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While many small businesses remain wedded to paper checks, banks should move now to offer them electronic alternatives, says BAI Payments Connect 2014 panelists.
While the Durbin Amendment may have hobbled bank earnings, it also did the industry a favor by forcing bankers to innovate.
Banks that truly want to ‘walk the walk’ in small business banking need to do the analytical and structural work crucial for success.
Analytically-driven marketing support can help banks generate new business loans without having to add new bankers.
Financial institutions are faced with a strategic dilemma: how to manage the polarity of customer needs without alienating one group or the other.
By analyzing the Consumer Financial Protection Bureau’s database of consumer complaints, banks can head off violations (and fines) in their own organizations.
As the regulatory and legal environment turns more hostile, debt collectors need to use customer analytics to understand who will ultimately pay and who will not.
Now that Microsoft has pulled the support plug for Windows XP, financial institutions that haven’t switched to Windows 7 need to explore their options.
Developing and executing a multichannel strategy requires foundational data to ensure that the strategy aligns with channel capabilities, customer preferences and the bank’s overall strategy and brand promise.
The U.S. card industry’s move to EMV technology to combat fraud will likely accelerate because of recent data breaches, say BAI Payments Connect 2014 panelists.
Real-time payments could be moving a step closer to reality under pressure from forces both inside and outside of the financial services industry, say BAI Payments Connect 2014 panelists.
For 2014, banks are committed to reducing expenses and operating more efficiently through better use of technology, improved hiring and training practices and right-sizing business units.
To spur their efforts at innovation, winners of the BAI-Finacle Global Banking Innovation Awards 2013 are learning to collaborate more within their own organizations.
The key is understanding how a customer problem becomes a complaint and stopping it before it festers.
… consumers still want branches within 10 minutes of their primary location.
When you don’t have detailed customer information that helps you make discrete appeals, you’re left with a blunt instrument – volume.
… many banks either ignore small businesses or are clueless about what it really means to work with them.
Now that the Windows XP deadline has passed, continuing to ignore the upgrade puts your organization at risk.
Having granular data will assist in developing estimates on the possibilities from a migration standpoint …
Examiners are expected to make your bank’s cyber security initiatives a top priority this year.
Developing an effective model requires significant investments in test-and-learn …
… companies need to beat cybercriminals at their own game and ‘think like a bad guy.’
... the option of satisfying the financial needs of all customer types is impossible.
Working with a small business to provide a commercial loan product is not the end game.
… Workplace Banking puts branch teams in front of prospects and customers they no longer see in the branch.
You can leverage transaction analytics to review the transactions performed by the group of fraudulent cards to find commonalities …
There’s no such thing as a channel; there’s just a digitally enabled world that augments our physical being.
… once you get warning of a transaction slowdown, you need the ability to quickly drill down to find its source.
… cash was still used for approximately 29% of all U.S. retail payments in 2012.