Compliance Guide

BankNews.com

Studies & Reports - Page 2

As Electronic Payments and Invoicing Increase, So Do Concerns About Cybersecurity

December 5 – As every facet of the financial services industry faces the imminent shift to digital platforms, more than one-third of treasury and financial professionals have heightened awareness of the growing risks of fraud and cyber-attacks, shows TD Bank’s Treasury Management Survey. Heading into 2017, corporate treasury and finance professionals cite protecting assets, securing transactions and cybersecurity as top priorities.

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Study: Millennials Call Their Bank More Than Twice as Often as Boomers

December 1 – Who is more likely to contact their bank’s call center – millennials or boomers? The answer may surprise you. The report by Bain & Company, titled Bank Branch/Call Center Traffic Jam, asked “why do customers keep visiting tellers and calling the contact center?”

The report reveals that while mobile adoption is high at 82 percent among millennials, 86 percent still visited a teller in the last three months and 60 percent called the contact center. Among those 55 and older, only 42 percent contacted their bank via phone. Younger customer also call more frequently: on average, they called their bank 1.4 times over a three month period, while older customers called only 0.5 times.

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Poll: When Should FIs Conduct CECL Calculations?

October 31 – In a recent poll, Sageworks surveyed professionals from banks and credit unions, and the results showed that 42 percent of respondents said institutions should execute preliminary CECL calculations by Q4 of 2017. However, another 24 percent said that institutions should wait to start preliminary calculations after 2017.

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Many Banks Merely Meeting Customer Expectations, Few Exceeding Them

According to Protiviti’s second annual Consumer Banking Survey, banks have ample room for improvement in managing the customer experience and, perhaps more importantly, in convincing consumers that they care about them. Specifically, the survey finds that 93 percent of banking customers believe that banks at least meet their expectations; however, if exceeding expectations and providing superior customer service is the goal, there is significant progress to be made because only 36 percent of consumers say their banks exceed expectations.

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Over Half of U.S. Adults Are Using Mobile Payments at Merchants Online or in Stores

October 26 – New research presented in the latest Insight Summary Report from Mercator Advisory Group’s CustomerMonitor Survey Series, titled “Mobile Payments: Market Leadership Is Up for Grabs,” reveals that over half of smartphone owners in the United States have used their mobile device to pay for goods and services in stores or online. As smartphone ownership reaches 78% ownership among U.S. adults, most consumers have used their phones for mobile shopping.

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The Fintech Revolution Comes to Regional and Community Banks

October 24 – Thousands of regional and community banks are turning to fintech in order to meet the needs of customers who demand services on their computers, tablets and phones, according to a new report by Manatt, Phelps & Phillips, LLP. Conducted in conjunction with Mergermarket, the report, “Growing Together: Collaboration Between Regional and Community Banks and Fintech,” is based on survey responses of senior executives from regional and community banks (50%), fintech companies (25%), and private equity firms, venture capital firms and investment banks (25%).

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Millennials Value Financial Education, Guidance and Mobile Account Access from Their Financial Services Providers

October 21 – The financial services industry is increasingly focused on winning millennial customers, but most firms still fail to deliver an experience that will resonate with this generation, according to a study released by Corporate Insight that analyzes the opportunities and challenges that financial services firms face in serving the Millennial generation. Millennials Revisited: Financial Services and the Digital Generation explores how banks, brokerages, credit card issuers, insurers and retirement plan providers are changing aspects of their marketing, products and service models to capitalize on the Millennial opportunity and identifies those firms and tactics that are most effective.

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FDIC: Unbanked Households at Record Low

October 20 – The number of U.S. households without a bank account fell significantly in 2015, according to the National Survey of Unbanked and Underbanked Households released by the Federal Deposit Insurance Corporation. (more…)

Mobile Banking on Rise, Physical Branches Still Important, According to New Market Force Information Study

October 19 – Americans are increasingly turning to their bank’s mobile app to conduct financial tasks, but many still rely on in-person interactions when seeking financial advice or learning about services, according to a new study by Market Force Information, an innovator in customer experience management. More than 9,500 consumers were polled for the retail banking industry study, which also revealed that PNC is consumers’ favorite national bank based on satisfaction.

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Pacific Bank App Users Prefer Technology to Tellers

By  Kellsy Panno, Analyst, SNL Global Market Intelligence

In the Pacific region of the U.S., consisting of California, Oregon, Washington, Hawaii and Alaska, mobile bank app users are embracing ATMs and smartphones for banking as traditional branches decline. And human branch attendants appear to be less important to bank app users in this region than in other parts of the country, according to S&P Global Market Intelligence’s 2016 Mobile Money survey.

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