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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.
In order to originate small business loans profitably, banks need to increase cross sales, improve internal systems and/or partner with alternative lenders.
When building accountability within their organizations, banks need to link their metrics to strategy in order to incent the appropriate behaviors.
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.
Using the term ‘omnichannel’ simply highlights the fact that most banks have failed to become digital at their core.
Community bankers struggling to meet their goals this year need to take the time to evaluate their institution’s culture, clarity and compliance.
Only a loan origination system combining user authentication and authorization, encryption, destination and output controls and audit trails can assure the integrity of customer information.
While bankers cannot yet foresee all the regulatory fallout from continued investigations of overdraft fees, they can begin planning now for a more sustainable approach to fee income.
Bankers are challenged to a strategic reorientation as digital becomes a stronger driver of core banking relationships and the branch is recast in a more specialized role.
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.
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.
Deluxe Corp.’s SwitchAgent won the Innovation Showcase award at BAI Retail Delivery 2014 for making it easier for consumers to switch banks.
… banks do not know their loan economics, relying on anecdotes over rigorous quantification of key costs.
To many people, accountability means unrealistic goals, recriminations from the boss and invitations to the exit.
… compliance serves a much deeper and greater purpose than simply protecting a bank’s interests in the event of a regulatory mishap.
The best strategy takes people and money and turns it into more money.
Strengthening and simplifying regulatory compliance is a key reason for banks to speed up loan origination.
… including OD fees in any annual percentage rate (APR) calculation would result in the APRs violating most state usury laws.
… most banks’ internet banking looks just like a bank statement, because that’s just what it is: an online access to the bank statement.
… banks need to reorient their outreach to support the growing consumer preference for a digitally-anchored experience.
… PDM practices display several weaknesses that have resulted in customers being identified as ‘risky’ without an objective assessment.
… if the conditions of approval are fulfilled to your satisfaction, why would it suddenly become a bad loan decision?
Customer events typically comprise one or more moments of truth that a customer may experience across a transactional relationship.
Data is only truly useful in combination with a thorough customer understanding that provides context.
… customers are dynamic, multi-dimensional individuals who don’t always fall neatly into a single category.
Horror stories abound of examinations of vendor oversight taking longer …
If you had to 'greenfield' your bank, would you rebuild it the way it currently is?
Millennials want the majority of their bank experience to be touchless, revolving primarily around digital media.