The deeper his team dives into the customer analytics at BMO Financial Group, the more Chris Menezes realizes that each customer is bent on charting his or her own unique experience through the organization’s digital and human channels.“It’s really up to the customers as to the channel that is most appropriate for them,” says Menezes, who heads Read More
The COVID-19 pandemic is forcing banks’ mid-market business customers to make difficult decisions every day about how to keep their companies running while keeping employees, customers and stakeholders safe. In most states, companies have been forced to go entirely remote – for some this is not a huge shift, but for others it creates a significant learning Read More
BAI's Holly Hughes talks with Wintrust’s John Koleno and OneSpan’s David Vergara about the key challenges around providing a great customer experience while also protecting against fraud and the tools and technology that can help. More from BAI on managing fraud and cyber security: * Podcast: Working to stay one step ahead of the cybercriminals * Bankers beware: Deepfake technology is Read More
Generation Z may have grown up as digital natives, but when it comes to banking, they’re not just about the technology. A recent BAI Banking Outlook survey shows that Gen Z also likes to get face-to-face financial service and advice, and for a generation that freely shares so much information about their daily lives, they want a Read More
For banks to fully embrace their digital destiny, top executives and board members need to set the tone with a cultural transformation that underlies the increasing move to electronic channels.Traditional banks are often seen as operating at a disadvantage to their digital-only or fintech rivals—not only due to the burden of their legacy systems, but also legacy Read More
There’s little debate that automated self-service technology has captured the imagination of financial service providers. Banks, credit unions, lenders, wealth management firms and other providers of all sizes and geographies are scrambling to deploy digital customer service solutions into their contact centers and customer service organizations.These technologies can help financial institutions increase productivity, lower operating costs, build Read More
COVID-19 is giving a whole new meaning to the term "operational resiliency."While every bank should have an existing business continuity plan (BCP) that outlines their strategy for responding to and recovering from service interruptions such as natural disasters and cyberattacks, not even the most prescient BCP planners could have predicted COVID-19 and its impact on the global Read More
The research has not been exhaustive, but there is a 99.99 percent certainty that the predictions published in our industry for 2020, as well for the next decade, did not include the COVID-19 pandemic.Though most financial institutions have a pandemic crisis plan – proposed by the regulators since 2007 – few expected to break the seal on Read More
COVID-19 is making it clear, perhaps now more than ever, that it is important for financial institutions of all sizes to strengthen their arsenal of digital solutions as their clients’ digital behaviors and expectations are going to change. If they don’t, they themselves are at risk of becoming a casualty. Here is what we can learn from Read More
Companies across the globe are moving to the cloud, but financial institutions have typically been slow to make the transition. While moving to the cloud may seem like an innovative change, financial institutions should also consider the best ways to stay compliant and protect consumer data in the process.With changing technology, navigating cloud compliance may be confusing Read More
For the banking industry, the last few decades have brought massive innovation and change, with a shift from being primarily brick and mortar to being supplemented with online and mobile. Fintechs saw a meteoric rise, and payment processing shortened from a matter of days to a matter of seconds.Just like their customers, financial institutions are learning how Read More
Spare rooms, couches and dining room tables are now office space for millions of Americans working from home due to COVID-19. But a dispersed labor force still needs access to data and documents to get their work done, as well as powerful workflow tools to integrate individual efforts across the organization. Josh Spisak, senior product manager for Read More
It’s no secret that fraudsters use weakness and vulnerability to their greatest advantage, and they move fast.From the earliest days of the coronavirus outbreak, scam artists have worked to leverage the societal disruption – quarantines, service limitations, changing work situations – to steal money and information from banks and their customers. While the fraud scenarios are borrowed Read More
If a bank’s vision describes what they want to accomplish, a bank’s purpose reveals why they want to accomplish it.Because they are so intrinsically people-centric, community bank leaders often believe their financial institution’s purpose is clear – to its clients, to its community and to it employees. Yet, that is not always the case. Unless well-articulated, intentionally Read More
As a British energy company executive listened to the voice on the other end of the phone line, the familiar German accent convinced him that he was speaking to his parent company’s CEO. So when the executive was instructed to wire $243,000 to the CEO’s bank account, he went ahead and did it.But it turned out both Read More
While he was still a presidential candidate, Mike Bloomberg ran an ad campaign that, while it may not have been too well-received, can teach us something about what works on social media — and what doesn’t.Bloomberg hired popular Instagram accounts to post memes about him with the intent of building a more relatable, self-aware persona, but the plan Read More
The probability is high that a bank customer will at some point experience a cybersecurity incident. Above and beyond the financial and operational risk, cybercrime comes with substantial reputational risk for banks, as customers are far less likely to trust institutions whose products and services are frequent targets for breaches or hacks.While banks are ramping up their Read More
Analytics can help address both the critical problems of today and the unpredictable issues of tomorrow. You want information and capable people responsible for raising flags and diagnosing the underlying causes of emerging issues before they become critical. Analytics enablement positions you to detect and put out sparks before they are fires.When considering analytics, many financial institution Read More
In the not-too-distant future, we’ll no longer have to drive ourselves to work each morning. Instead, a driverless car will ferry us to the office as we sit serenely in the passenger seat, catching up on the news and sipping a warm beverage.Banking services are heading the same way. The time is coming when we will have Read More
Payments are the largest source of non-interest revenue for many banks, yet the majority of institutions do not have an enterprise payments strategy. To succeed in the rapidly evolving payments landscape, banks must develop a strategy that incorporates consumer attitudes about payments, the growth of embedded payments and the convenience of contactless cards. Consumer experience. Financial institutions Read More
