All posts by Tim VanTassel

Risk & Compliance Competing in a Digital-first Environment: Is your Origination Process Ready?

Banking - Originations
Jan092019

“He who defends everything defends nothing” That quote, attributed to the 18th century King of Prussia Frederick the Great, refers to military strategy, but it could just as easily be used to describe the dilemma faced by financial services executives as they modernize their loan origination processes. In the first post of my multi-part series on how banks are solving common challenges in acquiring and retaining new customers, I looked at the challenges and opportunities financial institutions need to address in improving marketing performance. In this write-up, I want to focus on similarly practical solutions to common challenges in the origination process as it is a convergence point for a lot of different objectives necessary to deliver growth—provide a compelling customer experience, minimize credit losses, prevent fraud, maximize revenue, and comply with regulations. Fully addressing all of those objectives (or defending all of those fronts) is an impossible task. Move... [Read More]

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Customer Engagement Challenges Banks Face in Acquiring Customers in a Digital-first Era

Banks and customers
Nov142018

In my role at FICO I have the privilege of engaging in strategic planning discussions with senior banking executives across the globe. Most of these meetings as of late are similar: We are improving the customer on-boarding user experience, both through improved user interfaces, but also through improved analytics to bring everything we know about the customer to bear in our interaction…regardless of product line or channel. Right now we are working on our data lake. At which point, I nod. Then I ask: OK, so who is in charge of the customer journey that you are transforming? At a strategic level, banks understand the challenge they are facing and where their organizations need to go in order to thrive. At a tactical level, the decisions become much more complicated. Who owns the customer? Is that new data source worth the risk of potentially slowing down my origination process? How seriously... [Read More]

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