Bai Banking Strategies

Small businesses are healthy, and the fundamentals are strong. But bankruptcies are up, and small businesses with good credit have big decisions to make in terms of investing back into equipment and hiring. Are owners finally ready to take their growth, enthusiasm and investment to the next level? And how can banks help? Gavin Harding, senior business consultant with Experian, surveys the landscape and discusses a range of topics from the march of digital technology to regulatory risk—all in the context of a financial services world that's moving faster than ever.

With artificial intelligence taking off, banks find themselves in an unprecedented position to meet and anticipate customer needs. But on the payments side of the equation, there's still a struggle to connect the dots of consumer experience. Can financial institutions play the role of catalyst? Fran Duggan, CEO of Payrailz, shares how banks can indeed make it happen—though he stresses that there's still a long way to go.

The conversation surrounding bank branches, and their future, continues to dominate conversation in financial services. Variables run the gamut from staffing levels to overall customer usage, and how the latter will drive quality and quantity in the former. David Kerstein, president and founder of Peak Performance Consulting Group, reveals how the common assumptions about branches aren't always spot on, while offering precise insights on the road ahead—including what needs to change and how.

In her time at Netflix, Patty McCord help create a much-acclaimed slide deck on talent management that has been seen by millions. In McCord’s podcast, this BAI Beacon keynote speaker and author of the new book “Powerful” talks about why banks should do away with both performance reviews and the notion of the “empowered” employee.

Cybersecurity at banks, to quote BAI managing director Karl Dahlgren, is a constant game of Whac-A-Mole as institutions struggle to stay a step ahead of resourceful, relentless malefactors. Yet for all the concerns, banks are only as strong as their weakest link—which in some cases might be an anemic office password such as “1234.” David Bryan, the self-described “Breaker of Things” for IBM’s X-Force Red, reveals how white hat hackers test (and often defeat) the cybersecurity measures businesses have in place, while offering practical advice for keeping bank data secure.

Today’s fintech industry covers such a wide swath of innovation and invention, it’s harder than ever to identify specific pockets of major forward movement. Even the concept of artificial intelligence too often lacks clarity as it pertains to banking breakthroughs. On thing’s for sure: Competition between banks and high-techs is evolving into cooperation. Meanwhile, the revolution continues as tech traction in payments couldn’t come at a better time. Lamia Pardo, Senior Vice President of growth and operation at Pangea Money Transfer, offers her insight on the most exciting changes on the financial technology front.

For all its focus on metrics and earnings reports, the banking world too often overlooks a non-numerical variable: standout culture. Yet that softer side of the equation, when in balance, produces numbers that are tough to beat. USAA boasts the industry's highest Net Promoter Score, reflecting how much their customers praise them. And Zachary Gipson, USAA's Chief Innovation Officers, says without reservation, "We love our members." Gipson takes us behind the scenes of USAA's innovation and culture success story.

Fintech progress means shiny new toys—at least in the minds of many bankers—yet some entrepreneurs focus first on a greater good. Moved by the plight of refugees in Europe, Taqanu founder Balázs Némethi created a blockchain-based system that lets users control their identities and data as they manage their finances. The winner of two BAI Global Innovation Awards at BAI Beacon 2017, Némethi discusses how he leveraged blockchain to create a platform honored for its societal impact and disruptive innovation.

For all the talk about interactive technology, it's more than just chatbots. Questions and answers represent just the first dimension of human-machine interplay; in the not too distant future, banks will leverage artificial intelligence to help customers manage their finances in real time. Michelle Moore, head of digital banking for Bank of America, discusses the initiatives under way to bring about this unprecedented high-tech change.

The endless disruptions and revolutions in payments have done more than just taken “evolution” out of the picture: They’ve also sent the banking industry on a “wild ride.” That’s no casual choice of words, as “A Wild Ride” is the title of a new Accenture report that highlights 10 mega trends driving the future of payments. Tommy Marshall, Accenture’s fintech lead for North America, discusses those trends and shares what financial institutions need to watch out for in the year ahead.

Compliance, so often followed by the rulebook, also needs a playbook: one that gets everyone on board, from the C-suite to the front-line employees who deal with customers. What are the five key ingredients that help organizations create a culture that improves compliance and bolsters the bottom line? Pam Perdue, the Executive Vice President and Chief Regulatory Officer at Continuity, lays down the blueprint for getting compliance out of silos and into the lifeblood of financial institutions.

While it’s tempting to break up customers by their particular age demographics, it can also overlook those crucial elements that unite consumers across all generations. For example, it isn’t just millennials who are tech savvy; many Gen Xers have come to expect the same levels of seamless customer experience via their mobile devices and payment apps. Deidra Colvin, Chief Marketing Officer at Baker Hill, makes her case for a more inclusive consumer group she calls the “Now Generation.”

The key to nurturing employee commitment goes far beyond the corporate mission statement or the latest C-suite buzzwords. Yet some banks have managed to create a great culture that fosters dedication, happiness and loyalty. On our podcast, Teresa Tanner of Fifth Third Bancorp discusses the fine points of employee engagement.

The Internet was in its nascent stages of public use in 1999--a time well before iPhones, apps and mobile banking. Yet a major initiative to take financial services into the cybersphere began that year with the founding of First Internet Bank. Why has that bank stood the test of time and where banks must focus in 2018 to remain viable in the digital realm. Nicole Lorch, First Internet Bank's executive vice president and chief operating officer, shares her perspectives on this podcast.

Whether it's through the use of chatbots and predictive analytics, or taking compliance and fraud fighting to the next level, artificial intelligence promises to change every aspect of banking like nothing else before it. Three members of BAI's leadership team--President and CEO Debbie Bianucci, Managing Director Karl Dahlgren and Chief Marketing Officer Holly Hughes--share their perspectives of AI and what the financial services industry can expect in 2018.

The oft-debated topic of branches often begs for clarity--so where to start looking? The area of data analytics holds a crucial key, as it can inform a host of decisions from staffing levels to taking care of customers in peerless ways. Our guest Kerim Tumay, vice president of marketing for Kiran Analytics, discusses the role of data best practices and what's driving the industry forward in terms of branch evolution done right.

While the home equity loan market is picking up, so too is the pipeline backing up for stuck applications waiting to be processed. Automated speed and seamlessness are in demand more than ever, yet critical mass isn't yet an across-the-board reality—a particular pain point among tech-savvy millennial customers. Tim Smith of FirstClose shares how organizations can rise to the challenges and answer the demands of today's customers.

Like never before, data analytics can unlock the secrets of customer loyalty through what was once considered a soft, non-specific metric: emotional motivations for doing business. While this represents an exciting step beyond measuring customer satisfaction, many banks are understandably puzzled as to how to quantify emotional connection—and turn that information into actionable insights that yield rich rewards. Dan Leemon, senior executive advisor at Motista, explains the links between values and needs, market segments, and how resonating with the right emotions attracts much more loyal, profitable customers. For more insightful content, visit https://www.bai.org/banking-strategies.

Banks concerned with bolstering their bottom line need to examine the ROI that comes from creating peerless incentive packages. Chris Thurmond of First Tennessee Bank explains the finer points of employee incentive programs, including how such packages spark loyalty and efficiency in a workforce charged with making customers happy. For more great content from BAI. Visit BAI.org/banking-strategies

As though today's banking industry hurdles aren't enough, community banks are fighting to keep their customers happy in an era of high-stakes high tech and increasing competition for all corners. Nancy Graves, CEO of the Bank of New Jersey, shares how her institution found its place in the market, which in turn has preserved an excellent standing among its Garden State clientele.