Digital Channels Become Critical for the Nation’s Banks in the Wake of COVID-19

As the world continues to wage its battle against the COVID-19 virus, strategic planners in every industry are assessing the most likely outcomes and making plans to ensure the delivery of necessary products and services to consumers.   While a lot of attention has been focused on essential industries such as medical, pharmacy and food, executives in the banking industry are also carefully monitoring the situation.  As American Banker reported

Ensuring an Agile Business Transformation

As we enter the next decade, industry executives are becoming more comfortable with the concept of business transformation. In fact, it is becoming clear that unless traditional businesses evolve, they won’t be able to compete with new natively digital offerings. This is particularly true in financial services where fintech firms began getting attention years ago and are now well positioned to be powerful competitors for traditional banks and credit unions. Consumers are ready for a completely digital experience, both for banking

Understanding Visa’s Acquisition of Plaid

Understanding Visa’s Acquisition of Plaid

On January 13, Visa announced via a press release that it would acquire Plaid, which the company described as “a network that makes it easy for people to securely connect their financial accounts to the apps they use to manage their financial lives.” Visa agreed to pay $5.3 billion for the fintech firm. As you might imagine, many in the financial services industry were excited by this news. Venture capitalists had another reason to invest in fintech; Visa would have a

How Will FIs Leverage Open Banking in 2020?

The open banking platform will eventually change the entire banking ecosystem – from the products and services offered, to the delivery channels and third-party partnerships.  These changes will affect and redefine customer experiences and expectations.  Third-parties will have the ability to use customer’s shared data to identify the best financial products and services for them. Additionally, FIs can utilize open banking technology to strengthen customer relationships and customer retention by better helping customers to manage their finances instead of simply

The Rise of Conversational Interfaces

Chatting with a computer through a company’s website is not really a new technology. The first chatbot was developed at MIT back in 1966. It was called ELIZA and is considered the mother of all chatbots. The tool used a decision tree to answer simple questions for users without human assistance. Eventually, the technology was adapted for use in automated telephone systems, where it quickly became universally hated by consumers. But it also saved companies a great deal of money by

5 Considerations for Lenders Going Digital

As lenders continue to digitize the lending process, they are beginning to enjoy a number of powerful benefits, including better decisions, improved customer experience, and significant cost savings. But as McKinsey Partner Gerald Chappell has pointed out, “It is also a complex and challenging project.” But that doesn’t mean it can’t be managed effectively. Lenders moving down the path to digital have been most successful when they keep 5 key points in mind as they planned their journey. Do the right

Moving to Microservices The Trend Continues

One of the biggest technology trends in 2017 and 2018 was the movement toward microservices architecture, in which complex applications can be broken down into small, independent processes that communicate with each other using standard APIs. The trend is expected to continue through 2020 and shows no signs of abating, as more and more companies seek to be as agile as possible in their development and delivery. What Are Microservices? In computing, microservices are small building blocks that focus on doing a

The Changing Face of Digital Business Banking

Traditional banks and credit unions are finding their small business customers, an important component of their businesses, are targets of aggressive competitors. With 30.2 million small businesses in the U.S., these firms account for 99.9% of all American business and create nearly half of the nation’s Gross Domestic Product. They are a valuable source of business if they are properly served. Whether it’s payment processing, small business lending or digital banking, there are now a host of competitors offering these services

Case Study: Taking a Top 20 Bank Online

Financial institutions of all sizes are looking to migrate their business into the cloud due to the many advantages to this strategy. However, migration is a momentous task, particularly for business banking applications, not least because a tremendous amount of data is involved. These challenges are amplified for larger institutions. In fact, a great test of a migration tool is to test it on one of our nation’s largest banks. That’s exactly what happened recently when one of Xtensifi’s clients,


How Banks Are Driving Deposits Now

Mid-tier regional banks, community banks and credit unions are under increasing pressure from larger, national banks intent on luring away their customers. Seeing their deposits pulled away by these competitors is one of the most ominous trends in the industry right now. To put the problem in perspective, whereas average annual deposit growth industry wide is 4.6 percent, JP Morgan Chase, one of the nation’s largest banks, has seen its deposits grow 9.5 percent since 2014. Other large national banks,