Bai Banking Strategies

Whether it’s dealing with an extreme disruption like COVID-19 or just to be more effective competing every day, banks benefit from new ideas to streamline current operations and to spot new business opportunities. An innovative mindset within an organization starts at the top and filters down so workers at all levels know their ideas for how to improve are welcome. Vanessa Colella, chief innovation officer at Citi and head of its Citi Ventures equity investing arm, talks about how financial institutions can -- and why they should -- embrace a culture that encourages and rewards innovation.

By moving fast to ease the economic hardship felt by businesses and families, financial institutions have built up trust and good will with their customers through their COVID-19 response by embracing the idea that “we’re all in this together.” But at the end of the day, banks are businesses that depend on revenue and profits to remain healthy. Debbie Bianucci, president and CEO at BAI, discusses why banks are well-positioned to deal with the COVID-19 disruption, and what they can and should be doing for their customers to help them get through these unprecedented times.

The federal Paycheck Protection Program was built for speed -- get Congress to expedite the loan funding and then get it out ASAP to small businesses reeling from the coronavirus shutdowns. But in all of the well-meaning haste, banks have been challenged to make the nuts and bolts of the program work on a hurry-up schedule, and with so much competition for a limited pot of money. Brian Mauntel, president of Heartland Bank in central Ohio, discusses how his community institution quickly worked through the obstacles of PPP and delivered for its small business customers.

Generation Z may have grown up as digital natives, but when it comes to banking, they’re not just about the technology. A recent BAI Banking Outlook survey shows that Gen Z also likes to get face-to-face financial service and advice, and for a generation that freely shares so much information about their daily lives, they want a surprising amount of privacy when it comes to their finances. ​Karl Dahlgren, managing director of research at BAI, tells us more about the emerging financial habits and preferences of the generation that’s America’s youngest and, at 90 million strong, its largest.

We hear a lot about the need for digital transformation in the banking industry and, if nothing else, the COVID-19 experience is reaffirming for banks the importance of their digital identity and capabilities. But what does a true digital transformation look like for a financial institution, and what are the key ingredients needed to get it done? Chris Skinner -- influential commentator, blogger and author -- discusses his new book, "Doing Digital," which highlights five banks that are leading the way in digital transformation, and why digital matters as the industry contends with the coronavirus pandemic.

The coronavirus pandemic has closed the doors of small businesses, driving up unemployment and stress levels across America. Part of the federal government’s plan to help small businesses stay afloat is the $350 billion PPP loan program, but there have been some snags in getting the money into the hands of those who need it. In this episode, Mark Messick, director of products at Jack Henry Lending, says some of those issues are being worked out, while others will be tougher to fix.

Spare rooms, couches and dining room tables are now office space for millions of Americans working from home due to COVID-19. But a dispersed labor force still needs access to data and documents to get their work done, as well as powerful workflow tools to integrate individual efforts across the organization. Josh Spisak, senior product manager for the Nautilus ECM suite at Fiserv, says enterprise content management can be one of those centralizing tools. During this podcast, he discusses how ECM can prove its worth by efficiently analyzing and sharing data, which is a valuable asset for today’s financial services organizations.

Whenever there’s a disaster, you can count on scammers and fraudsters to be quick to try to exploit our fears and sense of compassion. So it’s no surprise that the current COVID-19 crisis has already spawned a spike in online criminal activity, including sales of fake vaccine kits, bogus crowdfunding appeals and virus-tracking apps loaded with malware. Mary-Helen McElfresh, senior director of Zelle fraud risk prevention at Early Warning, is with us to discuss how her company is working to stay ahead of cybercrooks.

Wild daily swings in the stock market are just one sign of the sudden toll that the novel coronavirus is taking on America’s economic health. Across the nation, there are plenty of other signs: closed businesses, canceled flights, slower manufacturing and more. Jeff Korzenik, chief investment strategist at Fifth Third Bank, shares his insights on how long and deep the economic downturn may be, and what's important for financial institutions to communicate to customers.

