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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.
Given the increasing importance of mobile devices in banking, the industry should consider more design-centered thinking about how consumers interact with these devices.
Banks that hire thousands of developers to maintain aging legacy systems are not fit to compete in the digital age.
Banks need to start considering reducing fees and making up the lost revenue by raising minimum deposit balances.
Speakers at BAI Payments Connect 2015 will delve into some of the most exciting issues in payments today: mobile wallets, real-time payments, improved cyber fraud defenses and EMV card transition.
2015 will see more momentum on mobile wallets, continuing progress on next generation payments initiatives and more focus on fraud and risk controls.
Profitability measurement systems today require a single data repository, robust calculation and modeling engine and insightful analytical capabilities.
Responding to data breaches requires that financial institutions implement a proactive vulnerability management plan and basic security protocols such as network segmentation.
Myths keeping bankers from the Cloud include the belief that it is insecure; that all vendors offer the same level of compliance; and that leadership should come from the IT department.
Deluxe Corp.’s SwitchAgent won the Innovation Showcase award at BAI Retail Delivery 2014 for making it easier for consumers to switch banks.
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.
BAI Retail Delivery 2014 speaker and former TaylorMade Golf CEO Mark King says banks need to deal with changing consumer behavior – just like the golfing industry.
Design thinking takes a systematic and people-centric approach to understanding problems clearly before looking for solutions.
Banks are not fit for the digital age if they have systems at their heart that pre-date the Internet.
2015 may well be the defining year for mobile wallets.
Competition for deposits is going to become fierce again once rates start to rise.
Mobile wallets have been around for a while but suddenly became exciting again with the introduction of Apple Pay ...
The allocation of margin is critical in financial institutions as it typically comprises up to 80% of net income.
… we now spend more time with internal compliance and box-checking than with seeing to clients’ needs.
… community banks have allowed mandates around compliance to drive changes focused on security.
… the CFPB clearly intends for rules for overdrafts on prepaid cards to eventually apply to checking accounts.
… 10% to 13% of consumer bank accounts are turning over on an annualized basis.
You need hard deadlines, otherwise these things just drift.
… the private Cloud is designed around a specific community and restricts user access to a defined group of individuals.
Execution loses the war because it loses so many little battles.
… if I know that you know that I know, I will attempt to out-think you by going a step further.
… institutions will spend valuable resources not knowing who needs what data, or how to effectively access it.
Reward checking accounts provide a substantial cost of funds discount that steadily increases as interest rates rise.