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Personalized mobile apps for marketing

As mobile banking apps become more prevalent, institutions need to take advantage of the mobile platform as a marketing opportunity. The best way to do this is by producing an app that delivers a useful, personalized experience. And that means going beyond delivering generic push notifications. For example, if you know that a customer is looking to Read More

By |2020-05-27T18:00:32-05:00July 14th, 2015|Comments Off on Personalized mobile apps for marketing

Stifling payments innovation with overregulation

With the advent of Apple Pay and Android Pay, Bitcoin and EBay spinning off PayPal, payments are in the spotlight. But you’ve probably noticed that nonbanks have spearheaded most of this innovation, which wasn’t the case historically. Why is that? Banks in the modern form have existed since Renaissance Italy, when they evolved to play the central Read More

By |2020-05-27T18:00:32-05:00July 13th, 2015|Comments Off on Stifling payments innovation with overregulation

Measuring innovation to improve it

One of the most nebulous challenges in leading a bank innovation program is developing a measurement system that satisfies the institutional need for measurable results without stifling the creative spirit. Having spent years fine-tuning a measurement approach to capture and improve the performance of my former employer’s innovation platform, I can tell you that it can be Read More

By |2020-05-27T18:00:34-05:00April 20th, 2015|Comments Off on Measuring innovation to improve it

Bank innovation inspired globally

Innovation in financial services has become a worldwide phenomenon, as showcased in the annual BAI-Infosys Finacle Global Banking Innovation Awards. Having spent a good part of my career in designing new financial services and products, it has been a great privilege for me to serve as a judge on these awards for the last two years. You Read More

By |2020-05-27T18:00:35-05:00April 7th, 2015|Comments Off on Bank innovation inspired globally

Sustaining innovation for customers

The banks most successful at creating break-through innovations aren’t one-shot wonders; they’re reshaping their organizations to cultivate and sustain employees and their ideas for creating new sources of revenue and customer loyalty year after year. That’s certainly been the experience of bankers whose institutions were winners in past iterations of the BAI-Infosys Finacle Global Banking Innovation Awards, Read More

By |2020-05-27T18:00:35-05:00March 25th, 2015|Comments Off on Sustaining innovation for customers

Myths keeping bankers out of the cloud

Cloud technology has been in the spotlight recently due to the infamous iCloud hacking scandals. These isolated instances have cast a shadow over the technology and even generated several misconceptions that have stymied its acceptance by the banking industry. The good news about the Cloud is that it offers better service through smoother workflow processes because it Read More

By |2020-05-27T18:00:37-05:00February 4th, 2015|Comments Off on Myths keeping bankers out of the cloud

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

Top ten predictions for banks in 2015

After years of debate the battle lines have been drawn and it is clear what financial services institutions must do to succeed. In the new world order, the winners will be tech-savvy institutions that constantly innovate while managing expenses carefully. However, executing on these objectives is easier said than done. We predict ten trends for 2015, with Read More

By |2020-05-27T18:00:38-05:00January 5th, 2015|Comments Off on Top ten predictions for banks in 2015

Reimagine Business Strategy for a Digital World

Financial institutions are constantly challenged to remain relevant in a fast-paced digital world, differentiate themselves from the competition and develop new revenue streams. As if that isn’t challenging enough, today’s young professionals don’t have the loyalty to banks and businesses that their parents and grandparents did. This is not a bad thing. The needs and transient nature Read More

By |2020-05-27T18:00:39-05:00November 11th, 2014|Comments Off on Reimagine Business Strategy for a Digital World

New and Renew for Banking Innovation

What’s it going to take for retail banks to survive in this post-financial crisis, increasingly digital world? “The dual strategy of ‘New and Renew’ will be critical,” says Michael Reh, senior vice president and global head of Infosys Finacle. “Banks must look to infuse new life into existing lines of business, while innovating into new ones.” Innovation Read More

By |2020-05-27T18:00:39-05:00November 5th, 2014|Comments Off on New and Renew for Banking Innovation

