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Topic Archives: Operational Efficiency
Bankers are trying to find the right balance for their business, but it can be difficult, especially when working with a legacy loan origination system (LOS). Many think they need to sacrifice efficiency to improve customer service. With a modern LOS they can have both—no sacrifices need to be made in the pursuit of a … Continue reading →
You’ve heard the term cornerstone before, right? The word comes from the concept of setting the first stone in the construction of a masonry foundation. It is the most important “brick” since it is the reference by which all other bricks will be set for the entire building. Many precautions are taken to ensure that … Continue reading →
In 1806, at the Battle of Jena-Auerstedt, the Prussian Army got crushed by Napoleon. Using carefully planned and flexible troop dispositions, Napoleon was able to run circles around the slower Prussians. As a result, the French were able to deal a critical blow to the Kingdom of Prussia leading to its subjugation for the next … Continue reading →
Perhaps the most perplexing question facing bankers who desire to serve the underbanked consumers is what products would actually meet their needs. Fortunately, research on this topic is already being done and it has been proved that mainstream banks can successfully and profitably offer appealing products to this valuable market. The only significant barrier is … Continue reading →
The following is a synopsis of a presentation from the CFSI Underbanked Financial Services Forum. I wanted to share these insights with you because I believe many financial institutions could benefit from expanding their offering in a similar way.
George Hodges of New Market Partners reported on a study conducted for Regions Bank. A key … Continue reading →
Two common themes I’ve heard from bankers are that there is a lack of innovation in financial services and that banks already provide all of the products consumers need. In this column, I will argue that neither of these claims is true. There are clear needs in the marketplace for products not being delivered by … Continue reading →
My last blog post focused on creating a retail experience that drives customer loyalty beyond rewards. The bottom line is that knowing what is important to your customers and responding to their needs is better than surpasses simply offering a rewards card when it comes to building loyalty. That sounds logical, but there are many … Continue reading →
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 →
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 →
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 →