Posts Tagged ‘Banking’

Debt Collection Strategies Podcast Wba Wp

10 Takeaways From Our “Transforming Debt Collections and Recovery Functions” Podcast

Scott Albahary, Perficient’s financial services chief strategist, and I recently spoke with the Western Bankers Association about using empathy and personalization strategies to improve debt collection and recoveries. If you get a chance, listen to the short episode. But, if you can’t, here are the key points Scott and I make: Banks responded generously to […]

Personalization

6 Steps FSIs Can Take Now to Achieve End-to-End Personalization

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

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 […]

Customer Intelligence

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 […]

Woman Using Laptop

Take Advantage of FSI Data to Illuminate Customer Relationships

“Having a Balance With a Bank Doesn’t Make You a Customer.” Our financial services team recently spoke with the great Jim Marous, the co-publisher of The Financial Brand and the publisher of the Digital Banking Report. We were prepping for our webinar, “Digital Strategy Lessons Financial Institutions Can Learn From Top Brands in Other Industries,” […]

Place Of Work

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 […]

Why Personalization Is The Future Guide Card 1400x931

[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 […]

Digital Account Openings

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 […]

Digital Account Opening

[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 […]

Corporate Business Team Office Meeting.

5+ Areas Financial Institutions Must Focus on in the Current and Post-COVID-19 Era

We have been talking about digital transformation for over 10 years, and the financial industry has been leading the change, albeit at its own pace. This year COVID-19 has been a major disrupter, immutably altering the traditional brick and mortar channel. Financial institutions must begin now to prepare a solid 2-year plan to manage this […]

Paycheck Protection Program

Are You Ready for the Next Wave of PPP Funding?

Many banks are finding it challenging to capture and process loan applications that have been submitted in response to the SBA’s Paycheck Protection Program (PPP). We even learned that some banks missed out on the first round of PPP because they didn’t have a portal up and running to accept borrower applications. That’s a significant […]

COVID-19

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 […]

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