Community bankers take pride in their personal touch with customers, but they must extend it to mobile platforms. A good start is creating digital hubs that let customers view their full financial picture in one place, a chief technology officer says.
People's United in Connecticut pored over all the customer data it could find to persuade customers to give the midsize bank — instead of advisory firms and investment houses — a shot at managing their money.
Artificial intelligence will reshape the job landscape at banks; people still want to open accounts at a branch; Mick Mulvaney stacks CFPB bench with political appointees; and more from this week's most-read stories.
In a move rare for the industry, the bank bought a team of data scientists to bolster its artificial intelligence efforts in areas including product recommendations and fraud prevention.
Home equity lines could double over the next six years. Some banks are actively pursuing the consumer credit opportunity, whereas many still feel stung by the housing crisis, unimpressed by home equity’s comeback so far or fearful of nonbank competition and fraud.
