By Tara Ferris, Justin O’Brien and Paul Frasco
The last several years have shown a dramatic increase in the volume and complexity of customer tax information reporting (i.e., Forms 1099), highlighting challenges in the back office tax operations function responsible for tax reporting and withholding. These last few years have taught us that organizations would be prudent to focus on potential reputational risks of customer tax reporting and withholding as well as how to make their process more efficient and effective.
And What They Can Do About It
By Trevor Dryer
More than a fifth of small business owners chose not to apply for a traditional business loan because they found the process too complicated, a recent BMO Harris Bank survey found. It’s not too surprising, then, that research released by Mercator Advisory Group also shows that 27 percent of small businesses surveyed in the U.S. have already used an alternative lending platform. And that number is trending up.
Atlanta, Ga. // www.vsoftcorp.com
Looking to make core processing for banks and credit unions easier and less time consuming, VSoft Corp. has launched Wings, a flexible and comprehensive core processing system built on advanced browser-based technologies.
By Michael Kiella
Editor’s Note: BankBeat asked academics and marketers to weigh in on how behavioral economics is transforming the industry. This is part one of a two-part series.
Patterns of behavior, including how a customer feels — their emotional state when they are interacting with banking professionals — is valuable information in creating successful transactions and relationships. If bankers know the behavior of a group inside of its customer base in data-analytical terms, and know how their customers feel when they are interacting with their financial selves, it makes it easier to offer products and services that the customer may not know exist. This is behavioral economics applied to financial services.
Since AI’s inception in 1956, in the form of “a machine that could think,” AI continues to evolve and impact society, businesses and humanity. Its cognitive tools have systematically reshaped how people and companies interact and possess the power to radically transform business exchanges and human capabilities.