#Trending: The Latest New Fashion from your Bank (Wearable Technology and Mobile Payments)

Zoot Staff Contribution
Topics: Customer Experience, Trends
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Wearable technology is starting to gain momentum in the consumer electronics industry and as a result other industries (including banking) are starting to look at the impact of wearables on their businesses. Through the use of near field communication (NFC) tattoos, stickers, and wearable accessories like watches, consumers may not have to rely exclusively on … Continue reading →

Tapping the Economic Value of Millennials Begins Now

Topics: Customer Experience, Trends
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Nowadays you can’t go anywhere without seeing people focused on electronic devices. From the corner coffee shop to the beach people are texting, taking photos, reading books and even paying bills on their mobile phones and tablets. The use of such devices spans across generations. However, there are some who have never known a life … Continue reading →

Can you tell when vendors over promise?

Topics: Fraud
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I’ve heard a few stories lately of projects sold that either exceeded a vendors’ ability to deliver or the solution completely missed the goals of the institution. It is unfortunate that there are IT vendors who overpromise and under-deliver. This post is about companies that promise the moon when they can only deliver a 60-watt … Continue reading →

Machine Learning Can Reduce Fraud Risk and Improve Profitability

Topics: Technology
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The digitization of financial transactions and growth of mobile banking have tremendously increased the amount of information banks need to evaluate for fraud. This presents new challenges to Chief Risk Officers who use human analysis of these large data sets to identify new risk threats. The answer lies in using automated analysis of data, or … Continue reading →

Instant Prescreen Demand is Driving New Capabilities

Topics: Customer Acquisition and Retention, Customer Experience
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Instant prescreen has been around for more than two decades. This highly effective approach to customer acquisition and cross-sell has new innovations that further enhance its value to financial institutions (FIs). Alternative data is being incorporated into prescreen decisioning processes and now there are nine FCRA compliant data sources that can be used to provide … Continue reading →

Instant Prescreen: I do not think it means what you think it means.

Topics: Customer Acquisition and Retention
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There are a few phrases that people use with great confidence, even though their understanding might be quite inaccurate. During a few recent conversations, I’ve realized that “Instant Prescreen” is one of those phrases. Perhaps due to claims of misinformed vendors or its seeming similarity to older prescreen techniques; it is radically misunderstood by many. … Continue reading →

Is There an App for That? Replacing Branch-Based Financial Advice

Topics: Customer Experience, Trends
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Branch banking is dying. Shifts in consumer behavior coupled with the rapid adoption of smart mobile devices and other self-service technology have been slowly, but inexorably chipping away at the value propositions of the branch.

The numbers bear this trend out. According to industry experts, there has been a 50% decline in monthly branch banking … Continue reading →

Why Credit Attributes Should Matter to Bank Marketers

Topics: Credit Risk Management, Customer Acquisition and Retention
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The ranks of marketers who focus on analytics to build their brands and increase sales is growing rapidly, yet many bank marketers steer clear when the topic of credit attributes comes up. To be sure, much of the science behind creating credit risk policy seems to have little in common with marketing campaigns. However, recently … Continue reading →

Time to Change Indirect Auto Lending

Topics: Competitive Advantage, Customer Experience, Regulations
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My brother and I had a lot of chores when we were growing up and, like all kids, we did everything we could to avoid them. At some point however, the polite requests and subtle reminders stopped and my parents would move to enforcement. To my brother’s frustration, I could always recognize the moment right … Continue reading →