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The Next Generation of OFM Is Here

Posted by Bryan Clagett

Jul 25, 2018 11:00:00 AM

The financial industry is in the middle of a generational shift, as digital natives become a larger part of financial institutions’ (FIs) user base.

Adoption and promotion of online financial management (OFM) are meant to maximize user experience and engagement with FIs, yet there are key challenges in delivering user delight:

  • Inability to provide sufficient support for a highly scalable workload
  • Lack of user insights, agile systems, and processes for user retention
  • Digital disruption by third-party payment providers, social media, and alternative currencies
  • Lack of a collaborative platform (involving the user and FI), increasing the complexity of decision making

Given these challenges, FIs need to adopt a comprehensive OFM solution enabling the realization of three key benefits – improved user engagement, internal cost reductions, and increased revenue.

We have identified the key features of an OFM solution that are essential to provide personalized user engagement and enable enhanced, relevant dialog and collaboration.

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Topics: Analytics, financial institution, user experience, online financial management, FI, UX, OFM

Consider a GPS for Your Commercial Loan Portfolio

Posted by Patrick True

Jul 13, 2018 10:15:00 AM

 

Anyone who has spent time travelling or hiking sometime over the last ten years has witnessed an impressive increase in the use of global positioning systems (GPS). These devices and phone apps have become invaluable to folks who spend a lot of time moving from one place to another. The concept of GPS has also worked its way into other automated systems.

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Topics: Relationship Management, Commercial Lending, Customer Experience, fintech, banking, technology, user experience

Mobile Services--Not Just for Borrowers Anymore

Posted by Patrick True

Jun 29, 2018 12:02:00 PM

Commercial lending officers have witnessed mobile banking changing the landscape of general banking services in the last five years. In a recent study, CitiBank estimated a 25% increase in use of mobile banking during 2017. Each year, more clients request greater access to both informational and transactional services through their phones and tablets.

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Topics: Relationship Management, Commercial Lending, Customer Experience, Mobile Banking, fintech, banking, technology, user experience

The Six Primary Benefits of Digital Lending Platforms

Posted by Patrick True

Jun 15, 2018 1:30:00 PM

No one knows the exact date the digital lending movement began. One thing everyone can agree on is that its roots date back to the dot-com era of the late 1990s – starting with mortgage lending and moving toward consumer lending. In the more recent, post-recession years, the movement has been advancing into small business and commercial lending.

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Topics: Relationship Management, Commercial Lending, Customer Experience, Mobile Banking, fintech, banking, technology, user experience

Lending at the (New) Speed of Business

Posted by Patrick True

Jun 1, 2018 1:30:00 PM

 The length of time it takes for a financial institution to render a credit decision will vary widely across organizations as well as loan types. While small working capital obligations and unsecured debt may take only a day or two, commercial real estate and SBA loans can take several weeks for a decision and over a month to close.

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Topics: Relationship Management, Commercial Lending, Customer Experience, Mobile Banking, fintech, banking, technology, user experience

All Rivers Lead to the Sea

Posted by Patrick True

May 18, 2018 1:30:00 PM

 

While all rivers eventually lead to the sea, the route you choose makes all the difference to your passengers and crew.

While the fintech movement has been getting a lot of press in recent years, it is simply a continuation of decades of advancement in financial technology beginning in the early 1980s. While the rate of change may have increased, the process and the motives remain the same.

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Topics: Relationship Management, Commercial Lending, Customer Experience, Mobile Banking, fintech, banking, technology, user experience

Mobile Banking Trends Continuing to Rise

Posted by Hannah Day

May 16, 2018 11:00:00 AM

It’s no secret; mobile banking is a requirement for financial institutions (FIs) today. In 2017, we noticed a few key trends that set the stage for where we are today. These trends are; enhanced customer experience via the mobile device, new authentication methods, and big data.

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Topics: Customer Experience, Mobile Banking, Credit Unions, big data, banking, technology, user experience

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