Chris Skinner
OCTOBER 14, 2019
We are regularly being bombarded with unicorn news. Some rise and some fail. We hear about toxic corporate cultures and ousted CEOs on some occasions, with WeWork being the latest to get caught in the pre-IPO crossfire. In case you’re not aware, their CEO and founder has gone and now … The post Is Revolut leading a FinTech revolution … or destroying it?
Payments Dive
OCTOBER 1, 2019
The changing nature of consumers in recent years is raising major questions regarding privacy, loyalty and perceived value in the banking industry, according to a panel of experts at the 2019 Bank Customer Experience Summit.
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Bank Innovation
OCTOBER 29, 2019
Digital banking brand Varo has 1 million customers, and is pushing ahead with plans to become a nationally-chartered bank early next year, CEO Colin Walsh told Bank Innovation Tuesday. The four-year-old company received conditional approval for a national bank charter from the Office of the Comptroller of the Currency in August, a process it initiated in […].
South State Correspondent
OCTOBER 8, 2019
Strategic Planning and Innovation If you look at the sensitivity in a bank’s budget, $1 of investment in a new line of business usually doesn’t break even for two to three years. $1 invested in finding a new customer usually returns about 9%, while $1 invested in a new product is usually above 20%. This all compares to about a 40%+ return invested in improving processes (loan, branch, cash management, etc.) and about an 80% plus return spent on reducing customer churn, increasing lifetime value
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Abrigo
OCTOBER 21, 2019
A farmer, a university student, and a business owner walk into a bank. It sounds like the beginning of a joke, but for many community financial institutions, a spectrum of different customers and banking needs is something that they see every day. However, they’re probably seeing fewer of these customers walking into a physical branch. Today, 73% of all consumer interactions with financial institutions are done digitally , according to the 2019 FIS Performance Against Customer Expectations (PACE
Community Banking Brief brings together the best content for Community Banking professionals from the widest variety of industry thought leaders.
Chris Skinner
OCTOBER 6, 2019
It’s been interesting to watch the development of Facebook’s Libra project. As I expected, regulators hate it and are asking lots of questions about it. Most seem to want to ban it. And now PayPal has dropped out of the original founding team, with Visa and MasterCard rumoured to follow. … The post Facebook has forced the world’s banks to innovate appeared first on Chris Skinner's blog.
Payments Dive
OCTOBER 4, 2019
The successful transition to mobile banking requires a seamless, intuitive user experience built into a mobile app. But the evolution from bricks-and-mortar to digital requires so much more in terms of how you deal with legacy systems, how you listen to customers and how you deal with the challenges of modern day neobanks.
Bank Innovation
OCTOBER 2, 2019
To Varo, a digital-only banking startup which has more than 750,000 users, an inclusive user experience is its passport to growth. Varo is looking to other digital-only financial players along with big-tech platforms like Google and Amazon for inspiration. The company’s chief design officer, August de los Reyes, was pulled from that ecosystem, with prior […].
South State Correspondent
OCTOBER 21, 2019
BANK MARKETING Few bankers doubt the power of great storytelling. Instead of advertising, many banks have evolved into showcasing a customer, employee, or creative narrative that walks the reader to some point of conflict and then tells of a resolution. A story gets the reader or listener emotionally connected to the bank in ways that traditional, single message advertising can’t.
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Incorporating generative AI (gen AI) into your sales process can speed up your wins through improved efficiency, personalized customer interactions, and better informed decision- making. Gen AI is a game changer for busy salespeople and can reduce time-consuming tasks, such as customer research, note-taking, and writing emails, and provide insightful data analysis and recommendations.
Accenture
OCTOBER 18, 2019
The approach banks have taken to revenue growth in the past has largely been focused on becoming the single banking provider of all products for their customers. More recently however, with the introduction of schemes such as the Current Account Switch Service, the rise of challenger banks and the acceleration of Open Banking, this traditional approach is becoming increasingly unworkable.
PYMNTS
OCTOBER 2, 2019
To get a sense of where faster payments are headed, look to the consumer. There are dozens of faster payment schemes rooted or taking shape around the world — 54 at last count. Some of them have been mandated by governments, readying for anticipated demand. That’s a staggering leap from the 14 live faster payment schemes that existed worldwide in 2014, when FIS first released Flavors of Fast.
Chris Skinner
OCTOBER 13, 2019
Now that’s a contentious title for a blog, but purposefully so. Old banks can compete in the new world if they’re smart … it’s just that so many of them are dumb. Dumb with data, as I’ve blogged before. To illustrate this, I have three examples. The first is that … The post Why dumb old banks can’t compete appeared first on Chris Skinner's blog.
Payments Dive
OCTOBER 18, 2019
Traditional banks in the U.S. and Europe are picking up the transition to digital banking as they face heightened competition from fintech startups and consumers become more and more comfortable with mobile apps and online sites for routine functions.
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Automation is changing the game for commercial lenders, offering a clear path to competitive advantage in 2025. Rising costs, outdated workflows, and manual data entry slow growth and impact borrower satisfaction. Automation addresses these challenges, reducing costs, speeding up loan cycles, improving accuracy, and elevating borrower experiences. With market uncertainty easing, now is the time to act—waiting until loan volumes rebound leaves lenders unprepared and struggling to compete.
