Five financial processes to digitize during COVID-19
The coronavirus has created a need for ways to work outside the branch setting that may endure even after the pandemic eases.
Bank leaders set the tone for cultural transformation
For banks to fully embrace their digital destiny, top executives and board members need to set the tone with a cultural transformation that underlies the increasing move to electronic channels.Traditional banks are often seen as operating at a disadvantage to their digital-only or fintech rivals—not only due to the burden of their legacy systems, but also legacy Read More
Banking post-COVID-19: More reliance on digital
COVID-19 is making it clear, perhaps now more than ever, that it is important for financial institutions of all sizes to strengthen their arsenal of digital solutions as their clients’ digital behaviors and expectations are going to change. If they don’t, they themselves are at risk of becoming a casualty. Here is what we can learn from Read More
COVID-19 and the importance of ‘Doing Digital’
We hear a lot about the need for digital transformation in the banking industry and, if nothing else, the COVID-19 experience is reaffirming for banks the importance of their digital identity and capabilities. But what does a true digital transformation look like for a financial institution, and what are the key ingredients needed to get it done? Read More
Getting people on board for a successful digital transformation
With financial institutions of all sizes undergoing digital transformation, a vast array of new technologies are being designed to cut costs, increase convenience and deepen customer relationships. As they roll out new technologies, however, many FIs are realizing the challenge of getting customers to change their ways.A top-down digital culture is necessary to drive transformation at a Read More
What else can electronic signatures do for you?
In 2019, banks made significant strides in implementing electronic signatures to push forward into the next phase of the digital transformation movement and meet the demands of modern consumers.While consumer expectations remain the leading driver for the adoption of e-signatures, banks should not overlook the potential for e-signatures to transform other areas of the institution.Read on to Read More
Five smart ways to bridge the physical-digital divide
As customers continue to move towards digital channels, we see the ongoing, dramatic impact on monetary transactions, “paying and receiving” or teller transactions. But for certain types of activity, branches remain the channel of choice. So how should your digital and physical channels fit? What steps should you take to close the divide and create a more Read More
Banking’s tech versus touch challenge (and what to do about it)
Not a day goes by without someone predicting that in less than a decade, automation, bots and AI will replace 50 percent of all banking jobs. And when we consider that the World Bank estimates approximately 23 percent of global employment is in the banking industry, that adds up to a lot of jobs. Because the financial Read More
The three best ways to deliver a value-driven digital transformation
Beyond its buzz-phrase status, “digital transformation” plays a vital role in shaping the future success of financial institutions. As new competitors threaten legacy banks and regulatory environments change, banks need to implement transformation strategies that ensure longevity. If they don’t, they risk being outpaced and overshadowed by competitors that offer clients fully digital, connected experiences. Decision-makers and Read More
For banks, the surest path to digital transformation excellence
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
The analytics lift: How to improve branch productivity and customer experience
Let’s start with what we know: People love their mobile phones. They use them to run many parts of their lives and they certainly use them for banking. The speed, convenience and ability to “know me and anticipate my needs” creates an enticing experience—and resultant expectations. That spans not just digital channels but also the branch experience. Read More
Why it takes more than great service for banks to win over small-to-midsize businesses
Banks know, perhaps all too well, the growth strategy of targeting small-to-midsize business clients (SMBs) to win over more of their fee-generating accounts. That trodden path for banks of all sizes dates to at least the wake of the financial crisis. And it’s not always a path to riches: A recent BAI Industry Insights presentation at the Read More
Peering into peer-to-peer: As banks spy the online loan landscape, a new vision
When the peer-to-peer loan service LendingClub arrived 2007, many envisioned a major disruption to end the bank loan business as we knew it. What next: Lending money on Facebook? (Talk about an excuse for consumers to press the “like” button.) Amidst the speculation, some industry leaders put their ear to the ground and heard the low rumble Read More
Into the great wide open bank: Digital banking and the new financial horizon
The past few years have spawned a new, cooperative FinTech ecosystem: No longer are startups, traditional banks and financial services companies at loggerheads. Rather they recognize each other’s strengths and the mutual benefits that hang in the balance. The leaders of FinTech startups now realize that disruption has its weaknesses, and tradition its strengths. Established banks excel Read More
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
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
Ideate, build, sustain and succeed at organizational change
When savvy financial marketers ponder “What’s next?” transformation very likely comes top of mind as a path to the answer. Transformation could encompass a host of goals: to become more “customer centric,” “digitally led,” implement “agile marketing”—or take on some other equally ambitious organizational change. But here’s the bad news: Statistics show that your business will very Read More
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
Podcast: How banks build winning innovation teams
On this episode of the BAI Banking Strategies podcast, we talk with Bennett Bradley of BB&T about his bank's new in-house initiative to identify prime areas for innovation, and champion for various bank divisions while partnering with fintechs. Bradley discusses how the ultimate goal of his team is to "surprise and delight" customers. From the podcast: Bennett's Read More
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