Financial Services

“It takes time for loans to go bad and the full extent of problems to surface, so I’d predict this is likely to be a 2023 issue.” That’s what Michael Jamesson, a principal at the bank consulting firm Jamesson Associates, told American Banker when asked about the long-term impact Covid-19 economic relief might have on […]

The last 18 months surprised the collections industry as it relates to forecasting future losses for respective loan portfolios. Many banks, credit unions, and credit providers were left asking themselves, “when do we expect this to turn?” In speaking with many industry leaders in the collection space during the pandemic, they stated it was a […]

Section 165(a) of the Dodd-Frank Act requires the Federal Reserve to establish “enhanced supervision and prudential standards” for bank holding companies with more than $50 billion assets. This scrutiny level is stronger than the standards applicable to smaller institutions and increases based on a bank holding company’s unique riskiness. A. Standards the Federal Reserve Must […]

Harvard Business Review defines the New Experience Economy as the fourth evolution of economic value, which includes commodities, products, services, and now, experiences. It is at this point where the product is most differentiated and pricing most premium. In a commoditizing marketplace such as personal lines, a personal experience is an opportunity for carriers to […]

Data fuels the engine of the digital economy. Connected experiences, in the context of the customer relationship, are driven by a robust data set that confidently presents integrated, diverse data to enable actionable insights that can be automated across the customer’s journey. Internally, data creates the foundation for increased analytic application of fraud detection, at-risk […]

While the thought of changing policies can be daunting, carriers are throwing hundreds of millions (if not billions) into advertising budgets to make the consumer aware of ways to save by switching. As a result, the industry is experiencing a decline in brand loyalty in favor of pricing. A brand may bring a customer in […]

Do blog readers like to have their opinions heard? For those that do, the Federal Reserve Board has announced it will extend, until September 9, 2021, the comment period for its proposal to govern funds transfers over the Federal Reserve Banks’ FedNow Service. The FedNow Service is a new 24x7x365 service that will support instant […]

In my last post, I discussed how insurance companies that demonstrate empathetic knowledge of their consumers and deliver tailored, real-time solutions will build on their noble purpose and gain competitive advantages in a digital operating environment. So, where can you begin? It starts with putting your customer in the middle of your operating model. Instead […]

FHIR! FHIR! FHIR! FHIR (Fast Healthcare Interoperability Resources) Specification is a standard published by HL7 for exchanging healthcare information electronically. And it’s a hot topic for payers and providers. As patients and members move around the healthcare ecosystem, their electronic health records must be available, discoverable, and understandable. Simply put, consumers expect this experience. Further, […]

Over the last three blog posts, we discussed the importance of data democratization in financial services. Today, we want to share a few final words. To maximize the value of data resources, they must be discoverable by those who require the information. Once a needed data source is identified, it is best to have an […]

Insurance serves a noble purpose: to protect individuals & businesses and their property, liability, and financial obligations. At their roots, many of the large, well-known carriers today began by serving the distinctive needs of businesses and individuals who could not find coverage elsewhere. Rural residents paying city insurance rates, government employee affinities, and experiences tailored […]

CMS interoperability rules generated quite the commotion in healthcare this past year.  But when you think about it, these mandates are pushing us closer toward the consumer-centric goals that healthcare organizations already aim to prioritize. Interoperability Mandates Mirror Business Needs Rules and Regulations. Regulations like the CMS Final Rule mandate that health care organizations make […]