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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.
Bankers need to weigh a lot of pros and cons as they consider whether to sell in the current economic and regulatory environment.
Measuring the success of a bank innovation program is best accomplished by focusing on inputs, outputs and processes.
While digital banking attracts the most affluent and financially confident customers, there will always be a role for the physical branch.
Lagging behind credit unions and alternative lenders, community banks need to get back into consumer lending by focusing on technology, front line sales and partnerships.
When deciding on an approach to tokenization, financial institutions need to choose between network- or issuer-managed directory services, or both.
While nearly every bank would like to switch its customers to paperless statements, deciding on the correct pace of the transition requires working through three key decisions.
Financial institutions undergoing core conversions need to prioritize which data goes into the new production system and which can be relegated to a near-line, non-core system.
Financial institutions need to leverage Internet-of-Everything technology to bridge the gap between customer expectation and what banks can actually deliver.
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.
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.
… this gradual change to the payment ecosystem will keep data breaches from being a regular feature on the nightly news.
A bank might take the middle road and make only new customers pay for paper statements …
Ideas and client engagements are the lifeblood of any innovation program.
… we, as an industry, are too accommodating of too many choices for too many people.
… on average, paper-based payments cost up to $32 per invoice for processing, printing, mailing and dispute resolution.
In a near-line archive, everyone in the bank can still access the data through a non-core system …
… U.S. consumers overwhelmingly feel their banks are lagging in their ability to deliver convenient, personalized services with a high level of securi...
… most community banks just don’t have the robust systems and processes in place to quickly provide a consumer loan to their customers.
… retaining inessential data means more time spent searching for useful information.
If the executive team believes in customer centricity and wants to make innovation happen, it drives the behavior through the organization.
… effective risk culture makes risk choices real on a day-to-day basis.
… sales personnel spend 58% of their time on activities other than selling.
… assuming that you know your customers based on their spending history can be dangerous.
… 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