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Five must-do initiatives for banks in 2016

Even as overall customer satisfaction with banks continues to rise, banking today is faced with a number of serious challenges; including the rise of non-bank competitors and the commoditization of core services in a digital age, both fueled by rapid advances in technology-enabled platforms. Rising customer satisfaction levels indicate better retention, but the larger risks for the Read More

By |2020-05-27T18:00:15-05:00January 12th, 2016|Comments Off on Five must-do initiatives for banks in 2016

Top ten trends for banks in 2016

2016 is looking to be one of the most transformative years in financial services in decades. Disruptive competitors are growing, digital and mobile continues to evolve, branches look more and more like Apple stores and interest rates have started rising. Banks will need to embrace smart innovation not only to keep up, but to truly differentiate themselves Read More

By |2020-05-27T18:00:15-05:00January 8th, 2016|Comments Off on Top ten trends for banks in 2016

The inside outside model for innovation

How can banks remedy their low-growth performance compared to other sectors of the economy? By taking a cue from financial services companies that have outperformed their peers. Defined in terms of growth in total shareholder returns (TSR), the clear outperformers are Capital One, Wells Fargo, and U.S. Bancorp. While the 13 other listed U.S. retail and commercial Read More

By |2020-05-27T18:00:15-05:00January 6th, 2016|Comments Off on The inside outside model for innovation

Robo advisors plus

One of the hottest topics in investment advisory today is automated online services known as “robo-advisors.” If we believe media reports, these low-cost digitized business models will soon be standard for smaller investment clients. That aside, it has almost gone unnoticed in recent months that major banks have extensively developed their investment advisory offers and adjusted them Read More

By |2020-05-27T18:00:15-05:00December 22nd, 2015|Comments Off on Robo advisors plus

Mobile-first banking for branch employees

The average bank branch is 25 years old, designed for a different era, and in-branch foot traffic is proving to be on a steady decline. As the channel evolves, bankers have gone through a long list of updates in order to maintain relevancy and efficiency. Ironically, it’s digital solutions that offer a universal key to a successful Read More

By |2020-05-27T18:00:16-05:00December 7th, 2015|Comments Off on Mobile-first banking for branch employees

Top five market shifting trends in payments

For years, financial institutions have been enjoying the fruits of an industry-wide growth rate related to the move to a cashless society. As this trend continues, competition is accelerating from non-bank players and never before has it been so important to understand what is going on in the rapidly evolving debit and credit market. Non-interest income (NII) Read More

By |2020-05-27T18:00:16-05:00December 4th, 2015|Comments Off on Top five market shifting trends in payments

Accelerating digital enterprise innovation

Developing and implementing a holistic digital strategy and innovation program is critical for financial institutions wanting to thrive in today’s crowded, competitive market, full of disruptive new entrants. However, the reality is that many financial services organizations continue to struggle with understanding, defining, and addressing the nexus of mobile, cloud, Big Data, and social digital solutions in Read More

By |2020-05-27T18:00:17-05:00November 10th, 2015|Comments Off on Accelerating digital enterprise innovation

The Henry Ford School of bank digitization

Ask banking executives about their top priorities and you are likely to hear that they are pursuing “digitization.” But it’s not immediately clear what this term means. How is it different from automation? The easiest way to grasp the contrast is to think of how digitization has transformed music purchases, travel booking, grocery shopping and taxi services. Read More

By |2020-05-27T18:00:17-05:00November 9th, 2015|Comments Off on The Henry Ford School of bank digitization

Three innovation tactics for community banks

Wells Fargo, Deutsche Bank and JP Morgan Chase have recently attracted attention with their innovation labs. Seems like every large bank has at least one lab in which they experiment with new technologies, business processes and products and services. It’s not surprising that the word “innovation” has become such a beacon for banks. Now that the dust Read More

By |2020-05-27T18:00:17-05:00October 27th, 2015|Comments Off on Three innovation tactics for community banks

Global banking innovators improve the customer experience

The Bank of East Asia (BEA), based in Hong Kong, was recognized as the Most Innovative Bank of the Year at the 2015 BAI-Infosys Finacle Global Banking Innovation Awards on Oct. 13 at BAI Retail Delivery 2015 in Las Vegas. Fidor Bank AG of Germany, meanwhile, won for Most Disruptive Innovation in Banking and Albuquerque New Mexico-based Read More

