Celent Banking

MAY 10, 2017

Analysts have definite fixed points in our year. For me, one is the spring conference season, and which nearly always includes Nacha Payments , the big US payments conference. I was unable to attend last year, so I was particularly looking forward to returning this year. Indeed, there are groups of people I often only see at the event. After being away, the first thing was that struck the exhibition floor was now much, much smaller.

San Diego 100

San Diego Payments Conference Comparison 100

Celent Banking

MAY 9, 2017

We analysts travel quite a bit to different places around the world. As someone who is always interested in what's going on in the payments world, I have a keener eye on my payments experiences than probably most people. I shared some of my observations about those experience on these pages in the past. Most of the time these days I don't have to think too much about money – my trusted Visa, MasterCard and American Express cards have been serving me well, to the point that I don&

Cards 100

Cards Boston ATM Payments 100

Celent Banking

MAY 8, 2017

We’ve seen that banks are focusing intensely on the customer experience, and very often they’re using technology to try to make that happen, whether it’s through predictive analytics, bots, or new branches. There’s another tack to take that can complement these laudable efforts: just be more human – and mean it! I travel a lot, and so have been reading recent stories of airline customer service disasters with a mixture of horror and disgust.

Customer Experience 160

Customer Experience Course Analytics Technology 160

Celent Banking

MAY 5, 2017

It seems like almost weekly I’m hearing something about a new challenger or digital-only bank brand. The velocity of news is substantial, but despite years of hype, it seems this class of institution is still largely treading water. It reminds me of The Fermi Paradox. The paradox was originally posed as a question by the physicist Enrico Fermi about the apparent contradiction between the probability of life in the universe and the complete lack of evidence to support it.

UX 125

UX Technology Groups US 125

Celent Banking

APRIL 28, 2017

As sharp-eyed Celent retail banking subscribers know, I'm an avid collector of good analogies. I like analogies because they can inject simplicity into the most complex discussions of financial technology, and make abstract concepts become more concrete and accessible to the casual fan of technology. My favorite and I believe useful analogy for banking system engineering is that of automobile engineering, an industry that has a similarly colorful past and has been marked by fits and starts

Innovation 150

Innovation Detroit Community Bank Strategy 150

Celent Banking

APRIL 28, 2017

Finovate Spring 2017 has just finished up in San Jose; go to the Finovate blog at [link] for an official list of the best in show winners. My focus isn’t on individual companies, but rather the broad themes that I picked up from 59 presenters over the course of two days. Themes. 1. Practicality. There were few gee-whiz, wildly futuristic presentations.

San Jose 125

San Jose Customer Experience Technology Analytics 125

Celent Banking

APRIL 28, 2017

As sharp-eyed Celent retail banking subscribers know, I'm an avid collector of good analogies. I like analogies because they can inject simplicity into the most complex discussions of financial technology, and make abstract concepts become more concrete and accessible to the casual fan of technology. My favorite and I believe useful analogy for banking system engineering is that of automobile engineering, an industry that has a similarly colorful past and has been marked by fits and starts

Innovation 134

Innovation Detroit Community Bank Strategy 134

Celent Banking

APRIL 24, 2017

In December, Celent surveyed a panel of North American banks and credit unions to assess the current and likely future state of retail and business banking channel systems. The report is chock full of fascinating insights. Among them is a rather sobering self-assessment of banks' omnichannel delivery capability. A recent experience renting a car painfully demonstrated that banks aren’t the only ones that have a ways to go. 7:00 AM… Me: Visited the company's website.

Atlanta 100

Atlanta System Survey Retail 100

Celent Banking

APRIL 7, 2017

Many of us at Celent just came back from a busy and exciting week in Boston. Undoubtedly, the highlight was attending Celent's Innovation and Insight Day on April 4th, where we celebrated achievements of the Model Bank and Model Insurer award winners. The rain and clouds couldn't obscure spectacular views from the State Room overlooking the Boston harbour.

