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Banks looking to optimize their performance need to focus on their branch density in each market – some markets need more branches while others may require a complete pullout.
Bank contact centers are altering both their call-handling processes and employee performance metrics as the complexity of calls increases due to digital technology.
Innovations recognized in the 2015 BAI-Infosys Finacle Global Banking Innovation Awards are changing the dynamics of the financial services industry by delivering more convenient access and security for customers.
To build a true digital bank, institutions can either transform themselves internally or create an entirely separate entity. In either case, committed leadership is critical.
In the face of a steady downward trend in customer transactions, banks should transform their branches into sales-centric outlets and streamline staffing through more efficient scheduling.
Transforming business processes in banking requires moving from automating those processes to true digitization.
In the new era of anti-money laundering compliance, regulators expect that all banks will develop complex programs that include data and model validations of the software used as well as complete documentation of decisions to bank high risk customers.
Amid an accelerating proliferation of technologies, financial services players confront great complexity in choosing an appropriate tokenization scheme to make payments more secure.
Banks should begin strategic planning for their time deposit portfolios now – before interest rates rise and CDs resume their historic importance as funding sources.
Instilling a compliance culture in a bank can not only help the organization avoid regulatory fines but also potentially lead to a better customer experience and more robust bottom line.
While digital technology is critical for the future of banking, branches and call centers will be with us for a long time to come and need to be integrated with the digital channels.
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.
Customers are looking for concierge service and they have higher expectations around service.
There is no question that innovation is alive and well in this industry ...
For banks to fully realize their digital potential, they need to eliminate their departmental silos.
Many banks and vendors believe that once a data validation has been accomplished, there is little need to do another one.
… usage of tokenization among the general population of consumers and merchants remains low.
Equipping bankers with the appropriate tools and updating processes and systems is the new standard for offering CDs.
By looking at small data through a different lens, a company can sometimes reveal hidden fraud.
… it all comes back to leadership. Does your leader have the stomach to make the change happen?
An argument can be made that most banks would make little or no money without the retail franchise.
… the volume of transactions at community bank and credit union branches since 1992 has declined 45.3%, while the cost of employee salaries and benefi...
… 56% of millennials and 54% of the underbanked would open an account that didn’t include overdraft fees.
Use every available avenue to make meaningful connections with your customers.
The problem is that politics determines who can obtain a government charter to be a bank, the operating environment and associated rents.
Banks may get a significantly higher return on branch investments by developing a strong presence in a set of medium or small markets …
… a strong credit risk culture can only be effective when it is shared at all levels of the bank.
… banks do not know their loan economics, relying on anecdotes over rigorous quantification of key costs.