents. Despite all the hype around mass job losses, lowering costs was cited by only a quarter of our survey respondents,” he said. “We think this demonstrates that AI and machine learning is an omni-purpose technology that can bring numerous benefits to organizations, beyond just lowering costs through increased automation.”

Alternatively, respondents say the most significant benefit they have realized or expect to realize are competitive advantages (49%) and an improved user experience for their customers (44%). This seems to indicate that decision-makers care more about the long-term impact that comes from gaining and retaining customers rather than a short-term fix that comes from cutting costs.

There are some barriers, however. When asked “what is your organization’s most significant barrier to using machine learning?” most cited a shortage of skilled resources as the top barrier (36%).

Skilled resources in the context of machine learning usually means data science skills. And a lack of those skills is reinforced further by the finding that data access and preparation is the second biggest barrier cited by survey respondents.

451 Research expects the lack of skills to gradually decline as a barrier as tools become easier to use and the population of users who can leverage machine learning expands. When all is said and done, organizations large and small will need more personnel to ensure their machine learning deployment brings the business benefits that matter most. To find out more about what respondents believe the macro and micro impact AI and machine learning will have on society and their organizations, check out this blog post by Nick Patience on the 451 Research blog.

About Voice of the Enterprise (VoTE): AI and Machine Learning

This newest VoTE survey research report provides actionable data and insight and a broad, integrated view of enterprise AI/machine learning strategies and initiatives, their underlying business and technology driver, and the nature, pace and direction of AI/machine learning adoption. Data was collected via roughly 550 web-based surveys conducted with IT end-user decision-makers around the world from small, midsize and large enterprises in both private and public sectors. This research includes comprehensive, survey-driven analyst reports with customizable data deliverables. The next survey is planned for delivery in Q4 2019, focused on use cases and benefits for AI and machine learning across many vertical industries.

About 451 Research

451 Research is a leading information technology research and advisory company focusing on technology innovation and market disruption. More than 100 analysts and consultants provide essential insight to more than 1,000 client organizations globally through a combination of syndicated research and data, advisory and go-to-market services, and live events. Founded in 2000 and headquartered in New York, 451 Research is a division of the 451 Group. Learn more and connect with 451 Research on Twitter and LinkedIn.

It’s Prime Time: Every Brand Now Needs An Amazon Strategy

Amazon: More than an Online Retailer

Anyone who knows Amazon recognizes it as a massive online retailer; the biggest online retailer in the world. Millions and millions of customers are turning to Amazon due to its efficiency, quality, exceptional customer service and diversification of products to include few of many reasons why the online platform is so successful. As the generations raised on the internet continue to enter into adulthood, the way leaders execute their business and market their products will need to change and shift with them. For many of these consumers, online shopping has become nearly fully identified with Amazon. Therefore, if your brand is not on Amazon, it is almost certain that your customers are.

“One of the remarkable things about the company is how widely its properties are used. You’re never too rich or too thin to go on Amazon. Consumers of luxury goods may not be buying perfume on it, but they could be buying electronics, checking out camping gear, or ordering groceries through Amazon Pantry… All this activity generates data that provides insight into your customers’ preferences for advertising, content, and context.” Shane Atchison, Global CEO of Possible, reports.

Now or Never: Changing the Way You Think to Meet Consumer Demands

Brands are fast realizing the value of Amazon as a critical consumer platform. Amazon is no longer merely an online retailer, it is a critical source of information and legitimacy for not only businesses but for their valued customers. When shopping, consumers naturally check for legitimacy and quality in the products they are searching, especially when they are contemplating purchasing a new product. Although a customer may use online platforms such as Google or Facebook to research reviews, Amazon plays a prominent role in product research for most consumers. Reviews offer insight into a product from an unbiased source, aka the other buyers of the product. With the trusted source Amazon provides, the consumer tends to make their initial purchase on Amazon’s website.

“Amazon knows not merely what your customers buy, but also what they enjoy.” Medium reports.

Customers trust Amazon to store their card information safely and are given confidence by the Amazon A-to-Z guarantee, which guarantees consumer confidence with purchases from third-party sellers when payment is made via the Amazon.com website or when a customer uses Amazon Pay for qualified purchases on third-party websites. And if the customer searched for your product and didn’t find it on Amazon? They will almost always move on without making a purchase. That’s how strong Amazon loyalty has become.

