It’s finally happening. Banks that so far have shown only a tepid interest in embedding technology into their compliance processes are rapidly warming up to its very real benefits.KPMG reckons that by the end of 2020, regtech — meaning, compliance technology — will make up more than a third of all compliance spending. And it may not Read More
Each new generation determines its own unique way to bank. No sooner do financial services organizations figure out the kind of banking experience Millennials want than Gen Z comes along with its own ideas about privacy, making payments, saving money, moving money or investing it. In time, they’ll be calling the shots. Recent BAI Banking Outlook consumer Read More
With financial institutions of all sizes undergoing digital transformation, a vast array of new technologies are being designed to cut costs, increase convenience and deepen customer relationships. As they roll out new technologies, however, many FIs are realizing the challenge of getting customers to change their ways.A top-down digital culture is necessary to drive transformation at a Read More
Welcome to another decade, banking. Efficiency needs to top our lists of resolutions: Meaning, institutions must become efficient enough to not only survive a rapidly changing landscape, but also thrive as competition ramps up from both technology companies focused on banking and tech players once relegated to social media and e-mail. This industry “faces a new combination Read More
A shift is under way in how banks and other corporations adopt and apply new technologies. For the payments industry, ease of integration has become a primary focus and serves as both a driver and limiter of innovation.We surveyed roughly 160 treasury and banking executives in 2019 on payment trends and found that nearly two-thirds of them Read More
Digital transformation doesn’t sit still. It’s helpful to think of it not as an end point, but rather a continuous evolution, driven by operational efficiency needs and evolving customer expectations. In order to remain stable and sustain growth, financial institutions must equip themselves with ecosystems that will support changes we can’t even imagine yet — not only Read More
As the banking industry faces tighter margins and increasing competition for customers, many financial executives find themselves looking to cost reductions and department downsizing to better their bottom lines.Yet, those who take a balanced approach and identify the right operational efficiency initiatives may find that what’s good for profit margins may also improve the customer experience. Automation, Read More
In the final installment of our series on the BAI Emerging Leaders Network, we’re proud to present the personal reflections from nine more outstanding young professionals you’ll surely hear about in the years to come.Here, they share the experiences that have defined them, the long-term opportunities they see for the industry and the reasons why taking a Read More
Early adopters of branch transformation initiatives are seeing real benefits. How can you catch up?
Economic growth is making credit more widely available for consumers to purchase cars and homes, as well as to invest in their future. It is also providing fraudsters a broader opportunity to implement innovative schemes, such as synthetic identity fraud.With an eye toward acquiring young borrowers with limited credit histories, yet potential for significant lifetime value to Read More
In the third installment of our series on the BAI Emerging Leaders Network, we’re back with eight more profiles of standout young leaders who are already making a difference in the financial services industry.Read on to learn who inspires them, how they aim to make an impact on the industry, and what they see as the biggest Read More
Faced with thinning margins, increasingly complex regulations and consumer demands for digital channels, today’s financial institutions find themselves under more pressure than ever to use their time and resources as efficiently as they can. Behind the scenes, the finance department bears much of the responsibility for meeting evolving industry requirements: developing a strategic vision for revenue-generating products, Read More
Inefficiencies such as a bank’s disjointed data systems, manual processing of authentication for new account openings or outdated payment processes don’t just cause headaches for employees and customers alike — they also play directly into the hands of fraudsters. Although these kinds of operational inefficiencies don't rise to a level as egregious as leaving the vault unlocked, Read More
Financial institutions have long been wary about lending to small companies – the conventional thinking is that the risks tend to outweigh the profits. Over the last few years, however, the small-business community and fintech upstarts have begun to form relationships that have helped lead some lenders to reassess the market’s potential.One example worth noting involves Farm Read More
There are many examples in modern business where low latency is critical, but perhaps none of them more so than in banking and financial services. For this industry, the speed with which networks relay communications and execute transactions is directly proportional to profitability. Because time is money, the difference between milliseconds and microseconds can mean the difference Read More
The words “sales data strategy” can seem overwhelming to even the most seasoned sales executives. The right sales data strategy can provide sales leaders, managers, and salespeople with insights to make more informed decisions and drive better results.A sales data strategy is a documented plan that provides a structured framework for sales organizations to effectively manage and Read More
This will be a transformational year for acquiring banks that are focused on improving the value they offer to merchants while protecting consumers’ privacy. As the evolution of payments technologies continues, mergers and acquisitions are going to create new opportunities to improve payment solutions and value-added services.Acquiring banks, also known as merchant acquirers, allow businesses to accept Read More
The financial industry is being reinvented as mobile-first generations grow in buying power. Physical branches sit empty as customers flock to digital solutions. Almost everything customers want to do can be done online — and millennials and Gen Z prefer it that way. All of this creates trouble for marketers in financial services companies. How can they update Read More
We’ve heard the hype about mobile wallets for almost a decade. And heard it. And heard it. And yet ... the road to adoption has been slow. Passenger-pigeon slow. Tin-can-and-string slow. Ugly-beige-rotary-phone slow. The stats tell the story. The Bain/Research Now Retail Banking NPS Survey 2018 found less than one in ten Americans reported using Apple Pay Read More
The pricing of banking products has gotten more interesting over the last few years, thanks to competitive pressure from fintechs and neobanks, rising customer expectations, greater regulatory scrutiny and a changing interest rate environment. Banks and lenders are now using several different levers to become more customer-centric in pricing their products.Base pricing offered to different segments is Read More
