Posts Tagged ‘Banks’

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 […]

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 […]

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 […]

While some companies are keen on trimming the number of legacy IT applications through consolidation, they all agree that investments in technology are critical when it comes to operating in a digital world that has created incredibly high customer expectations. The adoption of mobile devices has significantly changed the operating landscape. During his remarks that […]

Attendees at last year’s Money 20/20 were given a sneak peek at Bank of America’s future ATM, which was referred to as a “personal financial concierge.” The new ATM will tightly connect with mobile phones in order to enable customers to pre-stage transactions. From their phones, users can begin the process of withdrawing and depositing […]

Yesterday, President Donald Trump signed an executive order that is aimed at reducing regulation across all industries. Part of his push, which has been framed to help small and large companies alike, requires departments and agencies to “identify at least two existing regulations to be repealed” for every new one proposed. When it comes to […]

There’s no question that the core function of managing money in a heavily regulated industry is difficult and expensive. New companies with robo-advising technology will need to learn how to navigate the regulatory landscape, making it critical to collaborate with traditional wealth management firms. From a bank’s perspective, robo-advising remains critical in terms of servicing […]

Depending on where investors are located in the world, investor behavior is vastly different; therefore, robo-advising may play a different role depending on the region. Some counties are more conservative and prefer traditional forms of wealth management services, while others are much more comfortable with investing on their own. The World Economic Forum conducted research […]

Robo-advising will likely never take over wealth management, but there are certain elements it could replace. For example, tax-loss harvesting and digital account opening can be streamlined through technology and automation. Any tasks that serve as barriers to receiving services should be accomplished by machine. Financial advisors should instead do more of what they do […]