Posts Tagged ‘Banking’

In simplest terms, blockchain is a technology that enables value to be transferred using only software; that is, without the need for trusted intermediaries. It is a record-keeping system where transactions are executed, validated, and recorded publicly. Let’s break down blockchain: 1. Blockchain is the technology behind bitcoin, the electronic currency. It is not the […]

Clients are more empowered than ever to make their own informed decisions, which has led to a dramatic shift in their expectations of financial services companies. Clients expect to be provided with the kind of personalized advice, support, and tools they used to only get from their financial advisors. While offering choices is an important […]

The Recordkeeping for Timely Deposit Insurance Determination rule, more commonly referred to as 12 CFR Part 370, or simply Part 370, became effective April 1, 2017. The rule details new recordkeeping and reporting requirements for the largest depository institutions that help ensure prompt payments to consumers in the event of institutional failures. Part 370 generally […]

Financial services institutions have several options when it comes to improving the decision-making process for investors. Reduce options Probably the least-attractive idea for many providers is the notion of limiting the number of options available to clients. Though there are many examples in the manufacturing industry where decreasing the total number of different products in […]

In his book Paradox of Choice, Dr. Barry Schwartz identifies several key reactions people have when confronted with too much choice. Escalation of expectations – Expectations can be significantly detrimental to one’s ability to be happy with a situation. If you are given only two options, your expectations are going to be fairly low. Regardless […]

If you’re reading this, it’s probably because you keep hearing that blockchain is the next transformative technology. And while you want to make sure you’re fully informed and in a position to exploit any opportunities this technology could bring to you and your organization, you still don’t fully understand what blockchain means. Moreover, based on […]

When 401(k) plans were introduced in the early 1980s, most had only one-to-three funds available. Typically, participants would find a low-income/low-risk fund (often called a “guaranteed” investment vehicle) and an employer stock fund. As the plans became more popular, the U.S. Department of Labor (DOL) determined that plan sponsors had to offer more options that […]

In an attempt to lure younger customers, JPMorgan released a new mobile app called Finn by Chase. The app will allow users to open an account, deposit checks, track spending, and perform other activities that many companies already offer. JPMorgan is testing out an iOS version of the app in St. Louis, a city where […]

In our guide titled “6 Ways to Mitigate Risk in Cross-Selling for Financial Services,” we briefly touched on the use of artificial intelligence and intelligent machines, along with comprehensive processes, to fight fraud. In combination with ‘know your customer’ (KYC) processes to help catch suspicious banking activity and reduce risk through the analysis of data […]

In a recent report, Forrester described why customer experience in the banking industry is incredibly important, possibly even more so than in other industries. “For years, we have watched power shift from companies to customers. In the age of the customer, customers can and do transfer their loyalty when they don’t receive the engaging customer […]

In the recent “Shaping Digital Finance” session at the 20th Milken Institute Global Conference, Corrie Elston, chief technology officer, financial services, Google Cloud Platform, said that a financial services institution may experience 80% accuracy in detecting fraud and 99.5% false positives. As mentioned earlier, only about half of money laundering or terrorist financing incidents were […]

One of the buzzwords in the financial services industry is “machine learning.” While even among experts in the field there is no single accepted definition of machine learning, in simplest terms, machine learning focuses on the use of technology (often referred to as artificial intelligence or cognitive computing), to find solutions through continuous learning. It’s […]