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Digital takes innovation to the next level

Since its inception, the BAI Global Banking Innovation Awards has recognized innovation excellence that delivers actionable results in financial institutions across the globe. Each year, there has been an increase in the level of innovation in terms of the volume of new initiatives, the sophistication of approaches and the impact on consumers. Innovation doesn’t happen overnight after Read More

By |2020-05-27T18:00:08-05:00July 25th, 2016|Comments Off on Digital takes innovation to the next level

Time to change out legacy systems

Historically, financial institutions have adopted technology with a best-of-breed approach, utilizing different platforms from different vendors. This is especially true in check processing, where multiple platforms are leveraged to support a single financial transaction or payment type. The end result is multiple platforms, multiple vendors, multiple support resources – and multiple headaches.To process a single check, a Read More

By |2020-05-27T18:00:08-05:00July 19th, 2016|Comments Off on Time to change out legacy systems

Automating loan decisions for small businesses

It’s no secret that small business loans historically offer small profit; in fact, there is little economic difference in funding a $100,000 loan versus a $1 million loan. However, even though these loans may not always be the biggest movers to a bank’s bottom line, this type of lending is essential to establishing and building lasting relationships Read More

By |2020-05-27T18:00:08-05:00July 15th, 2016|Comments Off on Automating loan decisions for small businesses

Responsive design for digital banking

Having a world-class digital banking experience across any device is imperative today, where nine out of ten U.S. adults regularly use some form of online banking and more than half of them access their banks’ websites or applications via their mobile device, according to a recent report from Mercator Advisory Group. With the proliferation of mobile devices Read More

By |2020-05-27T18:00:09-05:00June 28th, 2016|Comments Off on Responsive design for digital banking

Enforcing technology strategy by the CEO

It used to be that bank CEOs wore their lack of technology expertise as a badge of honor: “Hey, I came up through the lofty halls of Credit; I don’t need to know anything about technology.” However, times change. Now that product delivery, service, underwriting, sales execution and marketing are all inextricably attached to technology, today’s CEOs Read More

By |2020-05-27T18:00:09-05:00June 17th, 2016|Comments Off on Enforcing technology strategy by the CEO

Digital newcomers push traditional banks to improve

Startup financial technology (FinTech) companies may be the best thing to happen to traditional banks in a long time. No, really.Many have warned that the introduction of digitally savvy options into a traditional market can be disastrous. After all, just look at what Uber is doing to the taxi business. In a heavyweight match between traditional banks Read More

By |2020-05-27T18:00:09-05:00June 13th, 2016|Comments Off on Digital newcomers push traditional banks to improve

ValueWeb and the new age of finance

Money originated as a control mechanism for governments of ancient Sumer to control farmers, based upon shared beliefs. It was then structured during the Industrial Revolution into government-backed institutions, banks, which could issue paper notes and checks that would be as acceptable as gold or coinage, based upon these shared beliefs. We share a belief in banks, Read More

By |2020-05-27T18:00:10-05:00June 10th, 2016|Comments Off on ValueWeb and the new age of finance

A closer look at alternative lenders

Over the past year, the alternative lending industry has taken several steps forward and, then, a big leap backward. The most notable step forward centers on the relationship between OnDeck Capital and JPMorgan Chase & Co. Chase now leverages OnDeck’s technology for its small business loans. This relationship, among others, has helped to focus senior bank managers Read More

By |2020-05-27T18:00:10-05:00June 3rd, 2016|Comments Off on A closer look at alternative lenders

FinTech property rights and banks

It’s an odd paradox: the financial services industry spends millions on title searches and title insurance each year, but has not been quite as diligent in exploring who actually owns the intellectual property behind its mission-critical technology. Granted, bank exposures are somewhat mitigated through contractual indemnification and warranties. However, as the industry continues to use more non-traditional vendors Read More

By |2020-05-27T18:00:10-05:00May 31st, 2016|Comments Off on FinTech property rights and banks

Six ways to capitalize on the internet of things

$1.3 trillion: a massive sum, which represents the increased revenues and lower costs that will be created by the Internet of Things (IoT) between 2013 and 2022 in the financial services industry alone, according to Cisco. When you consider the financial opportunity in tandem with the possibilities that IoT offers to gather and disseminate information from an Read More

By |2020-05-27T18:00:11-05:00May 10th, 2016|Comments Off on Six ways to capitalize on the internet of things

