As banks and fintech providers compete to out-innovate each other at every turn—with similar upgrades and incentives to win the same customers—financial institutions can be tempted to add products.
It’s no secret that the digerati are taking bites out of the banking sector—offering payment services, loans and credit, cash, and savings products to the underbanked.
Bankers invest so much time and attention toward driving “share of wallet” (SoW) that many tend to treat it as the de facto metric for measuring return on investment (ROI) in digital technology.
Collaborative, partnership-driven approaches define the bank of the future—but for traditional banks, the shift to openness requires enormous changes throughout their organizations.
Today’s collection strategies tend to be overly aggressive and collectors are infamous for their relentless attempts to chase down past due bills no matter the cause or individual’s case history.
No matter the business, digitization holds the key that unlocks groundbreaking opportunities and prevents small issues from blowing up into multi-billion or even trillion-dollar problems.
As the economy continues its post-Great Recession progress, interest rates are expected to continue rising in 2018 on almost all financial products, including personal loans and mortgages.
When Corey Vandenberg worked in retail banking—for 17 years, in fact, before he set up shop as mortgage banker in Lafayette, Indiana—he was always stunned at all the paperwork customers had to furnish to show proof of income to buy a house.
Both major government-sponsored enterprises, Freddie Mac and Fannie Mae, are working to streamline the mortgage manufacturing to make securing and acquiring mortgages more efficient.
