The value of SKU-level data during COVID-19 (and beyond)
At a time of reduced personal contact, details from customer spending patterns can provide important insights into their banking needs.
COVID-19 is raising the risk of insider bank jobs
No financial institution is exempt from the occasional ‘malicious insider’, who, acting alone or with outside help, can do more damage than virtually any outside fraudster.In addition to knowing where a bank’s most vital and sensitive information is stored, a maladjusted employee has the inside track to a bank’s weak spots. Hence, it’s not surprising that attacks Read More
Engaging customers through a proactive payment experience
According to the BAI Banking Outlook: Trends in 2020 survey, roughly half of Millennial, Gen X and Gen Z consumers expressed a willingness to switch financial services providers for better banking apps and digital platform capabilities. Put simply, they value a better experience and more importantly will switch providers for one. Today’s consumer expects quick and reliable Read More
David Kerstein: a friend who drove positive change
David Kerstein became friendly with the people he met at BAI, from members of the leadership team to the social media manager. With them, he was always happy to talk shop, whether it was sharing feedback, discussing story ideas or dissecting LinkedIn’s quirks. Chances are, he would also slide in a joke or two.For the last 22 Read More
Time to take the blinders off small business services
Small business relief programs have held bankers’ undivided attention lately. What was once considered a largely underserved segment in the financial industry is now at center stage.Businesses are relying on their banks now more than ever before to provide the relevant financial tools that they need to survive. But the responsibility does not end with lending. Bankers Read More
The CX journey to customer lifetime value
Harvard Business Review defines customer experience (CX) as “the cumulative impact of your customers' end-to-end journey with you, the multiple touchpoints over time, which create a true competitive advantage to companies that get it right.”While that is an accepted definition for retail, CX for financial institutions has historically been considered from the post-sale or transactional perspective, i.e., Read More
Banks have opportunity for a long-term win post-PPP
COVID-19 has disrupted our communities and cost us greatly, but it has also breathed new life into our sense of community and improved how we communicate and work together. Banks are no exception; they are a great example of acting fast to serve their communities.As a part of an unprecedented effort to protect small businesses, financial institutions Read More
The banking business model beyond COVID-19
As the global economy reels from the effects of the novel coronavirus, banks of all sizes are being forced to adapt to a new normal. From providing liquidity and credit to the economy, to providing cash and financial services to citizens, to ensuring their own liquidity, banks are looking for ways to stay operational and healthy during Read More
The data management imperative of COVID-19
In the two weeks it took for the $349 billion Paycheck Protection Program to run out of money, lenders and other financial-services institutions learned a lot about their ability to execute.Many simply weren’t prepared to process in near-real time the mountain of documents they received – and the data onslaught continues with the infusion of $310 billion Read More
Why bank employees are the key to brand alignment
For most companies, seeking a competitive advantage means creating products and services that differentiate them from the pack. That’s harder for banks. Most financial institutions offer similar services, online tools and even interest rates, so defining what sets them apart is challenging. In a space where everything looks the same, banks have to earn their edge by Read More