Banking

Hauling legacy systems to the new age: strategies that work for big banks

  • Digital transformation is daunting, but leading FIs are implementing strategies to push the needle.
  • Introducing a culture of independence and experimentation may become a necessity to keep up with agile development in financial services.
close

Email a Friend

Hauling legacy systems to the new age: strategies that work for big banks

 


subscription wall for TS Pro

0 comments on “Hauling legacy systems to the new age: strategies that work for big banks”

Banking, Financial Education

Banking on wheels: Fifth Third and SpringFour are taking financial wellness for a spin

  • Fifth Third has partnered with SpringFour on its Financial Empowerment Mobile (eBus), which brings banking products and financial health resources to underserved communities.
  • The partnership and relaunch of the eBus comes after a year and a half work involving a diverse range of stakeholders across the bank.
Rabab Ahsan | May 17, 2024
Banking, Lending, The Customer Effect

Unpacking the consumer impact of the Capital One and Discover deal

  • The Capital One-Discover deal may be driven by the complementary attributes of their customers, potentially leading to changes in product offerings and services to better serve consumers.
  • The combined entity could introduce a rewards based debit card as well as relaunch Discover's credit cards for SMBs. Beyond products however it is unlikely that the UX will change dramatically.
Rabab Ahsan | May 14, 2024
Banking

How banks and consumers are responding to the distant potential of Fed rate cuts

  • Earlier hopes of three rate cuts in the year are dwindling to uncertainty over whether any cuts will materialize at all.
  • The impact of sustained higher rates has already permeated banks’ NII as borrowing by businesses and consumers declined, coupled with higher funding costs for banks. Conversely, consumers are grappling not only with expensive borrowing costs but also with a significant portion experiencing loan rejections.
Sara Khairi | May 10, 2024
Banking

Fewer branches and loan products are amplifying customer turnover for CUs

  • Despite the rise in digital banking adoption, consumers are reluctant to entirely abandon traditional brick-and-mortar branches and face-to-face interactions, particularly those who primarily use CUs for their financial needs.
  • CUs may risk losing customers, though, to banks that often have more branches and ATM networks, better online and mobile app technologies, and a wider range of products.
Sara Khairi | May 03, 2024
Banking

“Collections is not something that you do to somebody. Collections only works when it’s collaborative”: Jeoffrey Begin, Head of US Collections at BMO

  • Jeoffrey Begin, Head of US Collections at BMO details how the bank has changed its focus in Collections away from a single transaction and towards the customer.
  • The customer-centric approach to Collections allows the bank to build consumers' financial health but it also requires them to be responsive to changes in their behavior due to factors such as technology.
Rabab Ahsan | May 01, 2024
More Articles