Moving to an Amazon Strategy

The power of Amazon is something brands cannot ignore not that we are in 2018. Retailers have seen growth in not only their customer base when implementing Amazon into their strategy, but also in revenue and customer retention. However, some retailers believe that listing their items on Amazon will draw sales from their e-commerce site, ultimately hurting their business in the long run. Nonetheless, one of the more important principles that a brand must understand is that most people will not purchase from a website if they don’t know or trust it, that that can have devastating effects on a business’s success. Nowadays, people do not just buy off of Amazon, they admire and be their trust in every aspect of the wildly successful company. So, if your item is not readily available by being listed and optimized on Amazon, there is a vast wealth of customers who may never buy from you or even hear about your product. If you treat your Amazon listings with as much care and concern as you do your website and stores, you will benefit significantly in both revenue and brand exposure. By implementing Amazon into business strategy, the better your brand will be able to compete with the more agile, digitally-native challengers in your marker, and the easier it will be to stay in step with what Amazon will look like today, tomorrow, and in the future.

ABOUT TRANSFORMATIONAL CMO

Event Banner CMO8 - 300x300 (1)

This October, the 8th Transformational CMO Assembly in Denver is a unique event that challenges our attendees to learn how to anticipate what’s next for the highly complex marketing environment that has emerged throughout the year through a series of executive education roundtables, keynote presentations, collaborative think tanks, educational workshops, and networking sessions with our industry experts and advisory board over the course of 2 days.

Download your copy of the sponsorship prospectus here for more information>>

Spaces are reserved for the best in the business. If you’re a CMO looking to stay one step ahead of the digital world, reserve your seat today >

Technology Only Works If Your Enterprise’s Culture Works With It

Digital transformation doesn’t just start and end with integrating technology into your workplace. The digital transformation of a business goes beyond that, and is no longer a buzzword used by business professionals, it is a strategic necessity. This necessity is one that requires a specific mindset in order to be successful.

We’ve talked a lot on Digital Diary about enterprises creating a digital culture among employees while integrating new tools. At first, the idea of a digital culture may seem scary and unknown, but in reality, it helps drive change and innovation among all parties in the workplace.

“Companies must be proactive in creating new systems and policies, and re-interpreting their corporate culture around digital in the workplace, or they risk losing clients, productivity, and employees.” Deloitte reports.

A Digital Culture Creates Change

When an enterprise shifts into a digital culture, it changes more than just day to activities and functions. It creates an overall shift in the workplace environment by enabling collaboration among all parties. More collaboration means more effective productivity, and what a business leader doesn’t like that in an enterprise?

Digital cultures incorporate connected devices into the workplace. Connected devices make for better relationships between higher management and employees. It creates more communication among all employees which ultimately benefits the overall success of the work culture.

Think about it, with digital technology, you can be connected to clients in an entirely different state, just by the click of a button. This means that enterprises save money on extra costs like business trips. Employees are able to work remotely and just as effective as if they were sitting in an office. This type of culture is modern and different than traditional business operations but in a positive way.

The Force Behind Digital Cultures

The growing developments of technology drive a digital culture among enterprises more than ever before. The fact that individuals are so consumed with technology and are used to being on devices, it makes creating a digital culture even easier.

“As technology and networks become more robust, the computing power available in consumer hardware continues to increase, and employees become more comfortable with working on their devices, rather than meeting face to face or having to come into an office. Having a more digital savvy team has been a boon for employers.” Deloitte reports.

Tech-savvy teams make for effective business functions and an overall modern culture. Since the world is moving towards different trends like social media, it is crucial for employees to have an overall understanding of the impact that technology is making in the world. After all, you want to have employees in your culture that know what is going on in the world, and that can adapt to the changes that are occurring on an everyday basis.

How To Create A Digital Culture

Forbes dedicated an article to reveal how to create a digital culture in the “speed age” that we live in today. In the article, you can find a step by step process into how to kickstart a digital culture in your workplace. Overall, it touched on the fact that teams need to be on the same page, be able to track progress and be able to respond to issues in an agile way.

Being transparent is also important because it allows for all members of the team to be able to understand the changes that are occurring in a clear way. Of course, being transparent in any business situation should be the goal, but when it comes to technology, it will be more challenging to get all members on board with changes if they don’t know exactly what is going on.

Cons To A Digital Culture

Although a digital culture is effective and helps move enterprises forward towards the future, there can be cons that professionals should look out for. Security, for example, can be a major con for many enterprises. The more technology in a business means that you are relying on digital tools to store important information and valuable assets.

Being aware of enterprise cybersecurity and having a specific security plan can help you defend yourself against any threats that may occur.

