Tag Archives: Retail Banking

Analytics & Optimization Banking AI: 9 in 10 APAC Banks Feel They Lag US & Europe

Banking AI
Jan282019

Banking AI – APAC Survey We recently surveyed 33 chief risk officers from across Asia Pacific at our CRO Forum regarding the operationalizing of banking AI. We found that 91 percent of banks in Asia Pacific (APAC) felt they lagged behind banks in the US and Europe when it came to implementation of AI in their operations. The remaining 9 percent indicated that they were at least on par with US and Europe counterparts, while not a single respondent felt they were ahead. When asked about the biggest challenge in adopting AI and machine learning into existing bank operations, 42 percent indicated that it was the lack of available talent. The use of legacy systems (28 percent) came in second, followed by cost (16 percent). Banking AI – Operationalizing AI “The shortage of talent continues to be an issue worldwide as the use of AI continues to grow quickly,” said... [Read More]

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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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Risk & Compliance Money 20/20 Sits Down with FICO CEO Will Lansing

Money 2020
Nov212018

FICO CEO Will Lansing recently sat down with Money 20/20 following his keynotes at this year’s premier payments and fintech event.  He answered a few pressing questions on new innovations in credit scoring, the evolution of consumer permissioned data, and how consumers are changing the lending industry.  Hear first-hand his key takeaways from the 2018 Money 20/20 U.S. event in the video below.

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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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Risk & Compliance Beyond Generation Z: Digital Account Opening for Everyone

Digital account opening
Oct162018

Here’s the challenge – keep pace with the rapidly-evolving expectations of young consumers entering the market. It was Millennials. Now it’s Generation Z (defined roughly as consumers born after the turn of the 21st century). Generation Z expects nothing less than on-command, transparent and seamless processes when it comes to acquiring virtually any product or service. Want a Starbucks iced-latte-hold-the-milk on your doorstep in less than 30 minutes without ever having to leave your house or pull out your wallet? There’s an app for that. Want your groceries delivered fresh without ever having to leave your couch? There’s an app for that. Need office supplies, home goods, books? There’s apps for them too. And here’s the most important part — you can see when your order is being prepared, when the deliverer picks it up, who the deliverer is, where the deliverer is at all times and you can see... [Read More]

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Risk & Compliance Digitizing Credit Originations at SunTrust

Digitizing Credit Originations
Sep042018

Earlier this year at FICO World 2018, we held a session with SunTrust about how they rebuilt their origination process to become truly customer-centric. SunTrust set about digitizing credit originations to implement an origination system that offered the path of least resistance for customers, and in the process also rebuilt its existing business processes. SunTrust wanted to deliver a significantly simpler and more engaging experience for their customers. The result has been an origination process, infused with automation and self-service communication capabilities, that has enabled the bank to wildly outperform their most optimistic ROI projections. Check out this short video where Angela Baker, senior vice president, business lending & payment solutions group product manager at SunTrust explains why optimization was a priority for the online retailer. Digitizing Credit Originations To Meet Customer Expectations – Transcript:  Angela Baker, senior vice president, SunTrust  What was the challenge facing SunTrust? Sun Trust is located in Atlanta Georgia.... [Read More]

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