Case Study 189

Case Study Boston Risk Management Study 189

Celent Banking

MARCH 28, 2017

Over the past few weeks we have been previewing various content themes we will be discussing at our Insight and Innovation Day in Boston on April 4th. I would like to finish this series of posts by looking at the new Model Bank category we introduced this year – Emerging Innovation. When we added this category, we weren’t quite sure what to expect, but we certainly hoped to see the banks’ efforts at the “bleeding edge” of innovation.

Innovation 100

Innovation Boston blockchain social media 100

Celent Banking

MARCH 23, 2017

We’re less than two weeks away from this year’s Insight & Innovation Day! Once again my presentation of the Model Bank Awards for Legacy Transformation will serve as the only barrier to the much anticipated announcement of Celent’s Model Bank of the Year Award for 2017. This is my third year speaking at our Insight & Innovation Day conference, and this is my third year “bringing up the rear” I’m not sure if this status reflects on the critical importan

System 100

System Innovation Conference Course 100

Celent Banking

MARCH 16, 2017

The Association for Financial Professionals (AFP) recently published its 2017 AFP Risk Survey Report of Survey Results. The survey, supported by Marsh & McLennan Companies (Celent’s parent company), provides a snapshot of the challenges organizations face in the current risk environment. Responses from 480 senior-level corporate practitioners (primarily based in the US) formed the basis of the survey.

Survey 100

Survey US Examples Management 100

Celent Banking

MARCH 16, 2017

In a previous post I argued for the enduring importance of human, face-to-face contact in financial services. By the reactions I received, you’d think I was purposefully inciting controversy. One influential industry observer thought I was irresponsible in advocating inaction. Another wrote a lengthy and snarky rebuttal. Others took issue with my comparing retail banking to other retail categories, as if there is nothing to be learned by studying the broader digital commerce landscape.

Survey 113

Survey Mobile Digital Banking Retail 113

Celent Banking

MARCH 14, 2017

This is the next instalment of our Model Banking preview blogs, and it’ll come as no surprise that I will focus on Payments. Reading and evaluating the Model Bank entries is always fascinating. It’s also somewhat frustrating too at times – payments, covering so much territory, often ends up with the tricky task of comparing two very different projects, and trying to decide which is best.

Case Study 100

Case Study Payments Innovation Boston 100

Celent Banking

FEBRUARY 28, 2017

This is the next article in a weekly series highlighting trends and themes from Celent’s Model Bank submission process. For more information on how the Model Bank Awards have evolved, see the first two pieces from my colleagues, Dan Latimore and Zil Bareisis. This week’s article focuses on Model Bank entries in the Products category. Part of the criteria for this category is that the solution needs to be in production and demonstrating business benefits.

Innovation 100

Innovation Lending Boston Trends 100

Celent Banking

MARCH 4, 2017

It is my privilege to be part of the judging panel for Celent Model Bank Awards for 2017 for the following three categories: Fraud Management and Cybersecurity – for the most creative and effective approach to fraud management or cybersecurity. Risk Management – for the most impressive initiative to improve enterprise risk management. Process Automation – for the most effective deployment of technology to automate business processes or decision-making.

Risk Management 100

Risk Management Fraud Management Case Study 100

Celent Banking

MARCH 2, 2017

When it comes time to choose a business partner, banks will favor those who help them execute their third party risk management (TPRM) responsibilities over those who begrudgingly comply. The risk to a bank of doing business with a third party is real; the consequences of a risk event are not only disruptive, but often result in long-term reputational damage that can seriously affect the bottom lines of both the bank and the third party.

How To 100

How To Risk Management Management Regulation 100

Celent Banking

FEBRUARY 28, 2017

This is the next article in a weekly series highlighting trends and themes from Celent’s Model Bank submission process. For more information on how the Model Bank Awards have evolved, see the first two pieces from my colleagues, Dan Latimore and Zil Bareisis. This week’s article focuses on Model Bank entries in the Products category. Part of the criteria for this category is that the solution needs to be in production and demonstrating business benefits.

Innovation 100

Innovation Lending Boston Trends 100

Celent Banking

FEBRUARY 24, 2017

This is the fifth article in a weekly series highlighting trends and themes from Celent’s Model Bank submission process. For more information on how the Model Bank Awards have evolved, see the first two pieces from Dan Latimore and Zil Bareisis. This particular article is focused on innovations in small business and corporate banking: two critical market segments for financial institutions as they seek revenue growth and relevance in the evolving digital B2B marketplace.