Five strategies for competing with FinTechs

Financial technology (FinTech) start-ups are bringing noticeable competition to the financial industry’s traditional retail and investment banks. What differentiates them from traditional banks is their agility in addressing specific pain points such as payments, loans, mortgages, personal finance and remittance at speeds and pricing that is difficult for traditional banks to match. Like Uber for taxis, Netflix Read More

By |2020-05-27T18:00:11-05:00May 9th, 2016|Comments Off on Five strategies for competing with FinTechs

Cost considerations of technology choices

When it comes to selecting technology solutions and services, do banks pursue opportunities that sacrifice quality? It might be an unpopular opinion, but many times the answer is “yes.”Those financial institutions that take the least-costly route are often the same ones that have compliance issues, bad audits, technology performance issues and upset customers within a year, all Read More

By |2020-05-27T18:00:11-05:00May 4th, 2016|Comments Off on Cost considerations of technology choices

Three technology innovations to change banking

In 2015, retail banking startups raised $6.8 billion in funding, more than three times the amount raised in 2014 according to CB Insights, showing a significant investment in financial technology (FinTech) innovation. Several areas of developing technologies, specifically biometrics, artificial intelligence and wearables, are poised to revolutionize everyday financial activities in the near future.Biometrics. Security is a Read More

By |2020-05-27T18:00:11-05:00April 26th, 2016|Comments Off on Three technology innovations to change banking

Mobilizing account opening

Although most U.S. banks offer some type of mobile channel, significant disconnects remain. For example, only about a quarter leverage mobile for account opening, or plan to begin doing so.One considerable mobile onboarding hurdle is achieving convenient, secure and compliant ID document presentation and authentication. In March, at BAI Payments Connect 2016, mobile deposit software pioneer Mitek, Read More

By |2020-05-27T18:00:12-05:00April 18th, 2016|Comments Off on Mobilizing account opening

Leadership and technology for global financial services innovation

The financial services world changed forever following the financial crisis, but not just because of the economic environment. Sure, the economy had an impact on the way regulatory requirements were established but the real driver of change has been the consumer. Faced with increasing expectations, changing behavior and advancing technology, some leading financial institutions have successfully recognized Read More

By |2020-05-27T18:00:12-05:00April 11th, 2016|Comments Off on Leadership and technology for global financial services innovation

The next generation of core systems, maybe

Core data processing at one time was a massive and diverse business that included dozens, if not hundreds of organizations.  Some of the most recognized names in financial technology once operated vast and large data centers scattered about the United States.Recently, I found a copy of the now-defunct Federal Savings & Loan Insurance Corp. magazine from 1985 Read More

By |2020-05-27T18:00:13-05:00March 22nd, 2016|Comments Off on The next generation of core systems, maybe

Banking technology changes in 2016

2015 was a key year of change for the banking industry, with disruption and innovation taking center stage. The pace of change is set to accelerate further in 2016, driven by the continued proliferation of technology, the emergence of non-traditional players across the banking value chain, overall pressure on banks’ bottom lines and evolving customer expectations.As a Read More

By |2020-05-27T18:00:13-05:00March 15th, 2016|Comments Off on Banking technology changes in 2016

Think simple for digital transformation

A recent report on The Disruption of Banking by The Economist highlighted that more than half of the banks are either ignoring the Fintech trend, or talking but not doing anything about it. In 2016, we are now seeing banks finally starting to tackle the emerging trends by partnering on many fronts, utilizing application program interfaces (APIs) Read More

By |2020-05-27T18:00:13-05:00March 9th, 2016|Comments Off on Think simple for digital transformation

FinTech for startups and Techfin for bankers

In conversation with bankers and start-up executives, it is clear that there is a differing view of the world. It is not as clear-cut as nimble innovator versus dinosaur incumbent, which is how many portray this chasm of difference in thinking, but there is a difference in thinking. In fact, it’s a radical difference in thinking, perhaps Read More

By |2020-05-27T18:00:13-05:00March 4th, 2016|Comments Off on FinTech for startups and Techfin for bankers

Top 10 banking trends for 2016

New partnerships between legacy banking organizations and fintech startups and improving the customer experience dominated the list of predictions that I gathered for the fifth edition of our annual retail banking trends study. Over 100 contributors to the study also agreed that making “big data” actionable and introducing “optichannel” delivery would be important in 2016. As in Read More

By |2020-05-27T18:00:15-05:00January 15th, 2016|Comments Off on Top 10 banking trends for 2016