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New Credit App Address Discrepancies: Why Throw the Champagne Out with the Cork?
Topics: Fraud
Tagged: Address Discrepancies, Alternative Data, Analytics, Fraud
Huh?
If you started reading this post but are thoroughly confused by the title, I admire your inquisitiveness and vow to do my best to clarify the point. Some of you might not recognize the term “address discrepancy”, so let’s start there. In consumer lending when a credit report is pulled, an address discrepancy describes … Continue reading →
Maladapted: The Current State of Online Account Opening
Topics: Account Opening, Competitive Advantage, Trends
Tagged: Demand Deposit Account, Digital Banking, Online Account Opening
In evolutionary biology, a maladaptation is a trait that has become more harmful than helpful thanks to changes in an organism’s environment. An easy example is polar bears in the arctic—forced to swim further and further distances to find food thanks to a warmer climate melting the arctic ice flows.
When I look at the … Continue reading →
The Rise of the Attributes
Topics: Account Opening, Credit Risk Management, Technology
Tagged: Alternative Data, Credit Risk Policy, Loan Origination System, Risk Decisioning, Risk Management
It started subtly, but has been gaining momentum in recent months. Attributes, once obscure and little understood, are becoming more common and integral in lending processes. If you’ve heard people talk about attributes, but never really understood what they meant, this column may provide the insight you need to understand how attributes are changing the … Continue reading →
Geofencing for Financial Services
Topics: Customer Experience, Technology, Trends
Tagged: Geofencing, High Net Worth Individuals, Mobile Location
While retailers have been incorporating geofences into their mobile marketing campaigns for a while now (you can read the results from the pilot program Locaid did with Alliance Data here), the adoption of geofences is a fairly new practice in the financial services industry. And those banks and organizations that are incorporating these layers of … Continue reading →
Don’t Surrender the High Ground: The Threat of Private-Label Banking
Topics: Customer Experience, Trends
Tagged: Bancorp Bank, Mobile Banking, Online Banking, Private-Label Banking
Trivia question—What do the following companies and products all have in common?
Simple
Moven
PerkStreet Financial
SmarterBank
PayPal Debit Mastercard
Suze Orman Approved Prepaid Card
If your answer was “disrupters in the financial industry”, then you are correct. If your answer was “pioneers in online/mobile banking, personal financial management (PFM), and product design”, then you … Continue reading →
Best Practices in Data and Analytics for Banks of All Sizes
Topics: Competitive Advantage, Risk Decisions
Tagged: Alternative Data, Analytics, Attributes
Banks are constantly searching for ways to differentiate themselves from their competitors. Every bank, no matter its size, can find a way to use data and analytics to provide them with a competitive advantage. Here is an overview of best practices that can be employed to meet your bank’s specific needs, including recent advances in … Continue reading →
#Trending: Social Media Data (Is the Future Now?)
Topics: Trends
Tagged: #Trends, Alternative Data, Social Media
At a congressional hearing in 1912, an attorney asked John Pierpont “J.P.” Morgan if a man’s money and property was the most important factor in lending money. Mr. Morgan responded, “No, sir; the first thing is character.”
That story was the lede in a recent Wall Street Journal article on the increasing interest in the … Continue reading →
Here is your Vente Carmel Frappuccino! Improving the Customer Experience through Cross-buying
Topics: Customer Experience, Customer Service, Trends
Tagged: Cross-buying, Customer Service
Consumers expect good customer service, and often gain a sense of satisfaction and grow loyal to a business when they receive personalized service. As a result, most businesses encourage their employees to foster these kinds of relationships.
While banks and coffee shops are not related in the nature of services rendered, they are both businesses … Continue reading →
Sensitive About Profitability? Time to Look at Price Sensitivity
Topics: Customer Acquisition and Retention, Technology
Tagged: Price Optimization, Price Sensitivity, Profitability
30% of U.S. consumers are not price sensitive.
That’s a stat that I heard during a presentation titled “Leveraging Data, Analytics and Tools to Overcome Retail Deposit Challenges” at this year’s CBA Live Conference in Phoenix and it caught the attention of every banker in the room. It’s easy to understand why. Faced with new … Continue reading →
#Trending: The Big Data Debate
Topics: Trends
Tagged: Big Data
In Zoot’s 2013 financial predictions, big data was forecasted to be a game changer for the industry. The applications of big data are varied and skeptics abound. It’s possible that the term is simply a buzz word that will slowly fade away when the next one rolls around. However, it’s impossible to discount that industry … Continue reading →