Bank Innovation
OCTOBER 4, 2019
Credit Karma has joined the high-yield savings race. The 12-year-old personal finance company, which is now worth $4 billion, announced the savings account product this week, which will roll out to U.S. customers on Oct. 28. The FDIC-insured savings account is offered through custodian MVB Bank. The company, however, is partnering with a network of […].
South State Correspondent
OCTOBER 28, 2019
GAINING STRATEGIC VISION Strategic planning means a lot of things to a lot of different people. One problem that exists in banking is that the act of strategic planning is undefined and so management teams feel that if they can just get to an offsite, sit around a table, work on some budget plans and have an investment banker speak, then they have done their strategic planning.
Accenture
OCTOBER 31, 2019
In recent years, we’ve seen competition intensify across virtually all areas of the UK and Ireland banking industry. But—in my view—wealth management is one of the areas in which these competitive pressures are really reshaping the industry. This trend partly reflects the rising number of players in the market. Incumbent financial institutions are seeking out….
PYMNTS
OCTOBER 10, 2019
With real-time payments spreading throughout the world (perhaps more slowly than expected, but still spreading), the characteristics of pull payments mean they are likely to play only a marginal role. That’s the view shared by Trevor LaFleche, director of product management and marketing for Enterprise Payments Solutions at Fiserv , during a recent PYMNTS discussion that centered around the spread of real-time payments, and their global prospects going into 2020.
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Remote Deposit Capture (RDC) clients are more likely to use additional treasury services and maintain larger deposits. However, poor customer experiences—particularly if they delay deposits—can compel RDC clients to take their business elsewhere. This eBook makes the case for outsourcing RDC operations to a proven managed services partner. This approach helps Treasury Departments with limited resources provide excellent client experiences that result in higher retention and productivity rates.
Chris Skinner
OCTOBER 3, 2019
In case you missed it 11FS, as well as doing podcasts, have made a movie. The movie is all about the 11 years since the financial crisis hit and how the conditions led to the rise of FinTech and, specifically, UK FinTech. It’s an hour long, so set aside some … The post How UK FinTech took over the world appeared first on Chris Skinner's blog.
Payments Dive
OCTOBER 15, 2019
With the intensifying competition from fintech startups, financial institutions need to step up their game, especially when it comes to digital, or they risk losing ground to these newcomers.
Bank Innovation
OCTOBER 4, 2019
Credit Karma has joined the high-yield savings race. The 12-year-old personal finance company, which is now worth $4 billion, announced the savings account product this week, which will roll out to U.S. customers on Oct. 28. The FDIC-insured savings account is offered through custodian MVB Bank. The company, however, is partnering with a network of […].
South State Correspondent
OCTOBER 28, 2019
BETTER LOAN CLOSINGS There is a correlation between the speed of commercial loan closing and bank profitability, and there are many reasons why banks that close loans faster can generate more profits. While banks should be focusing on closing loans faster, there are other techniques that banks can deploy to enhance customer experience while keeping loan closing speeds unchanged.
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Have you ever felt the pain and loss of a client suddenly going silent, leaving you questioning everything? Ghosting can cause heartbreak; in business, it drains resources, and emotionally, it shatters your confidence. A modern credit card program can give you the tools to deliver the digital-first experiences your customer’s demand. Our eBook, “5 Signs Your Credit Card Offering Needs an Upgrade,” will help you identify key indicators that your current card platform may be holding you back and w
Accenture
OCTOBER 30, 2019
The old adage in carpentry is to measure twice and cut once. Scale your project to the size of a skyscraper and 90-degree corners and true horizontal planes are critical to enduring structural integrity. Perfectly plumb steel beams, for example, are what ensure maximum load-bearing capacity and even a slight misalignment can eventually weaken a…. The post Plumb, level and square: Check that you’re a digital bank appeared first on Accenture Banking Blog.
PYMNTS
OCTOBER 4, 2019
With the recent launch of the Apple Card , Apple has sent a signal that they seek to offer a better user experience than banks. In fact, their slogan for the card is “Created by Apple, Not a Bank?.” The fact that Apple is entering the space should serve as a wake-up call to banks, according to Rachna Ahlawat , co-founder and executive vice president of Ondot Systems.
Chris Skinner
OCTOBER 1, 2019
I don’t get The Financial Times editorials these days. Last month, they published a ridiculous article about challenger banks eating the banker’s lunch – which I covered here as being the crumbs off the table of the banker’s lunch – and this month, they publish a totally contrary view that the … The post Are challenger banks winning or losing?
Payments Dive
OCTOBER 3, 2019
Legacy banks are struggling to transform their brick-and-mortar ecosystems to fit into an increasingly digital world. How do they do it? And more importantly, how do they do it without alienating customers who are used to one-on-one interactions?
Speaker: Brian Muse-McKenney, Chief Revenue Officer & Matt Simester, Cards and Payments Expert
In today’s world of social media, dating apps, and remote work, businesses risk becoming irrelevant (or getting "ghosted") if they fail to meet the evolving needs of Gen Z consumers. Credit cards with flexible payment options, especially for young adults with little-to-no credit history, are a particularly important and valuable solution for this generation.
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