Innovation 114

Innovation Boston Technology Meeting 114

Celent Banking

FEBRUARY 22, 2017

In our recently published report on Top Trends in Retail Payments we quoted a European payments professional: “If the publication of PSD2 gave the industry a headache, then the publication of draft RTS gave it a heart attack.” Of course, he was talking about the draft regulatory technical standards (RTS) that the European Banking Authority (EBA) has been tasked to develop for how the industry should implement Payment Serivces Directive's (PSD2) requirements for strong customer a

Payments 114

Payments Analysis Course Industry 114

Celent Banking

FEBRUARY 14, 2017

I take no issue with the growing importance being placed on digital in financial services. Indeed, it does not take extensive examination to see, in Wayne Gretzgy’s words, “where the puck is going” Digital needs to be a top technology priority among financial institutions – particularly in highly digitally-directed markets such as North America and Western Europe.

Retail 100

Retail Survey Boston US 100

Celent Banking

FEBRUARY 1, 2017

This is the third article in a weekly series highlighting trends and themes from Celent’s Model Bank submission process. Dan Latimore and Zil Bareisis led off with two great pieces on the evolution of the Model Bank Awards. Articles from this week on will explore some of the broader themes within each category. Customer experience initiatives are typically the most numerous.

Customer Experience 100

Customer Experience Branding Boston Innovation 100

Celent Banking

JANUARY 26, 2017

British Prime Minister Theresa May visits the United States this afternoon to address a gathering of Republican lawmakers in Philadelphia, followed by a visit to the White House tomorrow. Tomorrow’s meeting is noteworthy, as Prime Minister May will be the first foreign leader to meet with President Trump since the latter’s inauguration only last week.

Regulation 100

Regulation Policies Philadelphia Fintech 100

Celent Banking

JANUARY 24, 2017

In my work as a research analyst, I run into three particularly common mistakes. Banks aren’t the only ones that make these mistakes. I make them too and have to be vigilant to avoid them. 1. Failure to appreciate diversity of needs or preferences. 2. Failure to appreciate the shrinking half-life of facts. 3. Failure to skate to where the puck is going.

Community Bank 100

Community Bank Community Survey Mobile 100

Celent Banking

JANUARY 23, 2017

As my colleague Dan Latimore wrote in the article that began this series , 2017 was the best ever year so far for Celent Model Bank programme in terms of quantity, quality and diversity of nominations. As we went through the judging process, we felt a range of emotions – grateful and privileged to receive so many amazing stories, and daunted by the prospect of having to pick the most worthy award recipients.

Risk Management 100

Risk Management Innovation Case Study Boston 100

Celent Banking

JANUARY 20, 2017

According to the GTNews 2016 Transaction Banking Survey Report, 91% of North American corporates are evaluating their cash management partners. Of those, 27% indicated that improving availability of online and mobile banking tools were a major reason for reviewing their bank relationships, and 55% cited the need for an improved customer experience. Clearly, these responses are evidence that large numbers of corporate clients are less than satisfied with the channel tools and the overall digital

Strategy 100

Strategy User Experience Digital Strategies Tools 100

Celent Banking

JANUARY 20, 2017

Growing up, a family Christmas tradition was that my mother would ritualistically proclaim, “That’s the most beautiful tree ever.” It seems that way with Celent’s Model Bank awards, too. In our tenth year we’ve just been through more than 150 submissions, and just like my mother, I can say that this was the best crop yet. The quantity emphatically broke records, and the quality was outstanding.

Case Study 100

Case Study Boston Innovation Massachusetts 100

Celent Banking

DECEMBER 22, 2016

Earlier this month, Fiserv announced that it is acquiring Online Banking Solutions (OBS), a privately held provider of niche treasury management capabilities. OBS has seen a great deal of success in enabling community banks, credit unions and some regional banks with the digital capabilities needed to meet the emerging needs of more sophisticated business and corporate clients for treasury management services.

