With near failures and mega-mergers around almost every corner, the banking industry is experiencing unprecedented change. With much of their focus on achieving cost efficiencies and effective resource utilization, banks may be losing sight of a key issue - finding ways to build and retain customers to remain profitable. One way to achieve this balance is to deliver new services that enable banks to simultaneously develop new revenue streams while deepening the relationship with the customer.
Don't stop reading yet just because 16 years in bank tech is like ancient history. This is entertainment because it happened in the Big Easy, pre Katrina, when hurricanes were treated like a mosquito bite. In my opinion, the survey results are just as true today as when I first did the exercise.
First, I am not trying to be an English teacher. I'm simply trying to clear the air about a most powerful word in the use of bank systems. Even Wikipedia didn't get it right, or more accurately, didn't define it completely. You decide.
Few industries have been affected more by today's economic downturn than the financial industry. Many financial institutions have been forced into consolidations and mergers, requesting government assistance just to survive. They are pressured to show revenue increases and cost reductions almost immediately, and depend heavily on IT to meet these demands.
With the news of further government intervention in banks' compensation practices, banks might be left wondering how to keep their top performing employees while still remaining competitive against their adversaries in less regulated countries. The Wall Street Journal offers some ideas in the following video that could help banks entice good people to remain in financial services once the allure of big
I never thought I knew it all, and every day I realize how right I was. I just glanced at the first edition of Automation in Banking. If I compared it to the 2009 edition, it would look like a 1985 Oldsmobile-couldn't compete and no longer available. I learned a lot in 24 years, but I'm still learning.
Bank Systems & Technology Oct. 14, 2014Bank Systems & Technology's new Must Reads is a compendium of our best recent coverage of customer analytics. Learn what big data means for banks, meet Wells Fargo CDO Charles Thomas, find out how to connect with your Gen Y customers, and more.