How to leverage self-service to satisfy today’s on-the-go banking customer

My local grocery store has installed a second set of self-service stations. And while older regulars have  some minor complaints, the majority of shoppers with lower item counts gravitate towards them. It’s not just grocery stores, either. From large retailers to fast food chains, the march toward self-service has been happening for more than half a century. Read More

By |2020-05-27T17:58:17-05:00September 27th, 2018|Comments Off on How to leverage self-service to satisfy today’s on-the-go banking customer

Mobilizing the mobile future of branch banking: Self-service technology

Through this scenario, consider the impact technology is having on how consumers navigate something as routine as their daily lunch hour: Before an executive even leaves her office, she preorders and pays for her favorite meal at a nearby quick-service restaurant via her mobile device—and bypasses the line to pick up her already prepared food. Before driving Read More

By |2020-05-27T18:00:04-05:00November 15th, 2016|Comments Off on Mobilizing the mobile future of branch banking: Self-service technology

Leveraging biometric authentication for ATMs

ATMs in the U.S. and other parts of the world have generally validated the identity of bank customers with something the user has (a card) and something the user knows (a PIN). This decades-old approach is increasingly vulnerable to fraud from a variety of methods. Worse, there are a growing set of digital credentials and identities being Read More

By |2020-05-27T18:00:09-05:00June 21st, 2016|Comments Off on Leveraging biometric authentication for ATMs

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

Four ways to improve mobile banking

When USAA introduced mobile check deposits back in 2009, the feature wasn’t exactly welcomed with open arms. Perhaps the bank was a bit ahead of its time, as smartphones were just coming into vogue and consumers barely trusted the Internet with their personal information – let alone their mobile devices.Today, however, mobile banking is on the rise, with Read More

By |2020-05-27T18:00:13-05:00March 21st, 2016|Comments Off on Four ways to improve mobile banking

Repurposing the branch

An abandoned machine shop becomes a brew pub. An old train station gets a second life as an Internet café. Shipping containers are converted into cozy tiny houses and stacked to create eye-catching office buildings. Call it creative repurposing. Call it adaptive reuse. Call it recognizing consumers’ changing preferences and responding with engaging solutions. In the same Read More

By |2020-05-27T18:00:15-05:00January 22nd, 2016|Comments Off on Repurposing the branch

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

From traditional to experiential branch

While digital transactions have taken a bite out of walk-in traffic, the brick-and-mortar branch is far from obsolete. Forward-looking financial institutions are using new technology and smart renovations to transform the traditional branch into a unique environment that differentiates their organization from the next. Rather than offering the same transactions cus­tomers can access on their tablet or Read More

By |2020-05-27T18:00:15-05:00December 23rd, 2015|Comments Off on From traditional to experiential branch

The no-nonsense branch of the future

The branch that once captured 100% of all transactions now only represents 10% of transactions and has been impacted by various industry trends and fads. In the 1990s, it was the imminent demise of the branch with the advent of the internet, driving many banks to set up separate online banking operations, which later had to close Read More

By |2020-05-27T18:00:16-05:00December 14th, 2015|Comments Off on The no-nonsense branch of the future

Three steps to transforming the branch digitally

With increasing adoption of digital and mobile channels, along with changing customer preferences, branch banking is undergoing a tremendous shift towards self-service banking. The dilemma for bankers is: how can they service their customers better while they reduce their footprints both in terms of physical location and the number of touch points inside the branch? As bankers Read More

By |2020-05-27T18:00:16-05:00December 8th, 2015|Comments Off on Three steps to transforming the branch digitally

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

Why contact centers matter in a digital age

In this age of self-service channels and tech-savvy customers, do community banks still need to be investing in contact centers and trying to keep up with the money-center banks’ 24/7 accessibility? The simple answer is, yes. Call centers play a pivotal role in today’s evolving banking landscape. However, there are four areas in which banks need to Read More

By |2020-05-27T18:00:16-05:00November 17th, 2015|Comments Off on Why contact centers matter in a digital age

Transforming the branch for sales and lower cost

The results of our 2015 FMSI Teller Line Study are in and they support widespread perceptions about declining branch transactions and staff productivity and rising labor costs. Consider that the volume of transactions at community bank and credit union branches since 1992 has declined 45.3%, while the cost of employee salaries and benefits has soared 90.1% over Read More

By |2020-05-27T18:00:31-05:00July 17th, 2015|Comments Off on Transforming the branch for sales and lower cost

Coping with the overdraft conundrum

What to do about overdraft (OD) fees, or the loss thereof? For banks with assets over $10 billion, service charge income on deposit accounts, with OD income being the largest component, fell by almost half between 2010 and 2013 and at a rate twice as fast as for smaller competitors. But it won’t stop here. After the Read More

By |2020-05-27T18:00:32-05:00June 23rd, 2015|Comments Off on Coping with the overdraft conundrum

The omnichannel failure

A lot of folks are asking me whether I’m really saying that banks need to start all over again? Is that really feasible, Chris? How can you recommend that we tear down the house and rebuild it? Well, there are a lot of reasons I can say this, and believe it. First, we started building systems in the Read More

By |2020-05-27T18:00:32-05:00June 20th, 2015|Comments Off on The omnichannel failure

Unified middle platform for branch of the future

Bankers and their boards have been thinking about their plans for the branch of the future for several years. The consensus for banks with broad geographic footprints has generally been to reduce infrastructure and transition toward self-service in existing branches. This can be a strategic and highly beneficial move, but only when it incorporates two significant elements: Read More

By |2020-05-27T18:00:33-05:00May 26th, 2015|Comments Off on Unified middle platform for branch of the future

Re-inventing the ATM, Globally

Since its introduction in the 1960s, the ATM has evolved to become an integral part of day-to-day life. Suffice to say, the ATM has grown from a simple cash dispenser into its namesake of a fully-functional automated teller. In many countries worldwide an ATM can essentially cover almost all of the banking services offered in branch, from Read More

By |2020-05-27T18:00:34-05:00May 5th, 2015|Comments Off on Re-inventing the ATM, Globally

Role of the branch in the digital age

JPMorgan Chase recently held their investor day and grabbed some of the fintech headlines when they stated that Apple Pay has been activated by over a million cardholders since its launch in the U.S. in October. Chase also announced a closure of 300 branches as customers move to digital. Yet, what stood out for me, is that Chase has Read More

By |2020-05-27T18:00:34-05:00April 16th, 2015|Comments Off on Role of the branch in the digital age

Leveraging the internet of everything for customers

In today’s hyper-connected digital age, consumers expect their banks to deliver highly-personalized, high-tech services coupled with the convenience of anytime, anywhere banking. Yet, a widening gap is developing between consumer expectations and the services their banks actually deliver. A global survey of 7,200 retail banking consumers conducted by Cisco Consulting Services found that U.S. consumers overwhelmingly feel Read More

By |2020-05-27T18:00:35-05:00April 13th, 2015|Comments Off on Leveraging the internet of everything for customers

Building a Bank for Today from Scratch

Ever since cash dispensers became automated teller machines (ATMs), pundits have regularly said that the large retail banks are going to have to change their core systems or they will lose their customers. It started with the ATMs because those machines broke many banks’ assumptions that their customers transacted all their bank business in their own branch. Read More

By |2020-05-27T18:00:38-05:00December 5th, 2014|Comments Off on Building a Bank for Today from Scratch