This site uses cookies to improve your experience. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country, we will assume you are from the United States. Select your Cookie Settings or view our Privacy Policy and Terms of Use.
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Used for the proper function of the website
Used for monitoring website traffic and interactions
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Strictly Necessary: Used for the proper function of the website
Performance/Analytics: Used for monitoring website traffic and interactions
The advent of generative artificial intelligence is about to shift branchstrategy again to re-raise the question – how can we get the most out of our branches? Likely, it might be a combination of the above, but setting a branchingstrategy should dictate capital allocation, branch layout, marketing, and staffing.
A community bank CEO takes a contrarian approach to underperforming branches, staffing up instead of closing them down, and Bank of the West embeds star employees at nonprofits as leadership training. Sexism is less blatant than in the "Boom-Boom Room" era, but women aren't yet treated like equals at the male-dominated Wall Street firms.
How Banks Can Leverage: Niche markets abound in banking, and community banks are in the perfect position to create a following on a national level should they desire. Leveraging social media, Gentle Monster started to get traction.
In 2003, Bill Burr was a midlevel manager at the National Institute of Standards and Technology where he authored, “NIST Special Publication 800-63. In addition, the industry is being buoyed by independent deployments as banks rethink their brick-and-mortar branchstrategies. That’s not hyperbole. Appendix A.”.
It is premature to say whether criticism of cross-selling and calls to break up the big banks will lead to action, but there is one area where a spinoff could actually be in the banks' interest.
Wells Fargo Chief Executive John Stumpf may get a third grilling by lawmakers over the fake account scandal that continues to embroil the San Francisco bank.
Is being customer-centric a goal at your bank? You’ll need to master these five practices to align employee behavior with your desire to improve the customer experience.
The phony-account scandal at Wells Fargo illustrates how sales quotas can incent bad behavior. Is your bank effectively mitigating the risk of 'managing to metrics'? Or could it be in danger of becoming a 'cargo cult'?
The company, which has closed a fifth of its branches in recent years, hopes underbanked clients will boost traffic at its remaining locations. TCF Financial in Minnesota has launched a set of products targeting low-income customers.
TD Bank announced Thursday that is doing away with the Penny Arcade coin-counting machines that are stationed in more than 1,000 of its branches along the East Coast.
Two top executives said the scandal-plagued bank has managed to minimize the financial damage and can continue to grow amid some reforms. Yet they acknowledged that the full toll has yet to be realized, and the company announced it had significantly raised its estimated legal exposure.
Cross-selling abuses are not systemic and honest bankers are still important to society, the head of the Minneapolis bank said in an apparent reference to the scandal at Wells Fargo.
Strong growth in deposits and mobile users at Bank of America, together with questions tied to the phony account scandal at Wells Fargo, had B of A executives addressing whether their bank and others would be better off than ever by scaling back branches.
Apart from the usual queries about prospects for loan growth and strategies for controlling costs, bank executives better be prepared this earnings season for probing questions about in-branch sales practices and how they are compensating front-line employees.
Wells Fargo’s freshly installed CEO made clear Friday that he wants to chart a new course following the revelation that thousands of employees opened phony accounts. But Tim Sloan made few promises about what the megabank will eventually look like.
JPMorgan posted strong gains in consumer deposits and mobile users, and other big banks are expected to do the same. It could be a sign that megabanks are indeed stealing market share from regional and community banks.
Longtime CEO Richard Kovacevich retired from Wells Fargo almost a decade ago, but understanding the scandal that has engulfed the bank requires a close look at the cross-selling mindset that he left for his successors. It was a culture in which the sales often justified the means.
Pretty rare, it turns out: Less than a third of executives surveyed by SourceMedia Research said their institutions set formal cross-selling targets for staff. And of those with cross-sale incentive programs, nearly half are reconsidering.
The focus of banks' sales practices should be less about unit-based incentives, and more about developing a full relationship with customers and doing what's in their best interest.
For its commitment to improving the long-term health of depositors, and a nimble, failure-is-not-a-dirty-word approach to innovation, USAA has earned an honor American Banker normally bestows on a single individual.
The same incentives structure that encouraged bad behavior at the bank can be blamed for ethical mishaps in other industries as well as the government.
In her first major presentation as Wells Fargo's head of retail banking, Mary Mack took on the doubters, making the case for why she is the best fit to lead the embattled retail unit. She laid out plans to revamp compensation and internal culture.
CEO Tim Sloan said senior executives made a series of mistakes in response to the phony account scandal, including placing too much of the blame on branch employees.
CEO Tim Sloan said senior executives made a series of mistakes in response to the phony account scandal, including placing too much of the blame on branch employees.
JPMorgan Chase is conducting a "deep dive" investigation into its cross-selling practices, in light of the fallout from the phony account scandal at Wells Fargo.
Some analysts are suggesting Wells Fargo should start closing branches, in order to move beyond the phony-accounts scandal, make up for an expected drop in fee income from reduced cross-selling — and position itself for a digital future.
The Wells Fargo scandal has given cross-selling a bad name, but experts say that, done right, it is a crucial revenue driver in this era of razor-thin net interest margins. Their advice: Only sell products that customers need and compensate employees for retaining customers, not simply opening accounts.
John Stumpf may have hoped that Tuesday's hearing on Capitol Hill would mark a key turning point in Wells Fargo's blossoming scandal, but his harsh questioning by lawmakers — and his struggle to answer many of their questions — suggests that the embattled megabank's problems are just beginning.
A union-led coalition is seizing the opportunity presented by the firing of 5,300 workers at Wells Fargo to call for higher pay and better working conditions for branch employees.
The scorcher at Wells is giving some community bankers an opening to differentiate themselves from larger institutions that seem fee-dependent or "too big to manage.".
John Stumpf was coasting toward a carefully planned retirement. But the outcry over sham accounts at the San Francisco bank has put him in a precarious position as he testifies in front of Congress next week.
Under pressure from regulators and investors, banks that tout their sales cultures may have no choice but to follow Wells' lead and stop rewarding branch employees for hitting sales targets.
We organize all of the trending information in your field so you don't have to. Join 23,000+ users and stay up to date on the latest articles your peers are reading.
You know about us, now we want to get to know you!
Let's personalize your content
Let's get even more personalized
We recognize your account from another site in our network, please click 'Send Email' below to continue with verifying your account and setting a password.
Let's personalize your content