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.