Why smart banks value slow money

People’s relationship with money is broken: They cite financial challenges as the biggest source of stress in their everyday lives. And financial institutions need to help fix this—but it will first require a deeper understanding of what’s wrong. To glean consumer insights, Cognizant’s Banking and Financial Services practice partnered with ReD Associates to conduct a comprehensive, five-month Read More

By |2020-05-27T17:59:39-05:00August 17th, 2017|Comments Off on Why smart banks value slow money

Trust never sleeps: Deepening the customer relationship in an era of bank defection

In the business world and among financial institutions, some people like to say that “cash is king.” Among traditional retail banks, another currency is just as valuable, if not more so: trust. While that might sound like a cliché, it’s anything but. Trust is a more precious commodity than ever in this age of digital banking, cybercrime Read More

By |2020-05-27T17:59:39-05:00August 16th, 2017|Comments Off on Trust never sleeps: Deepening the customer relationship in an era of bank defection

Working the numbers: How data aggregation will impact digital banking’s future

Once considered the only option to complete financial transactions, the traditional bank branch has been augmented by the era of online banking. More than 90 percent of consumers under the age of 35 actively use online banking, while 27 percent would consider using a branchless digital bank. What has powered this transition?  It’s digital transformation driven by Read More

By |2020-05-27T17:59:40-05:00August 1st, 2017|Comments Off on Working the numbers: How data aggregation will impact digital banking’s future

Order in the courtship: How banks can become number one with fickle customers

The competition for market share in the banking industry is fierce.  As a result, the typical customer gets inundated with an array of offers from a variety of financial institutions—from the traditional retail bank to online lenders, payment providers and mobile-only banks. So it’s no wonder more consumers have grown comfortable having relationships with several banks. Just Read More

By |2020-05-27T17:59:41-05:00July 31st, 2017|Comments Off on Order in the courtship: How banks can become number one with fickle customers

From mobile first to mobile best

Consumers have quickly come to expect that they can complete any task from any location—and in the last decade, that represents the most significant economic change driven by the surge of mobile technology. If it’s faster/ better/ cheaper then consumers want it. That’s especially true if it comes through a device such as a smartphone, which already Read More

By |2020-05-27T17:59:41-05:00July 26th, 2017|Comments Off on From mobile first to mobile best

Podcast: How banks can embrace technology through ‘fintegration’

Fintech is no longer a matter of anti-bank disruption, and sometimes it takes a former entrepreneur in the space to best communicate that message. Andres Wolberg-Stok, who serves as Citi Fintech's global head of policy, shares how his bank makes high-tech work for in-house teams and customers alike. From the podcast: The podcast references the article: Peering into Read More

By |2020-05-27T17:59:41-05:00July 14th, 2017|Comments Off on Podcast: How banks can embrace technology through ‘fintegration’

Podcast: How banks can lead consumers to financial wellness

Financial wellness has come to public consciousness as consumers look for better ways to take control of their finances. But what can banks and financial institutions do to ensure a successful journey? Jennifer Tescher, the founder and CEO of the Center for Financial Services Innovation (CFSI), outlines the big wins possible when banks and consumers work in Read More

By |2020-05-27T17:59:42-05:00July 7th, 2017|Comments Off on Podcast: How banks can lead consumers to financial wellness

For marketing efforts on the move, it’s time to unpack the use case

Just as in the movie “Field of Dreams,” financial service leaders sometimes seem to put the product out there and hope they will come. Maybe a field of daydreams is more accurate. If you asked someone to name three campaigns that moved them to seek out the featured product, it’s unlikely a bank marketing effort would get Read More

By |2020-05-27T17:59:43-05:00June 22nd, 2017|Comments Off on For marketing efforts on the move, it’s time to unpack the use case

The table of marketing contents: Chapters in finding customers, building trust

This much everyone knows: Content marketing remains effective. But here goes the ongoing mystery to solve, exacerbated by the never-ending flow of audio, video, blogs and news: Which venue and tone work best for particular audiences? Assuming you’ve got that one figured out, experts say there’s one more major, bottom-line question to answer: Do you have the Read More

By |2020-05-27T17:59:43-05:00June 19th, 2017|Comments Off on The table of marketing contents: Chapters in finding customers, building trust

Time to ‘thing’ big: Building banking with the Internet of Things

On a recent BAI Banking Strategies podcast, Chris Skinner outlined the tremendous implications of billions of connected devices, and how that calls us today to innovate and expand our efforts to embrace a near future when channels and media boundaries will vanish. His reflections come at a time when industry leaders continue to hash out—and hotly debate—how Read More

By |2020-05-27T17:59:44-05:00June 6th, 2017|Comments Off on Time to ‘thing’ big: Building banking with the Internet of Things

