Posts Tagged ‘Banking’

A regular risk control self-assessment, commonly referred to as RCSA, is a process of identifying and assessing operational risks to ensure the appropriate controls and oversight are in place so that business objectives can be met. It provides the ability to monitor the gaps and what is being done to close them. RCSAs can lead […]

Routine internal and independent audits can provide insight into sales trends and unusual activity, ensure that the right risk management checks are in place, and provide an opportunity for process improvement. Internal teams can be comprised of individuals from various committees in the company, such as regulatory and compliance, corporate responsibility, employee relations, human resources, […]

According to an April 2017 report from Kantar, a leading marketing research and media company, nine of the top 25 digital advertisers in 2016 were companies in the financial services industry, many of which have significantly increased spending within a one-year period. Here are the banks, insurers, and other financial services firms that are among […]

Properly trained employees can help keep companies regulatory-compliant, increase sales, and gain the trust of customers and prospects. Financial services companies should have established standard operating procedures and training materials for all levels of employees, with oversight by managers. These training materials should stress the importance of ethical practices and provide employees with clear details […]

Customer onboarding is one of the most important and scrutinized processes in financial services. Companies continuously refine their processes in an attempt to make customer acquisition more effective. How can they enroll customers fast enough to avoid application abandonment, while having enough safety measures in place to minimize potential risk? Enhanced new account opening processes […]

I had the pleasure of attending an Adobe Café in NYC earlier last week. The Cafés are a series of workshops Adobe is hosting for its partners. This one in particular was specifically geared towards business development in the financial services industry. Christopher Young, director of industry strategy and marketing for financial services at Adobe, presented some great statistics […]

While modifying sales goals can be a good place to start, artificial intelligence and intelligent machines (along with a comprehensive process) can be leveraged to analyze data and identify patterns. Aside from knowing the real identity of customers, companies are obligated to ensure that their customers have willingly opted to do business with them through […]

Most successful cross-selling programs have incentives in place that reward employees for selling additional products and services to existing clients. While financial incentives are often indispensable in certain parts of the industry, and there is nothing wrong with such programs at their core, they do open the door to unethical behavior that can have unfortunate […]

Let’s talk about what cross-selling is, in the simplest of terms. It is well known in the financial services industry that customers who sign up for multiple products and services are typically more loyal and, therefore, can bring organizations more revenue in the long run. These deeper relationships are what make cross-selling financial products so […]

At last year’s Milken Institute Global Conference, an annual event that attracts some of the world’s most extraordinary people to explore solutions to today’s most pressing challenges, a group of experts gathered for a discussion on the future of blockchain. Brian Forde, who is now a senior lecturer at the MIT Sloan School of Management, […]

Financial services organizations such as banks, insurance organizations, and credit card issuers, are creating mobile applications that are not just focused on the products or services they’re selling. Instead, they’re using mobile as a way to get in front of customers and non-customers alike. At the end of the day, their belief, and rightly so, is that […]

Transformation initiatives require the development and implementation of strategies and technologies capable of delivering operational efficiency, reducing expenses, and increasing revenue. As an organization, you can commit to putting initiatives similar to the ones discussed here in place. It will require everyone, all the way to the CEO, to be on board and contribute where […]