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.
In Part 1 of this blog, we examined some of the industry buzzwords being discussed and what they mean to community-based financial institutions. Brady Chianciola, PRI consultant, emphasizes that buzzworthy concepts should be considered in the context of the FI’s overall business and profitability strategy. Robotic Process Automation (RPA). RPA mimics the tasks that have […]
As the banking industry changes and evolves, some buzzworthy concepts are rising to the top of board room conversations. In this two-part blog, we’re looking at some of those buzzwords and what they mean to community financial institutions. Digital Transformation. “Old school” banking, also known as when everything was done in person and on paper, […]
No aspect of the financial ecosystem is more dynamic than the payments space. FIs who choose to continue doing what they have always done without closely examining their needs and desired strategy will find themselves in a poor competitive position. “While community bankers are necessarily dependent upon their vendor relationships to deliver services to their […]
Data and technology continue to shape the future of the lending industry, and opportunity-driven Financial Institutions are embracing and adapting to the changes. In part 1 of this closer look at how the current environment impacts lending and operations, we examined the significant trend of digitization of the lending process. Part 2 will address how […]
Technology has been a catalyst for fundamental change in financial institutions for more than a decade. The pandemic accelerated these changes, especially in lending and operations. The most significant trend in lending in 2021 will be increasing digitization. At the onset of the pandemic, many FIs scrambled to address the need to process PPP loans […]
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 […]
To successfully adapt operations to a post-COVID world, many FIs are focusing on two main areas: Workforce and technology. “The pandemic itself didn’t present any real ‘aha’ moments, but it elevated considerations that were on the back burner and brought them to the forefront of leaders’ thinking,” said Gladys Rodriguez, PRI Consultant/Project Manager. Workforce In the […]
Developing a digital strategy is all about using the tools currently available to improve both the customer and the employee experience. There are ways of achieving both as part of a Financial Institution’s digital transformation journey. Most digital transformation efforts begin with customer-facing services, such as mobile features and online account opening. This is […]
Dealing with the challenges of a global pandemic has led many financial institutions to make changes in their services and processes to address urgent customer needs. This ability to pivot, be flexible and facilitate easier customer interactions will surely be one of the silver linings to come out of COVID-19. When we emerge into the […]
Customer behavior has changed and will continue to change during the course of the COVID-19 pandemic. The longer the pandemic lasts, the more significant the behavior change is likely to be. Over the last several weeks, we’ve been connecting with many of our community financial institution clients. Since the closing of bank lobbies, many of […]
