(function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start': new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0], j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.data-privacy-src= 'https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f); })(window,document,'script','dataLayer','GTM-P7RK2W');

Becoming the bank your customers love

Like many other large, complex and regulated industries, the very foundation of banking is being challenged, to the point that we often hear the saying,“Banking is necessary; banks are not.” Yet, here we are today with hundreds of financial technology (FinTech) startups gunning for wallet share and disrupting an industry that is at the very root of Read More

By |2020-05-27T18:00:14-05:00February 1st, 2016|Comments Off on Becoming the bank your customers love

Lessons from retail customer analytics

The retail industry is perhaps one of the most advanced verticals when it comes to effectively using data analytics to engage customers at the right time, in the right context and with the right information to increase sales. Retailers excel at capturing data on customer behaviors, preferences and buying patterns and then analyzing it to create highly Read More

By |2020-05-27T18:00:14-05:00January 26th, 2016|Comments Off on Lessons from retail customer analytics

Five strategies for growing revenue

Editor Note: David Kerstein has updated this article. Banks are hungry for growth: hungry for new customers, for deeper and more profitable relationships with existing clients and for better alignment of expense against revenue opportunities. But achieving that growth is a difficult challenge. Low interest rates continue to put pressure on margins. According to the most recent Read More

By |2020-10-02T10:25:31-05:00October 23rd, 2015|Comments Off on Five strategies for growing revenue

Surviving data breaches with robotic process automation

Data breaches have become so common that virtually no business or financial institution is safe. The 2015 Verizon Data Breach Investigation Report confirmed that the top three industries most affected were public, technology/information, and finance. Data breaches cause data integrity to be compromised, including important financial and personal customer information, which puts customers and the organization at Read More

By |2020-05-27T18:00:18-05:00September 9th, 2015|Comments Off on Surviving data breaches with robotic process automation

Five tactics for keeping branches relevant

Smartphones are increasingly recognized as a natural conduit for everyday financial transactions, such as making payments and scanning checks for deposit. Still, some financial business is not meant for the small screen – or any size screen, for that matter. Many consumers continue to value the opportunity to sit down and talk through their financial options for Read More

By |2020-05-27T18:00:29-05:00September 4th, 2015|Comments Off on Five tactics for keeping branches relevant

Creating the FinTech dream in financial services

I find it interesting that so many bloggers on financial technology (fintech) sites deride the banks for being slow, clueless or stupid. They talk about how banks don’t do this, don’t do that; fail at this, fail at that; have no idea, cannot change; are stuck in the past or have their heads in the ground like an Read More

By |2020-05-27T18:00:30-05:00August 24th, 2015|Comments Off on Creating the FinTech dream in financial services

Catching big fraud with small data

With fraud prevention, many banks emphasize how their systems leverage “big data” to find patterns of unusual activity by using data analytics to process through millions of transactions and pinpoint fraudulent activity. While big data has many advantages in fraud detection, it has also alienated some banks and other financial services institutions that think they are too Read More

By |2020-05-27T18:00:31-05:00July 22nd, 2015|Comments Off on Catching big fraud with small data

Delighting customers with pivotal events

Although banks have continually sought to offer better products and prices to improve the customer experience, since the financial crisis many have been hampered in these efforts by regulatory burdens and a cost-cutting mindset. The inability to devote sufficient resources to delighting customers is a paradox, because banks have a real need to attract new customers and Read More

By |2020-05-27T18:00:32-05:00June 15th, 2015|Comments Off on Delighting customers with pivotal events

Improving efficiency to enable future growth

Banks, especially small and mid-sized banks, are currently dealing with several difficult cost and growth challenges. Low interest rates, regulatory constraints on products and services, high costs for compliance and cybersecurity put significant pressure on their bottom-line. In addition, they face powerful new entrants, e.g., for payment systems and finance companies who seek to find and exploit Read More

By |2020-05-27T18:00:33-05:00June 8th, 2015|Comments Off on Improving efficiency to enable future growth

Negotiating access to your own customer data

Customer data and efficient access to analytics derived from client data is critical for a bank’s competitive advantage, yet it’s also an advantage that institutions heedlessly give away. Consider that the typical community or regional bank tends to evaluate its core technology vendor contract renewal every five to seven years. This is an onerous process cluttered with Read More

By |2020-05-27T18:00:33-05:00May 26th, 2015|Comments Off on Negotiating access to your own customer data

