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Financial Institutions to Ramp Up ‘Change Programs’ to Reduce Costs, Enhance Customer Experience and Support Digital Innovation

An Accenture survey of nearly 800 financial services executives across Europe, Asia and North America found that more than half of financial institutions plan to increase their investments in major corporate transformation initiatives, or “change programs,” over the next 12 months, primarily due to cost pressures, new regulations, increased customer expectations and digital disruption.

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FI Navigator Releases Retail Mobile Banking Benchmarking for U.S. Banks

June 26 – FI Navigator has released “Retail Mobile Banking Performance – Bank & Vendor Benchmarks,” which provides community banks unprecedented access to quantitative analysis of mobile banking performance for the 4,271 U.S. banks as of March 31, 2017. In addition, the research examines the performance of the 30 hosted solution providers serving the majority of these institutions.

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OCC’s Chief Innovation Officer to Speak at Innovation & Transformation Forum in Kansas City

June 23 – Beth Knickerbocker, acting chief innovation officer for the Office of the Comptroller of the Currency, has been added to the impressive speaker lineup for the Innovation & Transformation Forum, being held July 13 in Kansas City. Her presentation will cover the agency’s focus on Responsible Innovation that ensures that the use of new or improved financial products, services and processes meet the needs of consumers, businesses and communities in a manner that is consistent with sound risk management and is aligned with the bank’s overall business strategy.

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Study Finds Millennials Place Less Importance on Credit Scores Than Any Other Generation

June 21 — Three out of four consumers, 73 percent, say they are aware of their credit standing and 61 percent say their credit standing is important to them right now, but far fewer check their credit score more than once a year, according to a recent independent survey commissioned by Discover. (more…)

Face to Face Interaction Still Important to Banking Consumers

June 21 — TimeTrade, a provider of intelligent customer engagement, announced the results of a new study—The State of Retail Banking 2017—which show that banking consumers still like to conduct business at a local branch, but they expect knowledgeable, highly personalized service from bank employees when they visit.

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ABA Survey Identifies Opportunities, Gaps in Bank Payment Strategy

June 22 – Eighty-seven percent of respondents to the American Bankers Association first-time payments survey indicated that their bank does not have a formal payments strategy. Of those, only 46 percent have plans to develop a formal payments strategy. The survey results were released on the first day of ABA’s inaugural Payments Forum in Washington, D.C.

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New Study Highlights Likely Disruption in Retail Banking

Retail banking has long been a tech-intensive industry. However, a new study from the Clayton Christensen Institute for Disruptive Innovation, in collaboration with Tata Consultancy Services (TCS), examines the competitive impact of recent digitized banking products and services, and how fintech providers – which have few similarities to traditional banks – are attacking virtually every product category in banking.

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Only 20 Percent of Consumers Prefer to Use a Physical Branch or ATM, Survey Reports

June 20 – It is important that consumers use reliable and convenient ways to secure their money to sustain a financially healthy life. According to a recent survey from American Consumer Credit Counseling, 55 percent of consumers use online banking through a website, and 12 percent use mobile banking. Only 20 percent of respondents said they prefer to manage their banking needs by going into a physical branch or ATM.

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Retailers to Lose 71 Billion Dollars in Card-not-Present Fraud Over the Next 5 Years

June 20 – New data from Juniper Research has found that retailers stand to lose $71 billion globally from fraudulent CNP (Card-Not-Present) transactions over the next 5 years. The research found that a number of factors, such as the USA’s shift to EMV cards, delays in 3DS 2.0 (3D-Secure) and click-and-collect fraud were key drivers behind the rise.

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Treasury Recommends Loosening of Regulations

June 19 — The first in a series of reports examining the United States’ financial regulatory system and detailing executive actions and regulatory changes that can be immediately undertaken to provide much-needed relief have been issued by the U.S. Department of the Treasury to President Donald J. Trump.

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