Developing Digital Investment Strategies that Transform the Customer Experience

Developing Digital Investment Strategies that Transform the Customer Experience

Regardless of why a financial institution begins their digital journey, successful financial institutions set a clear strategy from the beginning that will ensure they reach their goals. When planning for digital investment most business objectives align with one of three possible categories, increased efficiency, revenue generation and customer experience. However, most digital investments provide at least some indirect impacts to the customer even if that wasn’t the primary intent. Increased efficiency, which looks to automate operational processes cutting time and costs,

Data Governance Is The Key To Solving Customer Problems

Regardless of industry, success in business is all about solving customer problems. Financial institutions and FinTech organizations help their customers solve a range of financial problems in areas like budgeting, money movement, wealth management, auto loans and real estate financing. In order to provide more relevant products and experiences they must not only leverage data but have processes in place to update and manage it on an ongoing basis. Predictive problem solving for financial services By gathering customer data, governing its access

Gauging Your Financial Institution’s Digital Maturity

Gauging Your Financial Institution’s Digital Maturity

To be successful with digital transformation financial institutions need to take a step back and evaluate their digital maturity, especially the extent to which they are driven by data and focused on solving real problems.    Financial institutions need to start by determining where they fall on the digital maturity scale. Especially considering that only 13 percent of banks were ranked as “highly mature” in Accenture’s latest Digital Maturity Index report. To truly progress, it is critical that your financial institution receives an unbiased assessment of how far along you are in your digital journey.  Understanding your maturity level makes it possible to plan

Why Cloud-Based Application Development Should Be A Part of Your Financial Institution’s Business Strategy

Why Cloud-Based Application Development Should Be A Part of Your FI’s Business Strategy

As far back as 2013, Forbes reported that more than half of US businesses were already operating in the cloud. Today, much of the software in use by American businesses and associated online tools are hosted in a public cloud.    While there are now a number of cloud providers, the four leaders in this rapidly growing market are Amazon (AWS), Microsoft Azure, Google and Rackspace. According to MarketsandMarkets

ISO 20022: What Financial Institutions Need to Know, A New Era for Global Payments 

ISO 20022: A New Era for Global Payments 

There are big changes on the horizon for the payments industry as, at the end of this year, global payments messaging will begin a transition to the new ISO 20022 standard. And over the next five years, the new standard will replace the existing patchwork of message formats to create a universal language and common platform.     So What is it Exactly?    Simply put, ISO 20022 is a set of XML

How to Successfully Augment Your Bank’s Digital Team For Effective Implementation of New Fintech Solutions

How to Successfully Augment Your Bank’s Digital Team For Effective Implementation of New Solutions 

Leading bankers are seeking out the innovative solutions that will allow their business to keep up with the rapidly changing world we live in – ones that can help them respond to changing compliance requirements, possible changes in federal legislation that could come with a new administration, and the changing needs of the clientele they serve.     Fortunately, there are a number of innovative new solutions out there, but the process of

The Future of Financial Data Sharing

There is an ongoing conversation amongst key players in the financial services space about the future of financial data sharing. We recently wrote a white paper that explores this topic in depth and offers a clear path forward for financial institutions and fintech firms. The Future of Fintech’s Access to Financial Data with Open Banking: What Open Banking in the U.S. Means for Financial Institutions, Fintechs and the Consumers and Small Businesses They Serve At the heart of the issue

How to Prepare for Post-Election Compliance Changes

Financial services is among the most regulated industries. Oversight occurs on every level of government and compliance mistakes can be incredibly costly. While the nation’s largest banks maintain large teams of compliance attorneys and other experts, most financial institutions must do their best to stay within the lines. On a global basis, banks spend $270 billion per year on compliance. Some 10 percent or more of most bank operating costs can be attributed to compliance, and some estimates suggest

Headless Banking: The Next Generation of Corporate Banking Services

It’s a common misconception that a company’s ability to connect its technology platforms directly to a financial institution without the need for a traditional banking portal is something new that fintech firms are bringing to market. However, this kind of metal on metal integration between corporations and financial institutions is not new.  What is new is the way the data is flowing between the parties. In