Keeping data governance interesting

Data governance – the process by which banks ensure that the data they manage and ultimately include in their financial statements is accurate and trustworthy – has become increasingly critical as financial services institutions face immense regulatory scrutiny to prove the trustworthiness of those financial statements. As the Basel Committee on Banking Supervision and other sources have Read More

By |2020-05-27T18:00:33-05:00May 20th, 2015|Comments Off on Keeping data governance interesting

Prioritizing data in core conversions

When undergoing a core conversion, bankers often assume that they need to convert, import and then integrate all of their archive data within the new production system. But many don’t realize that integrating all of this data is incredibly costly, time consuming and, more often than not, unnecessary. While a bank is required to keep archive data Read More

By |2020-05-27T18:00:35-05:00April 14th, 2015|Comments Off on Prioritizing data in core conversions

Three steps to smarter data management

The combination of multi-jurisdiction risk reporting and increasing product complexity has created a data explosion within financial services. While trusted data is integral to uncovering value and managing risk, optimizing the balance sheet is becoming a challenge for financial institutions. This problem is only intensifying with the passage of the Dodd-Frank Act and over-the-counter (OTC) clearing reform. Read More

By |2020-05-27T18:00:35-05:00April 8th, 2015|Comments Off on Three steps to smarter data management

Right cloud, right pace, right reasons

Whenever we hear laments about banking’s supposedly slow embrace of the cloud, we beg to differ. While a recent poll found that 52% of banks avoid cloud entirely, largely because of security concerns, you can also say that 48% of banks do make use of cloud computing. That consists of 22% who utilize the cloud “a lot” Read More

By |2020-05-27T18:00:35-05:00March 23rd, 2015|Comments Off on Right cloud, right pace, right reasons

User research for improving the customer experience

Retail banks need to create digital experiences (e.g. online and mobile banking) that build customers’ trust and increase their perceptions of transparency. According to Forrester, companies providing a superior user experience generated: 14.4% more customers willing to purchase their product; 15.8% fewer customers willing to consider doing business with a competitor; and 16.6% more customers likely to Read More

By |2020-05-27T18:00:36-05:00March 4th, 2015|Comments Off on User research for improving the customer experience

Culling the network of underperforming branches

What to do about low-volume branches, or LVBs, which weigh down the profitability of nearly every financial institution? We define these underperformers as branches that process fewer than 3,000 transactions per month. As documented in FMSI’s 2014 Low Transaction Volume Branch Study, LVBs account for 25% of most retail branch networks, yet they constitute only 8% of Read More

By |2020-05-27T18:00:36-05:00March 2nd, 2015|Comments Off on Culling the network of underperforming branches

Big data meets improved customer experience in 2015

Two of the more high profile themes in retail banking last year were improving the customer experience and big data. 2015 is the year when we’ll see these topics merge. That said, many banks will stumble in their efforts to use big data to achieve a higher state of customer understanding, or even the less lofty goal of a slightly Read More

By |2020-05-27T18:00:37-05:00January 28th, 2015|Comments Off on Big data meets improved customer experience in 2015

Improving retail profitability with enhanced profitability data

Bankers continue to see pressure on net income and many are attempting to improve results by reducing expenses and maximizing fee income. In doing so, they are being reminded of just how hard it is to squeeze more net income out of current period revenue. The traditional assumption is that improving profitability means expense reductions. A better Read More

By |2020-05-27T18:00:37-05:00January 26th, 2015|Comments Off on Improving retail profitability with enhanced profitability data

Ten things banks should do but generally do not

For those who have been in the banking industry for a while, the pace of change has picked up noticeably. Previously, change happened so slowly that minor modifications to how we did business, implemented through the budgeting process, were sufficient to keep our bank relevant. Those days are long gone. Gone are the rigid regulatory restrictions on Read More

By |2020-05-27T18:00:37-05:00January 16th, 2015|Comments Off on Ten things banks should do but generally do not

Top 10 banking trends for 2015

The heightened use of customer insight for the delivery of financial services and the continued impact of digital channel development dominated the list of predictions that I gathered for the fourth edition of my annual banking trends study. The contributors also agreed that customers will continue to demand more from their financial institutions and that competition will Read More

By |2020-05-27T18:00:38-05:00January 9th, 2015|Comments Off on Top 10 banking trends for 2015