Taking Innovation to the Next Level

What does it mean to be an innovator in today’s global banking industry? It’s no longer just about digital but more about connecting customers with their banks in a seamless, omnichannel fashion in order to solve specific problems and issues, according to judges in the BAI-Finacle Global Banking Innovation Awards 2014. “In prior years, we saw many Read More

By |2020-05-27T18:00:39-05:00October 14th, 2014|Comments Off on Taking Innovation to the Next Level

Getting Back to Banking’s Higher Purpose

What banker wouldn’t love to have the enthusiastic and friendly employees typically found at Whole Foods Market? Building such a committed service and sales culture can be done but it certainly doesn’t happen overnight, according to Whole Foods co-founder and co-CEO John Mackey. Specific steps described by Mackey in a recent interview with BAI Banking Strategies include Read More

By |2020-05-27T18:00:40-05:00October 3rd, 2014|Comments Off on Getting Back to Banking’s Higher Purpose

Innovations for Improving the Customer Experience

Innovation today means redefining traditional banking with products and services that improve the customer experience, whether it’s a mobile app that enables customers to better comprehend and manage their bills; a hands-free payment system utilizing Bluetooth; a personal finance manager that automatically tracks all transactions, spending and cash flow across customer accounts; or a voice biometrics system Read More

By |2020-05-27T18:00:40-05:00September 24th, 2014|Comments Off on Innovations for Improving the Customer Experience

First Take on Apple Pay

The long awaited announcement of Apple Pay, on September 9, promises to scramble the existing payments system in the same way that Apple’s Macintosh, ipod, iphone and ipad products upended the computing, music and telecommunications industries. The full ramifications of these changes won’t be apparent for months, even years, as Apple’s strategic move into mobile payments incorporates Read More

By |2020-05-27T18:00:40-05:00September 16th, 2014|Comments Off on First Take on Apple Pay

Innovation that Makes a Difference

Innovation is hard to do and financial institutions can always come up with a long list of reasons why they hold back from major changes in the way they do business, including increasing regulatory constraints, earnings pressures and overburdened technology departments. However, as the annual BAI-Finacle Global Banking Innovation Awards demonstrates, some financial institutions have the vision Read More

By |2020-05-27T18:00:40-05:00September 15th, 2014|Comments Off on Innovation that Makes a Difference

Strategic Planning for Innovation and Differentiation

Looking across the banking industry today, it is increasingly apparent that strategic planning is broken. Given the economic challenges of the times, one would hope that we would be seeing some true innovation and differentiation in the strategies being pursued by banks. Instead, disruption and innovation have been left to niche providers such as Simple, Lending Club Read More

By |2020-05-27T18:00:42-05:00July 7th, 2014|Comments Off on Strategic Planning for Innovation and Differentiation

Four Steps to Banking Small Businesses

The combination of increasing regulation, continuing sluggish economic conditions and rapidly changing consumer expectations is shrinking the revenue potential of the demand deposit account. This stark reality is leading retail banks to focus more on business customers. Deeper market segmentation, bundling of service offerings, understanding the needs of businesses and strong relationships are the keys to growing Read More

By |2020-05-27T18:00:44-05:00March 17th, 2014|Comments Off on Four Steps to Banking Small Businesses

Lessons from Borders, Blockbuster and Blackberry

Nobody believed David would beat Goliath until he did. Today, with an innovative strategy, the right timing and strong execution, nearly any upstart company has the potential to be David and de-throne the giant in their market. For banks, the long-standing Goliaths of the financial world, responding to small, scrappy startups and to the needs of an Read More

By |2020-05-27T18:00:44-05:00March 11th, 2014|Comments Off on Lessons from Borders, Blockbuster and Blackberry

Fundamental Steps for Innovation

As today’s early-stage technologies evolve into mainstream offerings, retail banks will have to reshape their customer experiences to match. The prerequisite infrastructure is a core banking platform that supports customer data consolidation, real-time channel interfaces and rapid creation of new products and services. Think back to the early days of self-service ATMs, internet banking and mobile banking. Read More

By |2020-05-27T18:00:45-05:00February 18th, 2014|Comments Off on Fundamental Steps for Innovation