June 13 – A new study from Juniper Research has found that eCommerce merchants and financial institutions will be investing heavily in online fraud detection solutions over the next five years, with annual spending reaching $9.2 billion by 2020, up by 30% on current levels.
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June 6 – A new study from Juniper Research has found that smartphone and tablet-based mobile point-of sale terminals will take on a significant role in businesses, handling 40% of all retail transaction value by 2021, up from an expected 12% in 2016.
May 31 – Businesses that want to win, serve and retain customers on digital platforms are increasingly turning to American IT firms who can get them to market faster with more effective customer engagement solutions than offshore providers, according to a new CapTech.
May 3 – A new study from Juniper Research has found that the value of online fraudulent transactions is expected to reach $25.6 billion by 2020, up from $10.7 billion last year. This means that by the end of the decade, $4 in every $1,000 of online payments will be fraudulent.
April 29 – DH Corporation (“D+H”), a leading provider of technology solutions to financial institutions globally, has published a white paper that discusses how the United States is moving towards faster payments. The paper, which was co-authored by PNC and The Clearing House, includes lessons learned from schemes in other parts of the world and shares insights on how U.S. financial institutions can improve their competitive position by preparing for faster payments. The paper also provides real-life examples of how faster payments can be used in business-to-business, person-to-person, consumer-to-business and business-to-consumer settings.
By Steve DuPerrieu
It’s an exciting time in the world of fintech. Technologies and strategies that we’ve explored for years—EMV, branch transformation, omnichannel delivery and mobile payments—are no longer just concepts. These ideas are now very much achievable, making 2016 the year of implementation.
February 8 – DH Corporation (TSX:DH), a leading provider of technology solutions to financial institutions globally, has released a white paper showcasing five things that the banking industry must get right with regard to blockchain in order for it to transform the payments landscape.
February 8 – A new study from Juniper Research has found that more than 3 billion loyalty cards will operate as mobile-only or be integrated into mobile apps by 2020, up from 1.4 billion last year.
by Shanda Purcell
Without a doubt, community banks have a dilemma. Under significant market pressure to boost profitability, they need growth. To grow, they must increase their wallet share with existing customers while also attracting new customers, all in an environment of increasing competition and decreasing resources. That problem is old news—but fortunately, there’s an answer that’s anything but.
The financial industry’s latest customer relationship management (CRM) solutions instinctively pinpoint individual customers’ channel preferences and proactively anticipate their product and service needs. They do so by capturing and analyzing each customer relationship and its behavioral patterns, in real-time, by integrating with a bank’s core processing platform. In that way, everyone within the bank can see the data and use it to create a truly exceptional customer experience, leading to higher wallet share, increased loan growth, greater customer acquisition and healthier deposits.
And an exceptional customer experience has never been more important. Case in point: in an effort to identify consumers’ top drivers for choosing and retaining a relationship with a financial institution, CSI recently engaged the Harris Poll to conduct an independent survey of 2,084 randomly selected consumers, age 18 and above, nationwide. These consumers responded to six questions about what matters most to them when it comes to banking.
Among other findings, the results revealed that a staggering 79 percent of consumers surveyed cited customer service as the most important aspect of their relationship with their bank. Although this percentage increased slightly with age (74 percent for respondents under age 35; 87 percent for respondents over age 65), service was the great equalizer when it comes to retention.
Clearly, consumers value a banking relationship that is personal and tailored to their specific needs—whether they’re banking online or calling customer care.
To that end, an innovative, integrated CRM vastly improves the overall customer experience. Blind spots are removed, allowing any employee within the bank to speak intelligently about the customer’s accounts, assist them with questions, refer them to the appropriate party or present them with a personalized offer—all in real-time through the channel of their choice. This boosts profitability because:
- Existing customer relationships, the easiest and biggest opportunity for growth, are naturally promoted because customer needs are proactively anticipated via their preferred channel.
- Lead generation is smoothly facilitated, ensuring the conversion of profitable prospects since the Sales team can easily view, manage and hand off prospects and customers through one system.
- Familial, employment and advisory affiliations are captured, creating new leads with profitability potential that also strengthen the sticking power of the original relationship.
In addition, an integrated CRM provides the agility and mobility that allows today’s institutions to satisfy the demands of busy consumers:
- Any user can access the CRM wherever they need it, i.e. a salesperson meeting with a prospect at their place of business, a branch manager following up with a customer while on the road, even a marketing associate creating a targeted direct mail offer while working from home. This improves work productivity and efficiency, as well as employee satisfaction because they have the tools to be successful right at their fingertips.
- This universal access also increases customer satisfaction. The integrated CRM’s real-time profile identifies high-impact offers and solutions to be presented at the very moment of customer interaction through the customer’s preferred channel.
- Banks can immediately identify and prioritize the most profitable products for the most profitable customers, yielding the greatest possible return.
Integration also facilitates and streamlines communication and collaboration between all business lines, functional groups and banking channels by:
- Generating “smart” dialogue with customers and prospects. They never have to repeat their story because it’s visible and shareable by all within the core system, so they always feel valued.
- Breaking down barriers between business lines, which ensures no opportunities are lost because of a lack of communication.
- Increasing work productivity because no two employees are inadvertently working on the same task for a customer.
- Supporting and protecting the brand image by ensuring a consistent voice, no matter how or with whom the customer is interacting with the bank.
Finally, core integration vastly improves CRM adoption rates among bank employees, because the solutions are easy to use and eliminate duplication of effort.
Let’s face it, bank commerce has evolved dramatically. Consumers now require both a personalized relationship with their bank as well as a wide product and technology range. Banks that meet those two crucial demands will grow their business and rise above the competition. For more information on how an integrated CRM can benefit your institution, download our free white paper, Latest Generation CRM Helps Community Banks Recapture their Competitive Advantage.
Shanda Purcell leads CSI’s Customer Relationship Management (CRM) initiative, providing leadership for the overall design and functionality of the platform. With more than 20 years of business and software development experience, Shanda brings proven leadership to all aspects of the CRM solution, from research to implementation.
October 13 – New research from leading analysts, Juniper Research, finds that more than 1 billion mobile phone users will have used their devices for banking purposes by the end of this year. This global user base is forecast to reach 2 billion by 2020, by which time it will represent 37% of the global adult population.