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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.
Startup vendors are dramatically improving the range of remote delivery solutions available to banks by offering them more control, marketing capabilities and a world class end-user experience.
Findings from a game theory exercise show that in a competitive-rising-rate environment, we tend to price deposits about 13% above the normal average of the competitive set.
The hardest part of digital banking isn’t the technology; it’s the organizational and process changes needed to support a customer-centric strategy.
The chances for successful innovation initiatives increase if banks utilize organizational structures that facilitate efficient cooperation.
Serving small businesses effectively requires business practices, organizational constructs, and value propositions targeted to this particular market segment.
By and large, banks are justified in taking a cautious approach to cloud computing, which offers financial and operational benefits as well as dangers to be managed.
Banks that want to be more successful selling long-term deposit accounts need to properly prepare their front-line staff to engage with customers in a consultative manner.
As bankers grapple with fighting off fraudsters who seek to steal the identities of their customers, they should consider behavioral analytics as a useful weapon in that battle.
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.
Indiegogo co-founder and BAI Retail Delivery 2014 speaker Danae Ringelmann says crowdsourcing companies can work with banks to ‘de-risk’ early stage investments.
As bank branches move from transactional hubs to sales centers, financial institutions need to focus more on hiring bankers who possess both the ability and desire to sell, say BAI Retail Delivery 2014 panelists.
… the true short resource for many small business owners is time.
There is a client in the center of all of our efforts. We are not developing innovations just to be innovative
Functionality and vision trump install base and revenue.
Public clouds work well for lower risk workloads, while more highly regulated workloads can be placed in private or community clouds.
Bankers need to be competitive with their offerings if they want to deal directly with depositors.
Customer behavior is a bank’s greatest asset in its effort to prevent fraud.
Businesses that have multiple users should be able to allow certain users to perform transactions while others can only view balances.
… stringent data-sharing permissions force combining banks to prepare in silos.
… one fourth of the typical branch network salesforce does not generate breakeven returns, relative to the cost to deploy.
… our tendency to lower prices for consumer goods is the same as our tendency to increase yields when competing for consumer deposits.
… support for digital, customer-centric banking has to be pervasive, reinforced and measured.
Measurement is the first step that leads to control and eventually to improvement.
There’s a fine line between demonstrating expertise and pushiness.
Retail banks should be conducting user research throughout the design process …
… leadership is the single most important component of any innovation success formula.
… the paid labor cost per-transaction of low volume branches is 142% higher than the overall average.