Digital technology has propelled innovative financial institutions to the next level of improving the customer experience, say judges in the 2016 BAI Global Banking Innovation Awards program.
While implementation of new credit loss standards is years away, banks need to begin now to develop the data and systems capabilities to handle this change.
Marketing executives say digital channels offer a great opportunity for building a bank brand but also present quantitative challenges in proving the business case.
Read what influential experts have to say about the top issues in financial services.
Going beyond traditional marketing, bankers now post blogs and white papers, offer credit coaching and extended hours and pay for leads to gain an edge in pursuing small business customers.
While Millennials are certainly more tech-savvy than previous generations, they also display a surprising preference for opening checking accounts at the branch, which provides cross-sell opportunities for financial institutions.
When bankers seek outside advice for improving their institutions, they need to follow through on the recommendations they agree to implement.
Changing bank core systems can be a daunting challenge but careful planning and preparation can minimize the difficulties.
Banks can no longer afford to ignore the ‘elephant’ in their back offices: legacy systems that no longer meet today’s IT requirements.