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

By |2020-05-27T18:16:24-05:00February 27th, 2020|Comments Off on Getting people on board for a successful digital transformation

Successful change starts with employee involvement

Welcome to another decade, banking. Efficiency needs to top our lists of resolutions: Meaning, institutions must become efficient enough to not only survive a rapidly changing landscape, but also thrive as competition ramps up from both technology companies focused on banking and tech players once relegated to social media and e-mail. This industry “faces a new combination Read More

By |2020-05-27T18:16:24-05:00February 26th, 2020|Comments Off on Successful change starts with employee involvement

How customer experience benefits from operational efficiency

As the banking industry faces tighter margins and increasing competition for customers, many financial executives find themselves looking to cost reductions and department downsizing to better their bottom lines.Yet, those who take a balanced approach and identify the right operational efficiency initiatives may find that what’s good for profit margins may also improve the customer experience. Automation, Read More

By |2020-05-27T18:16:24-05:00February 20th, 2020|Comments Off on How customer experience benefits from operational efficiency

The right tools for the finance job

Faced with thinning margins, increasingly complex regulations and consumer demands for digital channels, today’s financial institutions find themselves under more pressure than ever to use their time and resources as efficiently as they can. Behind the scenes, the finance department bears much of the responsibility for meeting evolving industry requirements: developing a strategic vision for revenue-generating products, Read More

By |2020-05-27T18:16:25-05:00February 12th, 2020|Comments Off on The right tools for the finance job

Fighting fraud with operational efficiency

Inefficiencies such as a bank’s disjointed data systems, manual processing of authentication for new account openings or outdated payment processes don’t just cause headaches for employees and customers alike — they also play directly into the hands of fraudsters. Although these kinds of operational inefficiencies don't rise to a level as egregious as leaving the vault unlocked, Read More

By |2020-05-27T18:16:25-05:00February 10th, 2020|Comments Off on Fighting fraud with operational efficiency

Peerless ideas, pleased customers: How to overcome 3 challenges in managing the life of the loan

Inefficiency in lending makes it tough for financial institutions to service customers effectively and grow the loan portfolio. Many of these inefficiencies are inherited and accepted as “just the way we do things.” But to work smarter—not necessarily harder—and provide customers a good experience, fresh ideas and processes can challenge the inefficiencies. Across the banking industry, loan Read More

By |2020-05-27T18:00:05-05:00October 21st, 2016|Comments Off on Peerless ideas, pleased customers: How to overcome 3 challenges in managing the life of the loan

Success factors for fixing the bank

When channel switching on TV, I always tend to linger on three programs: Kitchen Nightmares with the always-profane Gordon Ramsey, Restaurant: Impossible with Robert Irvine, and Bar Rescue with Jon Taffer. Each host operates as a consultant dealing with booze or food rather than financial issues, but the situations they address, their approach to problem solving and Read More

By |2020-05-27T18:00:08-05:00July 22nd, 2016|Comments Off on Success factors for fixing the bank

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

Three tips for growing core customer relationships

Have you heard this from a community banker? “We are uniquely positioned to service the affluent customer.” And, “Our service is second to none.”Don’t fool yourself. Your prospects don’t know about your service unless it causes problems for them. And, very few community-based financial institutions are more uniquely positioned to serve the affluent class than are their Read More

By |2020-05-27T18:00:09-05:00June 27th, 2016|Comments Off on Three tips for growing core customer relationships

Information access for customer service

While digital banking is one of the fastest growing channels for financial services, banking employees are still far and away the preferred interaction point. Especially when it comes to more complex financial needs – loans, investments or debt management – the primary channel banking consumers still use for researching and purchasing products is people. For example, a Read More

By |2020-05-27T18:00:09-05:00June 20th, 2016|Comments Off on Information access for customer service

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

Minimizing problems in legacy software

The financial services industry is evolving at an exponential rate in this age of digital transformation. Shifting customer expectations, disruptive technology and demanding regulatory requirements are constantly reshaping the sector. Many banks are finding that their current infrastructure and platforms are simply not capable of supporting the proliferation of user-centric, omnichannel and omnipresent capabilities that customers have Read More

By |2020-05-27T18:00:10-05:00June 7th, 2016|Comments Off on Minimizing problems in legacy software

Three strategies for protecting payment systems

Current payments systems are more sophisticated than their predecessors, with more functionality, higher transaction volumes and continuously operating, open environments. As banks and their partners have rapidly expanded these payments infrastructures, many have failed to incrementally grow their testing practices to keep up with the pace of change. Many are only testing a small portion of their Read More

By |2020-05-27T18:00:10-05:00May 25th, 2016|Comments Off on Three strategies for protecting payment systems

Improving the customer experience with journey mapping

Sometimes, a simple shift in perspective makes a big difference. That’s what banks are discovering when their contact centers utilize a method of analysis known as “customer journey mapping.” By looking at their internal processes from the customer’s point of view, these institutions are improving both contact center efficiency and customer satisfaction.The practice of customer journey mapping Read More

By |2020-05-27T18:00:10-05:00May 19th, 2016|Comments Off on Improving the customer experience with journey mapping

Six lessons for making open office work

The “open office” is a growing trend in corporate America. Eliminating walls and private offices is proving to be popular with CEOs, such as Citigroup’s Michael Corbat, who are certain of an open office’s cost reduction benefits and hopeful of its collaboration potential. Yet, the open office has also delivered some unintended consequences, such as increased noise Read More

By |2020-05-27T18:00:11-05:00May 8th, 2016|Comments Off on Six lessons for making open office work

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

Managing exceptions more efficiently

Exceptions are part of every operation in all businesses, but they are a source of particular concern for financial institutions (FIs). Regulatory examinations concentrate on exceptions to regulatory requirements and exceptions to best practices. The fiduciary responsibility that banks have concerning their clients’ money means that operational exceptions carry risk for financial liability and brand integrity. Exceptions Read More

By |2020-05-27T18:00:11-05:00May 3rd, 2016|Comments Off on Managing exceptions more efficiently

Rise of the super banks post-crisis

Bigger is better may not have been what the politicians and regulators envisioned post-financial crisis but that’s what we now have in the banking industry. In short, big banks in the United States have closed ranks and gotten much bigger over the past decade, while smaller banks have either merged their way into the middle tier ranks, Read More

By |2020-05-27T18:00:12-05:00April 8th, 2016|Comments Off on Rise of the super banks post-crisis

Strategic vendor management now a necessity

We are seeing a very fundamental shift in the focus and importance of vendor management. To a large extent, this is the result of the confluence of events that, taken together, point to the need to change the entire approach to vendor management at banks.First, we have become an industry that has outsourced. This is not a Read More

By |2020-05-27T18:00:12-05:00April 5th, 2016|Comments Off on Strategic vendor management now a necessity