Using Customer Data to Serve the Underbanked

Increasing business with underserved consumers represents a significant opportunity for the nation’s banks. In its landmark study to measure the underserved population, the FDIC reported that approximately 20% of American households with deposit relationships currently rely on alternative financial services providers. Research has repeatedly shown that many in this segment spend up to $100 per month for Read More

By |2020-05-27T18:01:28-05:00November 22nd, 2011|Comments Off on Using Customer Data to Serve the Underbanked

Innovating for Customers

Making life easier for customers – that’s the key principle underlining the innovative products and services that emerged as winners in the 2011 BAI-Finacle Global Banking Innovation Awards. Spain-based “la Caixa,” Australia’s UBank, New Zealand-based ASB Bank and Citibank U.S. all introduced innovations that improved convenience and ease-of-use for customers. “la Caixa” won the Most Innovative Bank Read More

By |2020-05-27T18:01:29-05:00October 11th, 2011|Comments Off on Innovating for Customers

Avoiding a Sales Productivity Crisis

With its recent announcement of 30,000 job cuts, Bank of America Corp. has fired the opening shot in an industry-wide move toward deep cost reduction in retail banking. Going into 2012, many other revenue-starved banks likely will slash branch staff as well, given the almost 40% profit decline in retail banking. But aggressive contraction re-introduces an age-old Read More

By |2020-05-27T18:01:29-05:00October 6th, 2011|Comments Off on Avoiding a Sales Productivity Crisis

Thinking Globally about Innovation

It wasn’t too many years ago that banking could be considered a local industry, particularly in the U.S. It wasn’t until the 1990s that the advent of interstate banking created first regional and then national financial institutions. Today, banking is clearly a global industry – as the current financial crisis constantly reminds us – with major institutions Read More

By |2020-05-27T18:01:29-05:00October 5th, 2011|Comments Off on Thinking Globally about Innovation

Combining Sales and Service on the Frontlines

As banks struggle in today’s environment of reduced fee income and weak loan demand, financial institutions need to figure out a way to sell more products to their existing customers. Shifting branch staff away from their transaction functions to more of a sales role is commonly seen as one tactic for accomplishing that. Been there, done that, Read More

By |2020-05-27T18:01:29-05:00September 20th, 2011|Comments Off on Combining Sales and Service on the Frontlines

Keys to Cross-Selling Success

One result of the recent and continuing rash of government regulations is a renewed desire on the part of banks and credit unions to drive new sources of revenue and profitability. Yet, where can these be found in today’s sluggish economy? Inevitably, banks are looking at their existing customer base with a renewed interest in cross-selling to Read More

By |2020-05-27T18:01:29-05:00September 13th, 2011|Comments Off on Keys to Cross-Selling Success

Deconstructing the Branch

The world is changing and the traditional bank branch needs to change with it. Most retail bankers would agree with that statement, at least in part. As customer transactions migrate from branches to electronic channels and a slow-growth economy pinches revenues, bankers generally accept the fact that the branch of the future will at least need to Read More

By |2020-05-27T18:01:29-05:00September 2nd, 2011|Comments Off on Deconstructing the Branch

Judgment on Innovation

Bankers in any one country may be excused for thinking the challenges they face are unique but the fact is that retail financial institutions across the globe are struggling with common problems in the wake of the recent financial crisis – such as restoring the trust of customers. Innovation in developing products and services better targeted to Read More

By |2020-05-27T18:01:30-05:00September 1st, 2011|Comments Off on Judgment on Innovation

Banking’s Innovation Imperative

If the crisis of 2008-2009 exposed woeful lapses in the banking industry’s risk management practices, the years since have also revealed a strong need for innovation. Squeezed between declining revenues and excessive overhead, banks around the world are struggling to shrink their way back to profitability – not an encouraging prospect for customers, employees or shareholders alike. Read More

By |2020-05-27T18:01:30-05:00August 25th, 2011|Comments Off on Banking’s Innovation Imperative

Simpler is Better in Sales

As the banking industry’s ability to generate fee income comes under pressure from recent regulatory actions, financial institutions will inevitably need to place more focus on front-line sales effectiveness, particularly in the branches. Easier said than done, since banks have often struggled with branch sales. To provide an overview of these issues, we turned to Jay Freeman, an Read More

By |2020-05-27T18:01:30-05:00August 5th, 2011|Comments Off on Simpler is Better in Sales