Meeting 100

Meeting Strategy Community Bank Regional 100

Celent Banking

DECEMBER 20, 2016

Last week, I had the pleasure of attending and presenting at Branch Transformation 2016 , sponsored by RBR. The event was held in London on 6th-7th December. Unlike one once stalwart retail banking industry event in the US, RBR’s attendance has been on a multi-year growth trajectory. This year, attendance was up 20% over 2015 and included delegate representatives of 116 banks from 53 countries.

Case Study 100

Case Study Metro Study Capital 100

Celent Banking

DECEMBER 20, 2016

Personal Financial Management – PFM – has been a worthy goal pursued by many providers, yet consumers continue to ignore its possibilities. Rather than trying to incrementally expand the share of 10-12% of PFM users, banks should instead focus on the next stage in the evolution of personal finance: Personal Financial Experiences, or PFE.

Customer Experience 100

Customer Experience Digital Banking Management Mobile 100

Celent Banking

DECEMBER 13, 2016

Source: Oliver Wyman, Celent Celent, through its work with Oliver Wyman, estimates the cost to US financial institutions of undertaking due diligence and assessment of new third party engagements to be ~ $750 million per year. Institutions are paying three times as much as their third party to complete on this exercise. The average cost to an institution to carry out due diligence and an assessment of a new critical third party engagement is $15,000 and takes the institution approximately 16 wee

Risk Management 100

Risk Management Management Exercises FDIC 100

Celent Banking

DECEMBER 12, 2016

Celent, through its work with Oliver Wyman, estimates the cost to US financial institutions of undertaking due diligence and assessment of new third party engagements to be ~ $750 million per year. Institutions are paying three times as much as their third party to complete on this exercise. The average cost to an institution to carry out due diligence and an assessment of a new critical third party engagement is $15,000 and takes the institution approximately 16 weeks to complete.

Risk Management 100

Risk Management Management Exercises FDIC 100

Celent Banking

DECEMBER 9, 2016

AI is becoming increasingly interesting to bankers. Last year I wrote a blog about “ Assistant as an App ”, looking at how concierge apps like MaiKai and Penny are offering up AI-driven financial management services. My colleague Dan Latimore also recently posted a blog on AI and its impact. The emergence of chat bots within popular messaging apps like Facebook Messenger, Slack, Kik, and WeChat similarly has the potential to shift how customers interact with financial institutions.

Mobile 100

Mobile Digital Strategies Strategy Examples 100

Celent Banking

DECEMBER 9, 2016

Treasury management plays an important role in a corporation’s globalisation efforts especially in the areas of cash management, banking, foreign exchange risk, and investments. Treasury must address challenges with managing liquidity distributed across markets, currencies, and businesses, especially the need to keep up with regional liquidity nuances and regulatory issues.

Regional 100

Regional Management Fintech Strategy 100

Celent Banking

DECEMBER 5, 2016

No one downloads a banking app from their store of choice for fun, nor do they open it up to amuse themselves. Instead, bank apps are used to accomplish specific tasks – check a balance, pay a bill, send money to a friend. Despite the undeniable utility of these apps, institutions struggle to persuade their customers to use them; adoption rates, depending on the specific measure, hover around 50% and have been stuck for a while at that plateau.

Customer Experience 100

Customer Experience Maine Course Strategy 100

Celent Banking

NOVEMBER 4, 2016

It’s remarkable that in just five years Money 20/20 has gone from a standing start to having about 11,000 [sic – you read that right] registrants. We go to many conferences throughout the course of the year, and the growth in Money 20/20 is unprecedented in the financial services space (as the chart shows). We’ve used data from sponsors and from blogs to assemble the numbers below; there’s no doubt that Money 20/20 is now the 800 pound gorilla in the space.

Conference 100

Conference Course Fintech Payments 100

Celent Banking

NOVEMBER 2, 2016

At Celent we take a very customer-centric view of the banking experience. My husband and I recently relocated and bought a new house. As first-time home buyers, we were nervous about the biggest purchase of our lives. Where do we start? How much will it cost? How do we know what type of loan is right for us? Before I start, there a few things you should know about us.

Millennials 100

Millennials Mobile US Tools 100