ABOUT DET TRANSFORMATION ASSEMBLY

The Millennium Alliance is thrilled to present the 8th edition of Digital Enterprise Transformation Assembly that is put together by the industry, for the industry. Join us for a series of executive education roundtables, keynote presentations, collaborative think tanks, educational workshops, and networking sessions offering industry-specific topics and trends to ensure your company sustains its competitive advantage.

Download the sponsorship prospectus for more information>>

Announcing The Launch Of The New Digital Diary Website

The day is finally here! Today, The Millennium Alliance is proud to announce the launch of our new Digital Diary Blog website! You may be wondering, is it still the Digital Diary you know and love? YES! However, our new website is for our blog and our blog alone. Gone are the days in which you can get lost in the shuffle on our the Mill-All homepage geared to those attending one of our assemblies this year.

We posted our top blogs from each industry to spark your interest in our new website. In the future, we will be exploring everything from guest blogging opportunities to exclusive interviews with executives or members of your company, all right here! So sit tight as we get ready to provide those options for you to an advantage of.

We are currently in the process of switching all of our content from our Millennium Alliance’s blog page to here, so if your favorite blog is missing, do not fret! It will all be on this platform in no time. You can either find our new Digital Diary Blog website here, or you can go to our website and find the URL on our old Digital Diary page.

If you are a C-Level executive, an industry leader, thought leader or an analyst to name a few, we created this website with you in mind. Based on content collected from our Membership, Advisory Board, Thought Leaders, Speakers, and Sponsors, Digital Diary has all you need to know in one, cohesive place. If you are not one of those I listed above, we welcome you! We appreciate the time you have taken to explore our blog, and we hope you are able to take something away from it.

Top Articles Include:

  • Digital Transformation Is Changing The Leadership Role
  • Co-Working Is The Hottest New Retail Concept, All Thanks To WeWork
  • You Want A Revolution, I Want A Revelation
  • Real-Time Push Payments Are Here To Stay In Financial Services
  • Rethinking Business, Branding & Life with Jim Stengel, Digital Retail & Digital Marketing Transformation Assembly Keynote

Digital Diary is our leading content and news platform, so we are excited for the journey that is ahead of us. Interested in coming along the journey? Subscribe to our blog and never miss out on an update! Happy reading!

Click here for the new and improved Digital Diary.

#MillenniumLive

Meet Our Authors:

– Freya Smale is Vice President of Marketing, Product and Client Services at The Millennium Alliance, Editor-In-Chief at Digital Diary, contributor for Forbes, Business2Community, and Marketer in New York. Freya writes mostly about digital marketing transformation, and the industries looking to the latest digital technology to transform in 2017. You can find her online @FSmale tweeting about #marketing #leadership #digitaltransformation and the occasional shoutout to the Welsh rugby team. Or connect with her on LinkedIn.

– Catherine Hand is the Marketing Coordinator at The Millennium Alliance and Editor of Digital Diary. A recent graduate of Siena College in Albany and New York newbie, Cat assists in the creation and implementation of social media, the event agendas, brochures, E-Books, and frequently write blogs for Digital Diary on topics from all industries from Marketing to Information Technology. You can connect with her on LinkedIn. 

– Jenny Schecher is a Client Services Director & Social Media Manager at The Millennium Alliance. Jenny is an avid contributor to our blog, Digital Diary, as well as all social media platforms. When she is not writing about digital transformation and technology, she is working with her team to make visions come to life at our events. (and eating all of NYC’s best food.) Follow her on Instagram: @jennyschecs or find her on LinkedIn!

– Cara Bernstein is Manager, Executive Education Partnerships at The Millennium Alliance. She works with Thought Leaders at the Millennium Alliance assemblies and is also a contributor to Digital Diary. Cara writes about different industries preparing for the digital revolution. You can catch Cara on LinkedIn and on twitter @CaraBernstein

Digital Diary 2.0

The editors here at the Digital Diary are thrilled to launch Digital Diary 2.0!

In just 18 months, our blog has taken off. Now, it is not only a blog but also a bi-weekly e-newsletter and a quarterly magazine!

To deal with the demand, we redesign Digital Diary to make it easy for you, our wonderful readers, to find what interests you the most.

You can now more easily search by category, keep us with us on social, and also find out where the #MillenniumLive team is heading to next through the “upcoming assemblies” list in the footer.

Next up the Digital Diary Podcast so watch this space for updates in the upcoming months 🙂

Please enjoy our new platform for the industry’s best news source! Happy reading!

