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- Trends (42)
- Customer Acquisition and Retention (42)
- Customer Experience (41)
- Technology (33)
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Loyalty and the Customer Experience: A Preview of Card Forum and Expo
Topics: Customer Acquisition and Retention, Customer Experience, Technology, Trends
Tagged: Cost Reduction, Customer Service, Innovation, Profitability
We have heard from many leaders in the financial industry that there is a need to increase operational efficiency without sacrificing customer satisfaction. Cutting back on programs and products helps reduce costs but may not be best for customers. What we have learned is that the two are not mutually exclusive. The ability to create… Continue reading →
A Healthier View of Bank Channels
Topics: Customer Experience, Operational Efficiency, Trends
Tagged: Branch Banking, Customer Service, Mobile Banking, Online Banking
The debate over bank channels has reached an interesting place. Depending on whom you ask, branch banking is either a relic of a time gone by or an invaluable component of a successful retail banking strategy. The truth, as usual, is somewhere in between these extremes.
I recently heard a very healthy perspective on the… Continue reading →
Your data is not as safe as you think it is
Topics: Credit Risk Management, Fraud, Technology, Trends
Tagged: Fraud, Generation Y, IT Investment, Reputation Management, Risk Management, Trust
I attended a presentation by Kevin Mitnick, a well-known computer hacker turned security expert, last week. While the hacks and exploits he described may not be news to those in info security, I was personally surprised at both the ease and effectiveness of current hacking techniques. In his presentation, he ran a live demo demonstrating… Continue reading →
Banking Fee-Free: Yes, You Heard Me Right!
Topics: Customer Experience
Tagged: Cost Reduction, Customer Service, Fraud, Security
I recently had an opportunity to switch my health savings account (HSA) to a different provider. My new account offers no minimum balance requirements, a free box of checks and accessibility online and via phone. Better yet, it has zero fees. My only reason for changing my account was—you guessed it—to avoid paying fees. My… Continue reading →
Underwriting Small Business Merchants: Seeing Risk More Accurately
Topics: Customer Acquisition and Retention, Operational Efficiency, Trends
Tagged: Alternative Data, Automation, Merchant Underwriting, Risk Management, Small business
According to a recent study, difficult economic times can spur greater entrepreneurship. The study, conducted by the Ewing Marion Kauffman Foundation, found that a majority of the largest, most successful companies in the world were founded during a recession or bear market. The study suggests that, paradoxically, recessions often provide entrepreneurs with the right market… Continue reading →
Give Banks a Break!
Topics: Technology
Tagged: Efficiency, Transparency, Trust
Bank of America can’t catch a break. In 2011 the bank announced, as part of an efficiency plan, that it would lay off 30,000 employees. Additionally, its stock was down more than 62% and JPMC overtook them as the largest bank by assets. Then there was the much publicized five dollar debit card fee debacle.… Continue reading →
It’s Tough Being the Middleman: Managing Risk in Merchant Acquisition
Topics: Credit Risk Management, Technology
Tagged: Alternative Data, Customer Service, Merchant Acquisition, Risk Management
It’s tough being in the middle. Just ask any middle child. The other siblings are always favored and are never stuck playing intermediary. Being an intermediary poses an inherent set of risks no matter who you are. Diplomats are often caught in tense negotiations in the creation of foreign policy, product distributors risk being cut… Continue reading →
Origination Automation: Is There Low Hanging Fruit?
Topics: Operational Efficiency, Technology
Tagged: Automation, Cost Reduction, Decisioning, Loan Origination System
In a recent CEB TowerGroup webinar industry analyst Frank Bria stated that all the low hanging fruit of automation has already been accomplished. In a sense, this is certainly true. Banks have invested in automation for decades, focusing on the parts of the process that will provide the best return on investment (ROI). As a… Continue reading →
Learning from Apple: Creating a Great Customer Experience
Topics: Customer Experience, Technology, Trends
Tagged: Apple, Cross-sell, Customer Service, Innovation
I just finished reading Walter Isaacson’s biography on Steve Jobs. The book is full of interesting stories and insights, but there was one in particular that reminded me of a current problem faced by banks—creating great customer experiences that lead to increased customer loyalty and a stronger brand. This is a challenge that banks are… Continue reading →
Bringing ROI back to Originating Private Label Credit Card Accounts
Topics: Account Opening, Operational Efficiency
Tagged: Automation, Cost Reduction, Credit Card
Private label credit card originators face a challenge. They manage credit card portfolios that must meet overall risk management goals, yet each brand in their portfolio has unique requirements for interfaces and credit risk. Only a few labels generate enough volume to justify purchasing an independent account origination system. As a result, it seems that… Continue reading →