Our blog is dedicated to sharing our thoughts and expertise about the banking industry and how you can experience quantifiable results for your financial institution. We invite you to hear the perspectives from our banking professionals through our posts.
The payments industry is experiencing a profound transformation fueled by shifting consumer preferences, regulatory changes, and the introduction of numerous new technologies. From the decline of cash to the rapid adoption of digital wallets and real-time payments, the way individuals and businesses pay is evolving more quickly than ever before. In order to help community […]
Although we’ve watched deposit growth in recent years respond to some unusual fluctuations – such as COVID, incentive-driven increases, the subsequent spending down of those accumulated funds and reactions to bank failures – it appears to have stabilized and returned to pre-pandemic levels with balance growth essentially flat. According to the American Bankers Association (ABA), […]
The current buzz around using Artificial Intelligence (AI) is loud in just about every business sector out there. For financial institutions, both AI and automation matter a lot when you’re talking about profitability and long-term success. However, banks – especially community banks – have some unique challenges to consider when they begin seeking to implement […]
Identify and address overlooked expenses in your bank’s tech overhaul As PRI consultant John Chappelle discussed in Part One of this blog, most financial institutions are aware of the potential benefits of a successful digital transformation in today’s competitive environment. However, in an organization’s haste to reap the benefits of improved customer experience, enhanced operational […]
Identify and address overlooked expenses in your bank’s tech overhaul Most financial institutions are now aware of the potential benefits a successful digital transformation can provide in the areas of improved customer experience, enhanced operational efficiency and increased competitive advantage through differentiation. However, the fear of falling behind the competition can sometimes lead organizations to […]
When online banking first emerged in the 1990s, it was presented as a simple method to cut costs. The prevailing logic was that the cost-per-transaction – almost always a balance inquiry – was less expensive than a visit to the branch or a call to the call center. The term “Customer Experience” was not yet […]
Just more than a year after OpenAI released its Large Language Model (LLM) chatbot ChatGPT and the rapid expansion of AI in general, many in the banking industry are looking at how they can join the AI race. However, the desire to jump into AI without a clear plan or understanding of what AI platforms […]
For almost a generation now, financial institutions have embarked on a bit of a digital arms race. Starting with the simplest online banking applications and moving up from there, digital banking assets were collected. Technology vendors purchased newer products and included them in their digital suites using traditional programming technology to create interfaces. Today, however, […]
The community banking industry is at a pivotal stage. Financial institutions have experienced continuing margin pressure over the past year, demonstrating less rate elasticity than many anticipated in the rising rate market. They also have seen increasing pressure from non-banking competition and rising customer expectations. With the drastic contraction of the number of deposit-holding institutions […]
While digital transformation and its risks are top-of-mind for the majority of financial institution senior leaders, there is still a wide gap between the cost of implementing digital solutions and their eventual success within the organization. In fact, in 2019 research indicated that up to 70% of digital transformation initiatives did not reach their goals […]