We’re in the thick of tax season now -- that time of year when financial advisors huddle with their clients to discuss planning and portfolios. But at some point in the near future, will those huddles broaden into the client's personal issues and family needs? And if they do, are the advisors equipped to hold up their end of the conversation? Cam Marston of Alabama-based Generational Insights will share some of his thoughts on how the role of the financial advisor may expand from wealth coach to all-around life coach as boomers and Gen Xers make room for millennials and Gen Z.

Data can yield great value for banks and even more for customers. But so much hinges on defining the pain points account holders struggle with and how banks can best aggregate and leverage the data they have. What's more, data behemoths such as Google, Amazon and Facebook may arrive at the financial services winner's circle before banks do. But there is good news in terms of banking data blossoming into insight, shared on this podcast by Todd Barnhart, executive vice president, head of retail distribution for PNC Financial Services Group.

What challenges and opportunities lie ahead for financial services leaders in 2020? What will keep a customer from leaving one bank for another? And will customers trust their money with the Googles, PayPals and Apples of the world? BAI recently conducted its BAI Banking Outlook: Trends in 2020 research, and BAI’s Karl Dahlgren and Jason Mencias stopped by the podcast studio to walk us through the findings.

Whether it benefits customers and employees on the front end or core systems on the back end, digital transformation is a top shelf to-do for banks in 2019. But it's not as though the imperative comes with easy-to-follow instructions where "tech gadget a" plugs into "tough problem b." Here to share her smart strategies, we have Kristiane Koontz, executive vice president, director of banking transformation at Zions Bancorporation.

Making consumer bank strategy stick ranks among the hottest topics in financial services today. But to get there, financial institutions must figure out how to balance a host of channels, from branches to call centers to mobile and its next wave. Ben Hopper of First Tennessee Bank shares his insights on achieving the optimal digital-physical combination to benefit customers and bolster banks in 2019.

Considering that smartphone apps are just a dozen years old, the technology has exploded far beyond anything Steve Jobs might've imagined when he unveiled the first iPhone. Now in 2019, the reality of mobile-centric banking has arrived, with Varo Money already delighting customers to the tune of 13,000-plus five star reviews on the App Store and Google Play. Colin Walsh, Varo's CEO and co-founder, describes the journey from blueprint to charter, and how Varo hopes to help millions of customers improve their financial lives.

Not much thought is always given to exactly what puts the “community” in “community banking.” But the renaissance in arts, technology, culture and entrepreneurial spirit in Detroit goes hand in hand with financial services leadership. It also illustrates beautifully the role banks can play in shaping a modern urban comeback story. Chris McComish, chief banking officer, consumer and wealth management at Chemical Bank, talks about how his institution has worked to foster relationship-driven growth and prosperity, and offers insight into an upcoming merger with another midwestern bank.

Digital transformation. The term and the concept predate smartphones and widespread internet usage. Yet if it’s time to bring the idea up to date in an age of AI and machine learning, what does this mean for the financial services industry? And what's the best way to approach strategy even as the pace of transformation has turned into the financial services equivalent of a rocket launch? Kim Capps, chief operating officer for Southern Bank, shares how financial institutions and community banks in particular can keep up the unprecedented changes.

Who is using direct banks and why? How do their customers define ‘convenience’? BAI’s Jason Mencias and Mark Riddle share insights from the latest BAI Banking Outlook report on this week’s podcast.

Who is using direct banks and why? How do their customers define convenience? BAI’s Jason Mencias and Mark Riddle share insights from the latest BAI Banking Outlook on this week’s podcast.

Small businesses are a big deal to the people who own, operate and create them. But that doesn't mean they've had the easiest time working with banks and credit unions, who aren’t always able to cater to these clients every need. That is changing, though, as banks and credit unions reconsider the possibilities that come from fruitful small business relationships. Chris Spiek, vice president of customer acquisition at Autobooks, talks about designing and executing the right solutions to win the loyalty of this dynamic customer segment.