Real-Time Push Payments Are Here To Stay In Financial Services

The financial services industry is integrating new digital tools into its growing landscape. One digital tool that has affected financial services, in particular, has shifted money transactions between many different parties. This tool is an important topic of discussion among financial professionals.

But, why?

Well, experts in the financial services industry are predicting that this type of payment will affect all different types of transactions in this sector.

“The mass adoption of real-time payment systems around the globe has contributed to an environment in which many consumers, merchants, and financial institutions expect to be able to pay friends and customers, settle bills, and transfer money at the drop of a hat. While the concept of “paying now” is not a new one — cash is an immediate payment transaction instrument after all — the growth of “real-time payment” options has helped build a new standard among consumers.” Deloitte reports.

This type of payment has created a change. This kind of change will affect how consumers carry out payment methods, and if financial institutions are ready to meet the demands of this new found customer. Cash may become an obsolete thing of the past.

How Real-Time Payments Work

Real-time payments are 24/7. They offer instant electronic fund transfer, found through different channels such as smartphones, tablets, digital wallets and even the internet. Payments can be sent instantly, from accounts to financial institutions. This innovative platform has created a digital commerce that is real-time and innovative.

First, authorization occurs that gives a certification of the payment. Then, funds are made available from the transaction. Then, an instant settlement occurs between the financial institutions. Then, the payee receives a notification of funds and the status of the transaction.

It comes as no surprise that real-time payments have made their way to the financial services industry. As technology grows and expands, customers are more connected digitally than ever before, which means they are on the go. Real-time payments cater to this new type of customer.

According to Deloitte, there are significant benefits to real-time payments.

“Real-time payments can benefit financial institutions (FIs), merchants, consumer, and society by offering enhanced visibility into payments, by enabling better cash management and by helping businesses better manage day-to-day operations by improving liquidity. The liquidity improvement can be especially impactful to small merchants who may be used to waiting days for their settlement, possibly creating a positive impact on their cash flow and daily sales outstanding (DSOs).” Deloitte reports.

Accenture’s latest research agrees with the benefits of real-time payments. In fact, according to its research, 35 countries have jumped on board to integrate real-time payments throughout financial institutions.

“Not only do banks need to meet consumers’ rising expectations, they are also facing intense pressure from governments to create nationwide and regional real-time payments systems that can be used by all financial institutions. Given these drivers, immediate payments is expected to become the new standard for banks – making it imperative that they support progress towards it. Any bank that fails to embrace immediate payments will face losing market share, relevance, customer relationships and revenues.” Accenture reports.

Real-Time Payments Categories

Business to Business

Business to business payments has become more complex over the years. As the world moved toward digital payments, we have seen a shift in how businesses carry out payment transactions towards one another. Transactions between a buyer or a seller could take days, consisting of a variety of platforms and transactions. As you can imagine, in the fast-paced business world, this could be a hassle.

This has changed in 2017, especially with the arrival of real-time payments. B2B platforms are integrating different trends into its payment methods. According to Business Insider, there are key takeaways regarding B2B platforms and payment methods.

  • The business-to-business (B2B) payments market is a vast opportunity. In the US, B2B payments reached an estimated $18.5 trillion last year, vastly outstripping the consumer-to-consumer (C2C) and business-to-consumer (B2C) realms.
  • The complexity of B2B payments is holding back innovation, but times are beginning to change. Consumer payments innovation and a vast greenfield opportunity are making the space more accessible and more appealing to payments firms, which is translating to broader market availability for merchants.
  • But until digitization permeates all stages of the complex B2B payments process, and allows those disparate segments to work in tandem, we won’t see any major steps towards an industry standard

Business to Consumer

The demand of the mobile customer has shifted the priorities of businesses, making payment an urgent transaction and one that needs to be seamless, quick and convenient. According to Bank of America, digital payments don’t only satisfy customers, but they are safer, decrease fraud and are more efficient.

Paper checks can be pricey, compared to electronic transactions.

“U.S. merchants alone could save $1.7 billion annually by eliminating disbursement checks. In fact, 82 percent of companies point to cost-saving as the No. 1 reason to move away from paper1. Even sending plastic prepaid cards is less expensive than sending checks, especially for recurring payments.”  Bank of America reports.

Peer to Peer

Peer to peer payment methods have increasingly shifted since the arrival of Paypal and Venmo entered the marketplace. Now, consumers are able to send money transactions seamlessly and quickly, all with the swipe of a screen. Apple Pay has also been integrated into consumer transactions, which is only developing to possess more payment tools and features that put consumers in charge of financial transactions.