By |2020-05-27T18:00:17-05:00October 14th, 2015|Comments Off on Global banking innovators improve the customer experience

FinTech companies endorse bank technology partnerships

“The whole value chain of banking is up for grabs,” said Manuel “Manolo” Sanchez, chairman and CEO of BBVA Compass, in response to a question about disruption challenges to the banking industry posed by financial technology (FinTech) startups. Citing payments as one area particularly ripe for disruption, Sanchez added, “Banks need to focus on partnerships or collaboration.” Read More

By |2020-05-27T18:00:17-05:00October 13th, 2015|Comments Off on FinTech companies endorse bank technology partnerships

Robert Herjavec of Shark Tank on funding innovation

As banks look ahead to 2016, they face a challenging environment of low interest rates continuing to suppress net interest margins and an increasing regulatory burden that raises compliance costs and restricts fee income. Even so, managers must still come to their boards with viable plans to move the organization forward. Serial entrepreneur Robert Herjavec can provide Read More

By |2020-05-27T18:00:17-05:00October 11th, 2015|Comments Off on Robert Herjavec of Shark Tank on funding innovation

Reconsidering Excel in financial services

The invention of relational cell-based spreadsheet technology in the late 1970s was truly a game changer. Today the technology is so accepted and so much a part of our life that it’s almost like using a faucet. However, we need to keep in mind that Dan Bricklin’s VisiCalc electronic spreadsheet hit the market only in 1979, when Read More

By |2020-05-27T18:00:18-05:00October 6th, 2015|Comments Off on Reconsidering Excel in financial services

How to choose the best payments hub

A payments hub is a flexible platform that enables banks to build their own payments services that can integrate with multiple systems and channels, essentially breaking down the silos present in legacy structures. For that reason, payments hubs make it easier for institutions to integrate with fast changing newer digital channels such as mobile, internet and social Read More

By |2020-05-27T18:00:18-05:00September 29th, 2015|Comments Off on How to choose the best payments hub

New and renew for continuous innovation

Even as banks across the globe accelerate their innovation in mobile, big data and social channels, they also face the need to renew the legacy system infrastructures that often prevent them from taking full advantage of these front-end improvements. “To continuously innovate on digital channels and customer touch points, one requires a robust back-end enterprise infrastructure,” says Read More

By |2020-05-27T18:00:18-05:00September 28th, 2015|Comments Off on New and renew for continuous innovation

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

Barbara Corcoran on funding innovation

Most bank executives, at some point in their career, need to go before their boss to pitch an idea for a new project and, presumably, ask for money to accomplish that objective. Sounds a bit like contestants on the ABC TV show Shark Tank, right? What better person, then, to advise bankers on making those pitches than Read More

By |2020-05-27T18:00:18-05:00September 8th, 2015|Comments Off on Barbara Corcoran on funding innovation

Raising the bar for innovation

As the role of technology grows in retail banking, innovation is no longer simply about online, mobile or even omnichannel, say the judges in the BAI-Infosys Finacle Global Banking Innovation Awards 2015. “2015 feels like a year in which retail banks have finally figured that things will never be the same again,” says Ed Carrell, managing director, Read More

By |2020-05-27T18:00:30-05:00August 31st, 2015|Comments Off on Raising the bar for innovation

Changing industry dynamics through innovation

Over the past five years, the BAI-Infosys Finacle Global Banking Innovation Awards have showcased innovation and emphasized the importance of changing how we provide value to customers in the financial services industry. Looking back at hundreds of past nominees and the exclusive group of selected winners in various categories, it is clear that there is a commitment Read More

By |2020-05-27T18:00:31-05:00August 3rd, 2015|Comments Off on Changing industry dynamics through innovation

Choosing the right tokenization scheme

In the wake of recent well-publicized data breaches, the financial services industry is looking at tokenization as a means of improving the security around payments. In a previous article for BAI Banking Strategies, we looked at tokenization from the standpoint of managing token directories. Now it’s time to tackle the issue of sorting through the different approaches Read More

By |2020-05-27T18:00:31-05:00July 27th, 2015|Comments Off on Choosing the right tokenization scheme