USAA’s award-winning banking innovation flies above the rest—literally. The San Antonio, Texas-based financial institution is a co-winner for Innovation in Societal and Community Impact in this year’s BAI Global Innovation Awards, announced in a special webinar last week. USAA took home honors for its Aerial Imagery Tool, which allows members to remotely search and view damage to Read More
In an age of FinTech challengers and big data challenges, it's now a given that banks can no longer stand still. Yet how they can respond creatively remains a puzzle many financial services organizations have struggled to solve. So when banks across the globe devise and implement practical solutions to perplexing problems, it results in templates that Read More
Debt collection marks one of those challenging areas for financial services organizations, and here’s why: The high-tech advancements that have bolstered other areas of banking, such as chatbots and mobile deposit capture, haven’t always made the impact this specific niche needs. And that adds up to a pain point, not just for the banks but also for Read More
The banking industry is in the midst of another good run. Most financial institutions have once again turned profitable, as evidenced by the most recent FDIC quarterly summary: It indicates that in the third quarter of 2016, community banks—which represent 92 percent of insured institutions—reported net income of $5.6 billion. That’s up $592.6 million (or 11.8 percent) Read More
Although most U.S. banks offer some type of mobile channel, significant disconnects remain. For example, only about a quarter leverage mobile for account opening, or plan to begin doing so.One considerable mobile onboarding hurdle is achieving convenient, secure and compliant ID document presentation and authentication. In March, at BAI Payments Connect 2016, mobile deposit software pioneer Mitek, Read More
The financial services world changed forever following the financial crisis, but not just because of the economic environment. Sure, the economy had an impact on the way regulatory requirements were established but the real driver of change has been the consumer. Faced with increasing expectations, changing behavior and advancing technology, some leading financial institutions have successfully recognized Read More
The Bank of East Asia (BEA), based in Hong Kong, was recognized as the Most Innovative Bank of the Year at the 2015 BAI-Infosys Finacle Global Banking Innovation Awards on Oct. 13 at BAI Retail Delivery 2015 in Las Vegas. Fidor Bank AG of Germany, meanwhile, won for Most Disruptive Innovation in Banking and Albuquerque New Mexico-based Read More
“The whole value chain of banking is up for grabs,” said Manuel “Manolo” Sanchez, chairman and CEO of BBVA Compass, in response to a question about disruption challenges to the banking industry posed by financial technology (FinTech) startups. Citing payments as one area particularly ripe for disruption, Sanchez added, “Banks need to focus on partnerships or collaboration.” Read More
As banks look ahead to 2016, they face a challenging environment of low interest rates continuing to suppress net interest margins and an increasing regulatory burden that raises compliance costs and restricts fee income. Even so, managers must still come to their boards with viable plans to move the organization forward. Serial entrepreneur Robert Herjavec can provide Read More
Even as banks across the globe accelerate their innovation in mobile, big data and social channels, they also face the need to renew the legacy system infrastructures that often prevent them from taking full advantage of these front-end improvements. “To continuously innovate on digital channels and customer touch points, one requires a robust back-end enterprise infrastructure,” says Read More
As the role of technology grows in retail banking, innovation is no longer simply about online, mobile or even omnichannel, say the judges in the BAI-Infosys Finacle Global Banking Innovation Awards 2015. “2015 feels like a year in which retail banks have finally figured that things will never be the same again,” says Ed Carrell, managing director, Read More
Over the past five years, the BAI-Infosys Finacle Global Banking Innovation Awards have showcased innovation and emphasized the importance of changing how we provide value to customers in the financial services industry. Looking back at hundreds of past nominees and the exclusive group of selected winners in various categories, it is clear that there is a commitment Read More
Innovation in financial services has become a worldwide phenomenon, as showcased in the annual BAI-Infosys Finacle Global Banking Innovation Awards. Having spent a good part of my career in designing new financial services and products, it has been a great privilege for me to serve as a judge on these awards for the last two years. You Read More
Financial institutions are constantly challenged to remain relevant in a fast-paced digital world, differentiate themselves from the competition and develop new revenue streams. As if that isn’t challenging enough, today’s young professionals don’t have the loyalty to banks and businesses that their parents and grandparents did. This is not a bad thing. The needs and transient nature Read More
What’s it going to take for retail banks to survive in this post-financial crisis, increasingly digital world? “The dual strategy of ‘New and Renew’ will be critical,” says Michael Reh, senior vice president and global head of Infosys Finacle. “Banks must look to infuse new life into existing lines of business, while innovating into new ones.” Innovation Read More
What does it mean to be an innovator in today’s global banking industry? It’s no longer just about digital but more about connecting customers with their banks in a seamless, omnichannel fashion in order to solve specific problems and issues, according to judges in the BAI-Finacle Global Banking Innovation Awards 2014. “In prior years, we saw many Read More
Innovation today means redefining traditional banking with products and services that improve the customer experience, whether it’s a mobile app that enables customers to better comprehend and manage their bills; a hands-free payment system utilizing Bluetooth; a personal finance manager that automatically tracks all transactions, spending and cash flow across customer accounts; or a voice biometrics system Read More
Innovation is hard to do and financial institutions can always come up with a long list of reasons why they hold back from major changes in the way they do business, including increasing regulatory constraints, earnings pressures and overburdened technology departments. However, as the annual BAI-Finacle Global Banking Innovation Awards demonstrates, some financial institutions have the vision Read More
The Office of Thrift Supervision (OTS) may be long gone, but the institutions that it once regulated are still around and dealing with some of its legacy issues. OTS supervision formally ended in July 2011, when approximately 670 thrifts were moved over to the Office of the Comptroller of the Currency (OCC) resulting in problems for those Read More
With the global financial crisis of 2008-2009 mostly in the rear view mirror, banks around the globe can focus more on the future, which means improving the customer experience through innovation, particularly in the delivery of mobile services. That’s the view of a panel of bankers and financial services executives assembled to judge the 2013 BAI-Finacle Global Read More
