BAI Banking Strategies

In advance of moderating the BAI Global Innovation Awards sessions at BAI Beacon, JP Nicols of FinTech Forge talks about how this year's finalists exemplify first-class innovation across categories from data analytics to community impact. He also gives a sneak peek of the takeaways Beacon attendees will garner in service of a crucial goal: to drive powerful innovation in their banks and financial institutions.

A technology focus in the modern banking world means more than chasing new gadgets. Banks truly must adopt an overarching high-tech mindset that embraces innovation to give customers maximum value and satisfaction, in and outside the branch. This week's podcast features leading edge technology insights of Sonny Singh, senior vice president and general manager of Oracle Financial Services global business unit.

The drive for stellar customer service has been a constant in banking for generations. But the explosion of new digital technologies means a host of new ways to reach that goal—and a good share of confusion as well. Titi Cole, executive vice president, head of operations at Wells Fargo, discusses these issues in advance of her presentation at BAI Beacon 2018. By equipping employees the right way—and satisfying their desire to make a difference—banks can realize quantum leaps in meeting the financial needs of consumers.

Levels of credit have historically been based on the FICO score. But what if there was a way to expand beyond that metric and take other factors into account? That's exactly what a new breed of fintechs are doing by leveraging alternative data to reach underserved consumers. Poulomi Damany, vice president of data products for Credit Karma, explains how her company uses data points such as on-time bill payment and spending patterns to build a more comprehensive picture of the consumer.

The digital movement of money from consumer to merchant to bank and back again—all in the blink of an eye—is upon us. Call it the dawn of cybermoney. Al DeBonnett, co-founder and chief operating officer of CyberBanque Ltd., talks about moving towards a cashless society, and how this will impact the future of financial sovereignty in the U.S. and worldwide.

Stellar service doesn't stop at meeting basic customer needs: It means anticipating them to build the foundation of a strong relationship and a more "human" experience. That also means leveraging technology to free up valuable time so bankers and clients can interact on issues that matter. John Maniscalco, senior vice president, head of customer experience and retail productivity at TD Bank, outlines the elements of peerless customer treatment and interaction in advance of his appearance at BAI Beacon in October.

Deposits and interest rates are rising and that's good news for big banks. But questions remain as to how smaller banks will land their market share—and how potential disruptors such as Amazon could change the picture for all. Betty Cowell, senior advisor at Simon-Kucher & Partners, shares what banks can expect in the second half of 2018.

Many Americans live paycheck to paycheck, or are in a situation where one financial emergency could create financial chaos. Banks can help these people by encouraging and building financial literacy, which in time can foster lasting customer loyalty. Luvleen Sidhu, co-founder, president and chief strategy officer of BankMobile, discusses breakthrough practices that can help make a difference.

The banking industry knows by now that it’s missing major opportunities to tap the small business lending market. But between paperwork hassles for borrowers and return-on-investment fears from lenders, it’s left a void for fintechs to exploit. Sam Taussig, head of global policy at Kabbage, explains how online platforms are taking the friction and guesswork out of small business loans.

In 10 years, the banking landscape has accelerated to digital warp speed, bringing with it mobile apps, remote deposit capture, chatbots, upstart startups and the first stirrings of artificial intelligence. But is the temptation to keep up a trap that compels financial institutions to try being all things to all people? Julien Courbe, who leads PwC's U.S. Financial Services Advisory, weighs in on how banks can gain focus and renewed perspective through picking the right projects—and leveraging the never-ending endgame of stellar customer experience.