Bai Banking Strategies

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.

Though regulation technology might be seen as just another fintech subset, it's anything but. In shifting regulatory and compliance efforts into the digital age, RegTech promises to deliver high speed, low costs and much more efficiency. Jo Ann Barefoot of Barefoot Innovation Group describes how the changes are already making a profound impact and creating new business opportunities in the financial services world.

When banks interact with female business owners, they must bring more to the table than cookie-cutter solutions as these clients face particular challenges—and have particular wants—that set them apart. Beth Marcello, director of women's business development for PNC Bank, discusses what women value in their financial dealings, and how perceptive bankers can help them confront debt aversion and grow their businesses like never before.

Community and mutual banks that have survived consolidation and attrition have found that meaningful local involvement extends beyond setting up a table at a summer festival. Michael Rauh, president and CEO, of Chelsea Groton Bank in Connecticut shares how his bank launched “160 Acts of Kindness” to mark the institution’s 160th anniversary. He also discusses how banks can learn solid lessons in talent engagement from companies outside the industry such as Disney.

Before hedge funds decide which banks to invest in, they compile questions—lots of them—that reveal a 360-degree view of the financial institution from management, monetary and credit strength angles. Tom Brown of Second Curve Capital explains how his decades of experience have helped him develop the litmus tests that reveal which make banks make for sound investments—and shares his views on crucial, near-term variables from deregulation to digital technology.

For all the recognition artificial intelligence has enjoyed in the banking community, it hasn’t yet found a nearly equal level of adoption. With all the questions, misconceptions and curiosity surrounding this game-changing technology, Jim Marous, the publisher of Digital Banking Report, shares some of the latest findings by way of his newly published report, on the eve of its formal presentation at BAI Beacon.

Across the board, experts agree that Wall Street needs to take a closer look at blockchain. Ron Quaranta, chairman of the Wall Street Blockchain Alliance, has gone a step further as a proponent for education and preparation within the financial services sector. Quaranta talks about how blockchain is changing the calculus within the industry, and how curious executives can stay on top of digital ledger technology.