Evan Siegel
Sep 21, 2022

AI-powered knowledge management technology can improve customer financial wellness, grow balances and drive product sales.

As an increasing number of consumers use digital channels to handle basic banking transactions, the look and feel of bank branches needs to change – for community banks as well as for larger institutions.

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Financial institutions of all sizes are facing challenges to their retail branch system.

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Half the world’s adults, over 2.

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Throughout the year, readers of this publication have been advised by various authors that revenue growth is easy if banks reorganize their sales processes; that improved innovation is possible if banks leverage internal talent; and that customers will be retained if banks can deliver services more focused on specific customer needs.

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Tracking trends in deposit pricing involves three fundamental principles, each of which provides an additional perspective for the analysis: Distinguishing between an event and a trend.

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Undoubtedly, online and self-service options are changing the traditional perspective of branch banking, and as part of this evolution, many traditional direct consumer interactions are being pushed to the contact center.

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Elaborate depictions of the branch of the future have been a topic of discussion for so long now that it seems like the future should be here already.

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Community banks face significant challenges from compliance costs, capital requirements and changing customer behaviors, all of which require them to reevaluate their business and operating models.

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Once again, technology has raced culture to the finish line and won.

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The small business lending market is one of the few bright spots in banking and can have a significant impact on a bank’s bottom line.

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In a typical bank merger, the profitability plan calls for cost savings with limited revenue losses.

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With the continued accelerated adoption of non-branch channels such as mobile and the web, banks are facing the fact that branch traffic may not uptick anytime soon, if ever.

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In 2013, credit union membership grew to over 96 million, up almost 3% from 2012.

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Once banks make account access on mobile devices a standard service for their banking customers, they often make the mistake of stopping there.

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Faced with a slow-growth environment, today’s banks are focused on finding more efficient methods of increasing wallet share while continuing to increase customer satisfaction.

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Facing continuing pressure from investors to reduce expenses in a slow-growth environment, the temptation for many bank executives is to cut costs indiscriminately, for example, 10% across all departments.

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What day-to-day actions make for a successful bank? We all define success differently, but in my view it requires a bank to satisfy all its stakeholders, namely, generate solid earnings and growth for investors, distinguish itself with customers, demonstrate franchise value and provide employees with a positive work environment.

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It’s almost a sad commentary on our times that “omnichannel banking” already sounds like a cliché.

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Despite their number and economic impact, small businesses have historically found few bank products outside of loans that meet their unique needs, with consumer products often offering too little and commercial products offering too much.

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With an increasing number of customers, particularly Millennials, opting to bank online or via their smartphones and tablets, the purpose of today’s branch is less centered on transactions and more focused on customer service and sales of additional products and services.

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