Consumer savings are up, yet so are evictions. Banks need to reach out more to those who are struggling financially, and they could use data as a guide.
Silicon Valley giants are better innovators, software developers and data managers, but banks' inherent advantages shouldn't be discounted, says Sonny Singh, a senior vice president at Oracle.
A majority of banks globally may not be economically viable because their returns on equity aren’t keeping pace with costs, the consultancy said in its annual review of the industry released this week.
Trying to keep pace with big banks that digitize as many processes as possible will undercut community banks’ strengths, according to speakers at this year’s ICBA convention.
While the looming loan-loss accounting standard has been criticized for its complexity and the potential cost to implement, some advocates believe it could also lead to better pricing decisions and improve communication within a bank.
The journey Diane Morais is taking Ally on is all about being more relevant to customers. Doritos offers a lesson on how to do the opposite. CIT's Ellen Alemany says banks are 'terrific' about addressing sexual harassment. But what about the gender pay gap and boardroom balance?
Financial institutions should begin to treat data not just as a means to implementing a business model, but as an integral and valuable part of the business model.
