With a sharp focus on factors such as improved retention and market penetration, and entering new markets, strategic banks can make the most of the sales growth curve.
Rather than viewing cyber security simply as a liability, innovative banks need to utilize it as a competitive differentiator.
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.
Biometrics can help improve the ability of banks to determine the identity of individuals using their ATMs or self-service kiosks.
Voice biometrics can be useful in fighting card fraud at contact centers by analyzing the ‘voiceprint’ of prospective fraudsters.
To reduce the ‘technical debt’ accruing in their legacy systems, banks need to examine their procedures for software development and maintenance, as well as the problems specific to their legacy code.
Pending changes to the allowance for loan losses will require banks to repair any deficiencies in data collection in order to model multiple scenarios under the new rules.
The regulatory complexity of making ‘non-qualified’ mortgages has scared away many lenders but a case can be made of the benefits to banks in taking the plunge.