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Banks that are able to innovate on a continuous basis do so by building a culture that sparks and sustains innovation, say past winners of the BAI-Infosys Finacle Global Innovation Awards.
Given that alternative finance companies are likely here to stay, banks would be better off viewing them as potential partners rather than as competitors.
As overdraft fees face regulatory pressure and consumer complaints, it’s time for bankers to adopt a simpler, more transparent approach.
Bankers have many things to worry about but being ‘disrupted’ by alternative industries is not one of them. Reason: too much regulation.
A bank’s financial performance tomorrow depends on pricing decisions today. But if projections about tomorrow are false, today’s pricing decisions will be flawed.
To keep data governance from slipping off their radar, banks need to make these activities interesting and engaging to employees.
Despite the increased regulatory burden, mortgage lending still represents an opportunity for community banks.
In their effort to develop new products, bankers should consider utilizing the tactics of purpose, simplicity, speed, security, repetition and surprise.
To avoid incurring substantial fines as well as customer frustration, bank call centers need to make sure their account databases contain accurate phone numbers.
Direct Insite won the Payments Innovation Track award at BAI Payments Connect 2015 for developing a product that helps banks trim their accounts receivable costs.
Financial service innovations worldwide depend on the intersection of culture, leadership and societal support, say judges in the BAI-Infosys Finacle Global Banking Innovation Awards.
Deluxe Corp.’s SwitchAgent won the Innovation Showcase award at BAI Retail Delivery 2014 for making it easier for consumers to switch banks.
Real-time payments are feasible in the U.S. based on lessons learned in the U.K., according to BAI Payments Connect 2015 speaker Ann Caple.
Banks have created the growth opportunity that alternative finance companies are enjoying.
… data governance efforts tend to be a cyclical phenomenon.
… independent mortgage banks and mortgage subsidiaries of chartered banks reported a profit of $744 per-loan in the fourth quarter.
… we hope that there’s a financial institution out there that will step forward with a new model of OD fee simplicity.
There will be no iTunes, Uber, Amazon or Expedia of banking.
Creating a repeatable, scalable process in product development starts with a well-documented plan …
The modern contact center should be equipped to verify, in real time, the phone number before a call is even placed.
Banks now will be required to identify areas of risks that are not in line with their risk profile …
… banks have begun to re-conceive the branch as a place that extends the brand impression that consumers experience through digital channels.
… an up-to-date compliance program does not shield a financial institution from liability.
Everything from the loan application to receipt of the cash is carried out at the ATM, negating the need for a cashier.
Building an organization-wide customer profitability model is a complex project that may take several years to complete …
… the question you need to ask before you price for tomorrow is: how wrong do you want to be?
Banks can have a greater impact on improving financial wellness for consumers by working collaboratively as an industry.
The promise of leveling the competitive playing field will come at great expense for the smaller financial institutions …
Few banks will be able to attain what used to be the twin performance goals of 1% return on assets and 15% return on equity.