Amdocs: Breaking Down Banking Silos at Money20/20 USA

In an exclusive interview at Money20/20 USA, FinTech Magazine spoke with Bentzi Aviv, Global Head of Fintech Solutions at Amdocs, about the evolving landscape of banking technology and the opportunities that lie ahead for financial institutions.

Technology's Evolving Role

The rapid advancement of technologies such as generative AI has created new possibilities for banks to enhance their service offerings. 

Bentzi notes that the gap between vision and technological capability is finally becoming manageable: “Many of our visions around customer service and personalised experience that were once theoretical are now supported by technology.”

Significant challenges remain for established banks dealing with legacy systems. “When you examine a bank's infrastructure, you'll find different lines of business supported by different technologies,” Bentzi explains. 

“The persistence of data silos poses a significant risk. While the industry understands the need for complete modernisation and digitalisation, there remains a substantial gap to bridge.”

Balancing Innovation and Regulation

Rather than viewing regulation as a hindrance, Bentzi advocates for seeing it as a framework that creates trust and security in the financial ecosystem. 

“Regulation establishes the necessary rules to ensure financial institutions can responsibly manage our financial wellbeing,” he notes.

He points to Europe's open banking initiatives as an example of how regulation can foster innovation and competition. 

“European regulation actively generates competition through open banking, with APIs being a prime example. 

“I have greater confidence when working with a regulated institution, particularly in financial services. Even when engaging with fintech companies like Revolut, regulatory compliance is essential as it ensures robust security measures, proper AML procedures and protection of personal identity.”

Transforming Retail Banking Through AI

The emergence of generative AI presents an opportunity to democratise premium banking services. 

“We're working to bring the private banking experience to the retail market,” Bentzi says. 

“Generative AI enables us to transform customer interactions through automation and co-piloting engagement models, empowering business managers and advisors to provide enhanced customer guidance.”

However, he emphasises the importance of maintaining proper oversight, particularly given the industry's reliance on licensed professionals. 

“The entire system is built around licensed individuals who are authorised to provide product-specific advice. 

“Whether it's mortgage advisors, investment advisors, or insurance advisors, these licensed professionals form the foundation of our banking structure.”

Looking ahead, Bentzi envisions a fundamental shift in how banks approach their services. 

“The future of banking must be seamless. We often misinterpret banking products - a mortgage isn't the product, the house is. A deposit account isn't the product, it's the ability to save for education or purchase a car. 

“Banks need to transition from a product-based approach to an experience-based model that focuses on understanding and meeting customer needs.”

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