By embracing automation, these banks found a huge boost when it comes to accounting, reconciliation and budgeting processes.
While exceptions are inevitable in any workflow situation, bankers particularly must have the tools to manage them efficiently.
Merger and acquisition activity over the past decade has transformed large U.S. banks into increasingly dominant mega-banks and reduced the market share controlled by smaller ones, particularly in major urban areas.
To compete in a digitized world, retail banks need to transform themselves into a center where customers can receive relevant financial advice and guidance.
A bank’s strategic priorities for 2016 should include building excellence in cross sell, improving IT management and determining how to partner with alternative finance companies.
Collection agents can not only help banks salvage bad debt but also preserve customer relationships that will demonstrate value once the economy recovers.