All posts by Richard Doughterty

Risk & Compliance Reinventing Origination: Engage the Customer in the Process

Digital
May132019

In the first of my three-part blog series on reinventing the origination process I discussed how digital transformation has reshaped consumers expectation from the companies they do business with – which means that leading financial institutions must transform their customer experience as well if they wish to remain competitive. In the second part of my series, I want to focus on improving the customer experience, through customer information management focusing on speed, efficiency, and customer engagement. Develop a Holistic Approach to Customer Information Across the Organization There are few things that irritate a customer more than providing the bank with information they already have. Nothing screams “you are not important” more than having to provide my address to the very institution that helped me secure a mortgage to buy my property in the first place. Connecting legacy systems can be a messy and expensive venture, but the benefits of implementing... [Read More]

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Risk & Compliance Reinventing Originations in the Digital Era

Digital
Mar262019

In today’s fast-paced, technology-driven society, market incumbents across a variety of industries have had to reinvent themselves in the face of massive digital disruption. Before the iPod, music industry executives couldn’t fathom the idea that consumers might prefer to buy individual songs rather than a whole album. Before Uber or Lyft, taxi company executives couldn’t imagine consumers would be comfortable summoning unlicensed strangers to pick them up in their cars and drive them around. Not every industry experiences these same tectonic shifts and not every company ends up getting run out of business by an Apple or an Uber. However, avoiding this fate requires market incumbents in every industry to consistently and rigorously evaluate the ways in which they are harnessing emerging technologies to meet their customers’ evolving expectations. So where does this consumer experience driven, digital world leave financial institutions?  The answer of course, is “it depends.” For some,... [Read More]

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