My previous blog outlined the potential risks associated with 5G. In my final blog of this series, I go into detail on what financial services companies should be doing now, to prepare. While it’s true that 5G has the potential to profoundly change the banking industry and be a more significant transformation for mobile technology […]
What Are the Risks of 5G in Financial Services?
Previously, I went into detail as to why banks should care about the new technology and how it affects mobility, payments, pop-up branches, and omnichannel experiences. My next blog outlines the potential risks associated with 5G. From a strategic planning perspective, it’s important not to believe all the hype, to understand there are potential risks […]
Don’t Forget About the PPP Loan Forgiveness Process
Many banks found it challenging to capture and process loan applications that were submitted in response to the SBA’s Paycheck Protection Program (PPP). The program has been intense – many of our bank customers pulled operations staff off all other tasks to processes PPP applications, sometimes going 24 hours per day. We learned that some […]
Why Should Banks Care About 5G?
My last blog analyzed what 5G is exactly. This next installment goes into detail of why banks should care about the new technology and how it affects mobility, payments, pop-up branches, and omnichannel experiences. Disruption can happen when you least expect it and by seemingly unassuming technologies like cell service. Think about how Uber and […]
What is 5G Exactly?
Previously, I discussed what impact 5G will have on banking. The next post in this series describes what 5G is. 5G stands for fifth-generation wireless service. It’s a new way of encoding data through the air that’s more efficient than previous generations. 1G was analog cellular. 2G technologies were the first generation of digital cellular […]
[Guide] The Impact of 5G in Banking
Digital transformation in the financial services industry is about what banks can, and should, be doing to plan and prepare for the future. And if you’re preparing for the future, it’s essential to know that 5G cell service and the smartphone of the future will have a significant impact on banks and their digital transformation […]
14+ Questions Financial Services Firms Should Ask Themselves Amid COVID-19
“Things turn out best for people who make the best out of the way things turn out.” John Wooden, NCAA Basketball Coach We are ten days into the “15 Days to Slow the Spread” coronavirus guidelines. The US is becoming the new epicenter of the pandemic. State by state, America is locking down its residents […]
Expect the Traditional Payments Ecosystem to Change, Fast
During times of crisis, such as the current COVID-19 pandemic, how you treat your employees and your customers speak volumes about your values. The communications I have received from my financial institutions regarding the coronavirus outbreak focus on predictable messages – “we are here to help you 24/7,” “our call volumes are high, look at […]
Digital Transformation Increases Success, But There’s Still Work to Do
My last blog outlines how banks are implementing digital transformation strategies. In this blog, I examine how digital transformation increases success, and highlight where work needs to be done. The Need to Stay Competitive Despite the tremendous investments in digital transformation made by the big banks, medium-sized and regional banks have remained competitive. They surprisingly […]
How Are Banks Implementing Digital Transformation Strategies?
Previously, I analyzed the current themes in banking according to executives. This blog outlines how banks are implementing digital transformation strategies. Digital transformation strategies for banks have, for years, centered attention and investment on frictionless service, personalization, customer journeys, user experience, lean transformation, organizational alignment, emerging business models, FinTech partnerships, and mobile. While this will […]
5 Current Themes in Banking According to Industry Executives
Previously I reviewed post-digital transformation in banking. This blog analyzes the current themes in banking according to executives. In recent years, five themes generally dominated (and rightly so) what bank executives paid attention to and invested in: 1. Generational Relevance The Millennial generation ushered in a different attitude regarding convenience, access, and responsiveness, and banks […]
It’s Time to Focus on Post-Digital Transformation in Banking
This is the time of year when banks think about what strategies and investments to pursue in the coming year. And while retail and commercial banking is a complex, global industry driven by a combination of local-market macroeconomics, regulatory regimes, competitive forces, and customer behavior, the digital transformation strategies banks pursued for many years were […]