Previously, I described the benefits of personalization and outlined the changes a company should make to successfully implement a personalization program. Today, I will outline what companies should be doing right now to prepare. While many financial institutions are conceptually “on board” and heavily investing in various facets of customer intelligence, the “Netflix” of banking […]
Personalization in Financial Services Works, but Changes Will Be Required
My previous blog analyzed customer intelligence and the benefits it provides. This blog will show the benefits of personalization and outline what’s required to implement a personalization program. Financial services companies that have implemented personalization report positive results, including: 60% increase in revenue per customer 81% increase in customer retention 87% increase in customer engagement […]
The Rise of Customer Intelligence in Financial Services
My last blog dove into the customer data management challenges financial companies might encounter when starting the personalization journey. Today, I’ll address customer intelligence and the benefits it provides. Personalization requires a solid data management and analysis foundation, and financial services companies are starting to leverage customer intelligence platforms to collect, analyze, and contextualize vast […]
Customer Data Management Challenges in Financial Services
Previously, I discussed personalization’s future in financial services. Today, I will dive into the customer data management challenges financial companies might encounter when starting their personalization journey. Data management in any financial services firm is complex. It needs to address integrating identifiers across available touchpoints and devices, customer preferences and interests, data sources that include […]
[Guide] Why Personalization Is the Future of Financial Services
“The future of banking is going to be very personalized — one to one. Banks need to become more relevant in the moment for a consumer who has a particular problem. The power of data and artificial intelligence can help us do that.” Lisa Frazier, Head of the Wells Fargo Innovation Group Personalization is the […]
10 Questions Banks Should Ask About Their Digital Account-Opening Capabilities
Banks should use Covid-19 as an opportunity to assess their end-to-end digital account-opening capabilities. Here are the top 10 questions they should ask themselves: How long does it take to open an account digitally? Seventy-five percent of banks report it takes longer than five minutes to open an account, with close to 30% taking longer […]
[Perspective] Digital Account Opening: The Secret to Growth Amid Covid-19?
Nobody in the banking industry planned for a year like 2020. The list of Covid-19 repercussions is almost endless and includes supervisory and compliance functions that were never designed for remote work: closed branches; overwhelmed call centers and digital channels; near-zero interest rates; greater credit risk and default rates of corporate and retail customers; economic […]
Modernizing and Humanizing Debt Collection Under the CFPB’s New Final Rule
On October 30, 2020, the Consumer Financial Protection Bureau (CFPB) issued a final rule that “focuses on debt collection communications and gives consumers more control over how often and through what means debt collectors can communicate with them regarding their debts.” This is the first time the parameters under which debt collectors can operate have been […]
What You Should Be Doing Now to Prepare for 5G in Financial Services
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 […]