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
Given the proliferation of printers in banking – a large institution may have tens of thousands in facilities spread across the country – printer management needs to play a critical role in the ongoing war against hackers.This issue recently came to the forefront in a hack at Bangladesh Bank that resulted in the loss of $81 million. Read More
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
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
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
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
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
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
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
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
