As routine branch transactions drop, customers increasingly turn to the six largest banks for advice.
Now in its second year, the J.D. Power 2019 U.S. Retail Banking Advice Study surveyed 3,719 U.S. retail bank customers who received any advice/guidance from their primary bank regarding relevant products and services or other financial needs and 3,405 U.S. retail bank customers who opened a new account within the past 12 months. According to results, big banks are outpacing regional banks when it comes to financial advice, all while routine branch transactions are dropping.
By Alyssa Arredondo
After major data breaches — like the 2018 attacks on Marriott, Facebook, and Macy’s — merchants aren’t the only ones forced to take action. Consumers and financial institutions are often left to pick up the pieces by having to cancel payment cards and retake control of their financial data, causing strains on members, customers and institutions.
By Thorsten Hein
Changing regulations and new accounting standards are
creating enormous challenges for financial organizations. To successfully meet
these new requirements, organizations need to rethink the way they operate.
Study finds neither is a key factor in determining customers’ loyalty to banks.
Banks can sideline disruption and achieve customer growth with better data utilization, according to results of a new study conducted by Forrester Consulting on behalf of Equifax. The analysis aimed to evaluated the fragmenting value chain in the banking industry and to provide guidance for banks on remaining competitive amid growing competition and quickly changing consumer expectations.
Just because you outsource it, you’re still responsible for it. — Terry Ammons
By Alaina Webster
At a time when more and more financial institutions are outsourcing pieces of their operations, good vendor management has become crucial to success. From improving the bottom line to staying in the good graces of regulators, staying on top of vendor services and understanding the vulnerabilities they present is a key challenge.