Transactions to interactions: The new role banks play in customers’ lives

The banking industry is in the midst of a digital evolution as more customers bypass branch visits for mobile or online banking. Retail banks, used to employing mass marketing techniques and face-to-face product sales in brick-and-mortar branches, now find themselves disrupted by consumers’ need for digital personalization.  And so, many financial institutions face a formidable challenge: to Read More

By |2020-05-27T17:59:44-05:00June 1st, 2017|Comments Off on Transactions to interactions: The new role banks play in customers’ lives

Gaining experience with customer experience: Advanced digital banking is key to improvement

More banks and credit unions are embracing digital banking: the convergence of online and mobile banking, and often part of a broader banking strategy to more fully engage banking customers.  And it has become critical to the success of today’s retail financial institutions as consumers are used to—and increasingly expect—unified buying experience. All this comes thanks to Read More

By |2020-05-27T17:59:44-05:00May 23rd, 2017|Comments Off on Gaining experience with customer experience: Advanced digital banking is key to improvement

How customer data brings fresh air to wallet share

Today’s banks find themselves in a fight to become a customer’s first choice for growing, changing financial needs. Thus financial institutions should have the highest sense of urgency when it comes to taking a customer-focused approach; they face a myriad of competitors that include mega banks, startups, FinTechs and cheap lenders—all eager to get to know your Read More

By |2020-05-27T17:59:45-05:00May 8th, 2017|Comments Off on How customer data brings fresh air to wallet share

Over the top and in the black

Over breakfast recently, a fellow executive detailed in disbelief how a manager at a First Republic Bank office in the Boston area gladly volunteered to drive one hour each way—just to have a customer’s wife sign a document that needed to be placed on file. We wondered how that activity could be cost effective—particularly if repeated weekly Read More

By |2020-05-27T17:59:46-05:00April 20th, 2017|Comments Off on Over the top and in the black

Podcast: Using bank employees as social media brand ambassadors

CarrieAnne Cormier talks about creating the "Avidia Smarties," a group of bank employees who use social media to engage and entertain audiences, while gaining Avidia national and international attention. Listen to the podcast on Soundcloud.  Follow along with Carrie and the Smarties on social media and on their blog, Avidia Smarties. Lou references a recent article from BAI's Holly Hughes, Tap Read More

By |2020-05-27T17:59:49-05:00February 23rd, 2017|Comments Off on Podcast: Using bank employees as social media brand ambassadors

Green alert: How proactive alerts drive customer engagement

For consumers, alerts have become commonplace. Airlines issue travel alerts; retail stores announce sales; and media outlets inform us about breaking news. It’s important for financial institutions to match that experience. Meanwhile, today’s consumers seek more control of their finances — and want real-time information to help guide decision-making. This trend creates a new opportunity to deepen Read More

By |2020-05-27T17:59:50-05:00January 13th, 2017|Comments Off on Green alert: How proactive alerts drive customer engagement

Create experiences, not messages

There’s something to be said for experiences. More resonant than messages, live, face-to-face experiences can help brands connect emotionally with their customers. While many new technology platforms such as apps attempt to replicate the live customer experience, nothing compares to touching and feeling the brand. In fact, over-reliance on technology can reinforce the perception that a bank’s Read More

By |2020-05-27T18:00:02-05:00December 16th, 2016|Comments Off on Create experiences, not messages

Dealing in digital, connecting with customers: Are banks’ priorities aligned with consumer preference?

The rush to mobile platforms and apps might be transforming the banking industry—especially when it comes to attracting and retaining Millennial customers. But new research cautions banks and other businesses to pay attention to the human touch when it comes to customer service. In fact, a global study of more than 24,000 consumers and 1,000 businesses makes Read More

By |2020-05-27T18:00:02-05:00December 13th, 2016|Comments Off on Dealing in digital, connecting with customers: Are banks’ priorities aligned with consumer preference?

The future of financial services: Digital, personalized, customer-centric

Not too long ago in financial services professionals built relationships — and created a positive experience — by meeting the customer in person for coffee or lunch. The customer would then gain confidence in the professional’s knowledge and ability to anticipate and address their needs. Today, the financial services landscape has changed, and it’s all about “digital.” Read More

By |2020-05-27T18:00:03-05:00December 7th, 2016|Comments Off on The future of financial services: Digital, personalized, customer-centric

Seven solid principles for winning customer trust

When consumers run into issues with a megabank, one of two outcomes are all but certain: Some customers will forgive, forget and stay—while others will take action, along with their accounts, and leave. In light of those potential actions, community bankers likewise have two choices: You can open your doors every morning and hope you get more Read More

By |2020-05-27T18:00:05-05:00October 19th, 2016|Comments Off on Seven solid principles for winning customer trust