Some banks think that after 10 years, they’ve got mobile banking all figured out. To which some customers might well reply: Not. By. A. Longshot. Millennials say that they’ll jump in a heartbeat to a bank that builds a better mobile banking app, and the competition is fierce to excel and improve. Want proof? BAI Banking Outlook Read More
A decade after the global financial crisis, organizations find themselves at another point of disruptive change. Digital transformation sits high on the agenda for financial institutions as a way to achieve many important goals: improve customer engagement, reduce costs, and defend against new and traditional competitors. More than 85 percent of banks cited implementing a digital transformation Read More
What will the branch of the future look like? We live in a world enabled by technology like never before. (By the time you get done reading this paragraph, Google will log approximately 1 million searches.) Life moves fast. And consumers’ expectations move even faster. Today’s consumers seek the same speed, ease and convenience from financial services Read More
You know how you hate to dial into a bank contact center and navigate all those artificial intelligence prompts before talking to a human? Well, the bad guys know how much you hate it. Which is why they love it. Using customer aversion to their advantage, cyber crooks pilfer billions from the often lightly defended contact centers, Read More
Bank branches, while on the decline, will continue to serve as an integral part of multi-channel strategy for financial institutions. To that end, innovation and inspiration will play out on many levels as banks attempt to keep their branches relevant. Jonathan Rowe of nCino takes a deep dive into best in technology and user friendliness that branches Read More
Getting customers to use more efficient channels can help a bank’s bottom line—but banks have to do it right. If they don’t, turned-off customers will likely seek a better financial partner to bolster their own bottom lines. If that’s the case, how can banks and consumers come out on top? Stephen Griffin will detail how banks can Read More
We’re well into the age of digital transformation. Within the last half decade, banks have set the pace of innovation within the financial landscape. The result: a new level of technological expectation from customers, and the industry at large. Thus what was once a fascinating hypothesis is now a firm conclusion: Banks that choose not to keep Read More
OK, so we aren’t yet pulling up to ATMs in flying cars or conducting financial transactions with life on Mars. Still the future is now for the wealth management industry. Technological innovations such as robo-advisor applications and social investing platforms have catapulted us into a new age of financial advising. However, the profound extent of technology’s impact Read More
By now, it’s a growing staple of movies and TV episodes: folks who fall in love with the sexy voice and chill attitude of their mobile phone chatbot. Now some banks want to spark a new virtual love affair of sorts, hoping customers will embrace the chatbots they will soon offer. Mind you, it’s strictly platonic and Read More
Almost all banks have grown by acquisition, resulting in a mix of facilities. Many older branches are oversized and single purpose in nature: former bank headquarters or large branches built for when the industry needed many more teller stations, drive-up lanes and deposit operations space than today. So it’s no surprise that on the cusp of 2017, Read More
“Top of wallet.” That was always the goal for bank credit card issuers when billfolds were made of leather, cards of plastic. But now that wallets reside inside mobile phones, and the cards are digital, is it still an issue? Maybe the leather shredding and plastic splitting are quickly going the way of the dodo. But Top Read More
Financial institutions know they need to adapt to the omnichannel reality. A 2015 survey conducted by Backbase and EFMA shows that 61 percent of banks believe it’s extremely important to create a seamless omnichannel experience. Yet delivering on the omnichannel promise has proven challenging. Recent PWC research indicates that only 17 percent of financial institutions feel “very Read More
There’s never been a better time to be a financial services customer – in theory, at least. Once, if you had a query about your bank account or insurance policy, you either had to visit a physical branch to find answers to your questions, or sit on a phone line during office hours waiting for an operative Read More
Perhaps the single most important threat facing the banking industry is the fundamental change in the way consumers and small businesses use branches. Routine service transactions are being displaced by online and mobile, causing branch transaction activity to decline at a 4% to 5% rate per year on average, with some banks such as SunTrust, experiencing declines Read More
Consumers have embraced their mobile devices to check balances, make payments and conduct other financial activities, giving marketers the ability to reach them more easily. But, to take advantage of this access, bank marketers need tools that create a personalized experience and anticipate customers’ needs in real-time. Financial institutions able to deliver a tailored experience with optimal Read More
A lot of folks are asking me whether I’m really saying that banks need to start all over again? Is that really feasible, Chris? How can you recommend that we tear down the house and rebuild it? Well, there are a lot of reasons I can say this, and believe it. First, we started building systems in the Read More
Digital shopping now influences roughly 80% of the origination stream for new consumer checking relationships, yet 90% of new-to-bank checking accounts are still opened in the branch. This awkward juxtaposition has left many banks at a competitive disadvantage in the unfamiliar territory of digital marketing while also feeling hopelessly tied to expensive branch networks, where most new Read More
It’s time to simplify overdraft (OD) fees. Better yet, it’s time for banks and credit unions to completely rethink their overdraft fee strategy to simplify terms for customers and address the concerns of the Consumer Financial Protection Board (CFPB), which is scheduled to issue new rules in July. OD fees are increasingly unpopular and very complex. Here Read More
Improving the customer experience using integrated real estate, operations and technology strategies can make a branch network highly profitable. The key ingredient is Big Data with insights about your most engaged customers. Bank branches continue to be a crucial customer engagement tool. In fact, as customers increasingly rely on technology, they begin to value their visits to Read More
JPMorgan Chase recently held their investor day and grabbed some of the fintech headlines when they stated that Apple Pay has been activated by over a million cardholders since its launch in the U.S. in October. Chase also announced a closure of 300 branches as customers move to digital. Yet, what stood out for me, is that Chase has Read More