Consumers no longer have to pay each other through the phone, or paper check. Digital transactions have changed the way we communicate forever.

“Quick and easy to use, P2P payments like Venmo, PayPal and Square Cash allow users to send one another money from their mobile devices through a linked debit card. Here’s what to know about how it works, how to use it safely and how to choose which service to use.” Nerd Wallet reports.

The safety concern around digital P2P payments has been brought up and explored by professionals. The truth behind the safety of these types of transactions is that the consumer has the power to be as safe as they would like to be. For example, before sending money to someone, it is important to make sure that the person is the one who is intended and not a stranger.

You can also choose to have a pin number, password, and notifications for the apps that give you first-hand insight into the activity that is occurring. That way, if there is a transaction you are not familiar with, you are able to be alerted right away. Besides, if you are still uncomfortable with using payment apps, you can contact your bank because most banks have set up their own payment transaction functions through the bank’s app.

ABOUT FSI TRANSFORMATION ASSEMBLY

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Digital transformation has set its sights on the financial services and insurance industries. CIOs from North America’s top institutions are working to leverage new technology such as Artificial Intelligence to deliver products and services that answering changing customer needs.

While financial services and insurance CIOs will deal with many challenges in the coming years, one particular technological challenge raises to the top – dealing with the complexity of data. The massive explosion in data is creating unprecedented manageability issues for firms around the world. As firms expand customer touch points through the use of digital platforms like social media, CIOs are dealing with an overwhelming volume of structured and unstructured data, resulting in an increased need for tighter security.

Co-Working is the Next Hottest Retail Concept, All Thanks to WeWork

A transformative change has taken place in recent years. The concept of co-working evolving from an alternative to a traditional office lease for start-ups and freelancers is becoming an integral component of corporate real estate portfolios. Since flexibility tops the list of popular benefits of coworking amongst freelancers, small businesses, and large enterprises, the retail industry is rapidly changing to incorporate this business idea into business practice in 2018.

Co-working companies provide short-term leases at various square footages, allowing tenants to determine the most appropriate workplace strategy for their business without a long-term obligation, driving cost efficiency with newcomers and experienced retailers in today’s market.

It’s No Longer a Thing of the Past

Back in October of 2017, the still relatively new co-working company WeWork made a deal to buy Hudson’s Bay Fifth Avenue property Lord & Taylor flagship store for $850 million. This not only raised red flags as to what the future of both retail and office facilities held, but also it gave rise to if such as WeWork, Co-Optim, and NeueHouse pop up are changing nature of work is giving rise to a new kind of retail experience.

“Co-working spaces generate heightened connectivity amongst different businesses, presenting an opportunity for innovation to occur at the intersection of different disciplines and mirroring the balance between intellectual harmony and tension made famous at AT&T’s Bell Labs in the late 19th century.” – Cushman & Wakefield reports.

However, buying up store space has not been the only retail push. Partnerships are another angle that WeWork has been exploring, with WeWork and LinkedIn announcing a partnership with J. Crew that would include panel events, a new work-focus collection and campaign from J. Crew featuring WeWork members, and J. Crew pop-ups exclusively for WeWork members in February 2018, opening new possibilities for both office spaces and retailers in collaboration efforts.

With New Opportunities, There are Always Challenges

With any new idea or innovation, as great as it may be, there are always pitfalls and challenges businesses have to consider. Adding retail to co-working spaces brings certain problems, which Christopher Walton, Former VP of Target Store of the Future describes in the quote below.

“There are a couple big challenges I see. One, it is hard to coordinate retail partnerships at scale in such a way that the retail experiences will stay fresh and well executed across the country. Two, it will also be difficult for retailers to generate the return on the investment required from the partnerships or the product placement. It is similar, in my mind, to the phenomenon of retail at airports. Some money can be made at airport stores, but those stores don’t really blow the doors off for any retailer” – Christopher Walton reports.

Furthermore, most analysts are unsure whether the retail element is a practical measure economically, not just for WeWork, who owes $18 billion dollars in rent despite its success, but for the co-working industry as a whole, which could be in a big bubble that is about to burst for most businesses.

Moving Forward

Moving forward, there may be opportunities for digital retail brands to beat co-working spaces at their own game by opening up co-working spaces of their own. With room for companies such as Apple and Amazon to try co-working in the future, co-working for those companies and other well-known could prove to be a huge advantage for them, igniting an entirely different perspective of the retail space as we progress into the future of retail experience. How exciting!