Banks are integrating audiovisual technology into their retail locations, creating more personalized and targeted customer engagement.
By Brad Grimes, AVIXA
The banking industry provides its customers with effective and convenient online options in place of many interactions they used to conduct at branch locations. However, although customers can check their balance, send and receive money and even deposit checks on a mobile device, there are still many higher-level conversations that can’t be had through a device.
August 15 — The Innovative Solutions Awards, sponsored by BankNews magazine, recognize companies that have introduced or significantly enhanced products designed to help community banks become more efficient, expand their capabilities and, ultimately, better serve their customers.
Filing regulatory reports can stretch an already tight pool of employees, but QuantaVerse thinks it’s Financial Crime Report can save banks time by automatically compiling information relevant for filing suspicious activity reports. The solution leverages artificial intelligence to include content related to FinCEN’s newly recommended fields and categories such as geographic targeting orders, IP address date/timestamping and new/modified subtypes selections associated with structuring, fraud, money laundering, gaming, identification/documentation, securities and mortgage fraud.
Community and regional banks will face a distinct set of challenges in implementing the new Current Expected Credit Loss accounting standards. Resource restraints (both financial and personnel) aside, there is often a lack of historical default and loss experience data — particularly if the bank has recently experienced a merger or acquisition. Smaller sized institutions may also need support in achieving key goals such as ensuring their risk ratings reflect the expected credit loss of a loan over its contractual life, developing methodologies for converting annual net charge-offs into forward-looking measures of lifetime credit losses, and identifying a reasonable and supportable economic forecast.
Data analytics are essential for picking the best locations for new business.
By Anne High and Andy Grinstead
Reports of the death of the branch have been greatly exaggerated. While consumers are increasingly turning to non-branch channels for day-to-day interactions, branches still play an essential role in primary financial institution selection, and many financial institutions continue to look at expanding market footprint to fuel growth.