Meeting the compliance challenge on the frontline

As regulatory pressures continue to mount, financial institutions are looking to their frontline staff to act effectively as their first line of defense when it comes to ensuring that the bank is acting in a compliant way with customers and discovering potential problems or bad actors in their own day-to-day operations.  That was one of the conclusions Read More

By |2020-05-27T18:00:14-05:00February 1st, 2016|Comments Off on Meeting the compliance challenge on the frontline

Global banking innovators improve the customer experience

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

By |2020-05-27T18:00:17-05:00October 14th, 2015|Comments Off on Global banking innovators improve the customer experience

FinTech companies endorse bank technology partnerships

“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

By |2020-05-27T18:00:17-05:00October 13th, 2015|Comments Off on FinTech companies endorse bank technology partnerships

Robert Herjavec of Shark Tank on funding innovation

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

By |2020-05-27T18:00:17-05:00October 11th, 2015|Comments Off on Robert Herjavec of Shark Tank on funding innovation

Cam Marston on banking the Millennials

Bankers well understand the importance of the Millennials (born 1980 to 2000) to their future business. They are, after all, the next generation coming through the pipeline, following Generation X (1965-1979) and the Baby Boomers (1946-1964). Understanding how to relate to the Millennials, however, both as customers and as employees, has proven to be more difficult, given Read More

By |2020-05-27T18:00:18-05:00October 5th, 2015|Comments Off on Cam Marston on banking the Millennials

New and renew for continuous innovation

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

By |2020-05-27T18:00:18-05:00September 28th, 2015|Comments Off on New and renew for continuous innovation

Barbara Corcoran on funding innovation

Most bank executives, at some point in their career, need to go before their boss to pitch an idea for a new project and, presumably, ask for money to accomplish that objective. Sounds a bit like contestants on the ABC TV show Shark Tank, right? What better person, then, to advise bankers on making those pitches than Read More

By |2020-05-27T18:00:18-05:00September 8th, 2015|Comments Off on Barbara Corcoran on funding innovation

Bank innovation inspired globally

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

By |2020-05-27T18:00:35-05:00April 7th, 2015|Comments Off on Bank innovation inspired globally

Reimagine Business Strategy for a Digital World

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

By |2020-05-27T18:00:39-05:00November 11th, 2014|Comments Off on Reimagine Business Strategy for a Digital World

New and Renew for Banking Innovation

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

By |2020-05-27T18:00:39-05:00November 5th, 2014|Comments Off on New and Renew for Banking Innovation

Hiring Bankers Who Can Sell

With banks increasingly underscoring the importance of sales, more institutions are rethinking how they identify, attract, hire and retain the next generation of employees required to handle the expectations and needs of consumers, say panelists at the upcoming BAI Retail Delivery 2014. “Selling is all about persuading a customer to take the necessary actions to acquire a Read More

By |2020-05-27T18:00:39-05:00October 24th, 2014|Comments Off on Hiring Bankers Who Can Sell

Managing Through Changing Consumer Behavior

What do banking and golf have in common? Without torturing the analogy too much, we can cite one clear similarity: a struggle to win the allegiance of the younger generation. Just as banks ponder how to bring in the technology-savvy Millennials as customers, the golfing industry needs to attract young people who find little appeal in spending Read More

By |2020-05-27T18:00:39-05:00October 21st, 2014|Comments Off on Managing Through Changing Consumer Behavior

Reducing Distance between Bank and Customer

As one of the most prominent women executives in banking, Sallie L. Krawcheck has long been something of a pioneer. As chair of Ellevate, a global women’s professional network, her latest venture is to create the Pax Ellevate Global Woman’s Index Fund, focused on the top 400 companies in the world for advancing women, the first such Read More

By |2020-05-27T18:00:39-05:00October 10th, 2014|Comments Off on Reducing Distance between Bank and Customer

Getting Back to Banking’s Higher Purpose

What banker wouldn’t love to have the enthusiastic and friendly employees typically found at Whole Foods Market? Building such a committed service and sales culture can be done but it certainly doesn’t happen overnight, according to Whole Foods co-founder and co-CEO John Mackey. Specific steps described by Mackey in a recent interview with BAI Banking Strategies include Read More

By |2020-05-27T18:00:40-05:00October 3rd, 2014|Comments Off on Getting Back to Banking’s Higher Purpose

Going All In with Social Media Marketing

Go all in: that’s how bankers should manage their social media efforts, according to Gary Vaynerchuk, who knows something about using social media as a marketing tool. From 2006 to 2011, Vaynerchuk utilized his daily web TV show, Wine Library TV, to build the wine store he inherited from his father into a national business. And it Read More

By |2020-05-27T18:00:40-05:00September 26th, 2014|Comments Off on Going All In with Social Media Marketing

Innovations for Improving the Customer Experience

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

By |2020-05-27T18:00:40-05:00September 24th, 2014|Comments Off on Innovations for Improving the Customer Experience

Redesigning the Community Bank Branch

As an increasing number of consumers use digital channels to handle basic banking transactions, the look and feel of bank branches needs to change – for community banks as well as for larger institutions. “As we move from handling transactions to providing consultative services in the branches, the typical teller line with its barriers will have to Read More

By |2020-05-27T18:00:40-05:00September 23rd, 2014|Comments Off on Redesigning the Community Bank Branch

First Take on Apple Pay

The long awaited announcement of Apple Pay, on September 9, promises to scramble the existing payments system in the same way that Apple’s Macintosh, ipod, iphone and ipad products upended the computing, music and telecommunications industries. The full ramifications of these changes won’t be apparent for months, even years, as Apple’s strategic move into mobile payments incorporates Read More

By |2020-05-27T18:00:40-05:00September 16th, 2014|Comments Off on First Take on Apple Pay

Two Marketing Paths, Same Revenue Destination

Big banks, small banks. Occasionally the differences are glossed over. Small bank leaders may overestimate their ability to replicate a large bank technology play. Large bank leaders may underestimate how impersonal the bank might look to someone accustomed to a true community bank. But just as often, the differences are exaggerated, as in: It takes huge scale Read More

By |2020-05-27T18:01:00-05:00October 25th, 2013|Comments Off on Two Marketing Paths, Same Revenue Destination

‘Radical Collaboration’ for Product Innovation

When San Francisco-based Bank of the West recently looked into introducing a new mobile banking app, it adopted a project management method known as “radical collaboration,” which involves the participation of all relevant units across the company. In April, the bank became the first in North America to introduce a Quick Balance app for mobile banking that Read More

By |2020-05-27T18:01:01-05:00October 16th, 2013|Comments Off on ‘Radical Collaboration’ for Product Innovation