You may already know this, but it’s worth revisiting the basic economy of banking. Banks and credit unions make money by acquiring funds through deposit accounts and then lending those same funds to customers with interest. While they have many direct and indirect channels to lend funds, the most cost-effective way to get the deposit...Read More
If your ATMs are getting old and you are thinking about replacing them or if you have a branch transformation strategy that entails restructuring to a more cost-effective physical delivery platform, going to an interactive/video teller machine (ITMs) must be a consideration. This isn’t an easy decision, especially when there are few banks that can...Read More
The last 12 months have been tough for those in the retail industry, even in an industry where the margins are normally tight. An increased number of bankruptcies shone a light on just how difficult it can be to succeed in retail. As retailers move forward into 2020, they’re seeking ways to streamline their operations even more....Read More
Community banks today find themselves under mounting pressure: The battle for deposits shows no signs of ceasing, new entrants to the space introduce unprecedented competition, customer expectations climb sky-high and technology continues to evolve at a dizzying rate. All the while, these institutions know they must effectively manage regulatory requirements, maintain security protocols and grow...Read More
More business leaders are contemplating how they can streamline cash management for their operations. After all, cash doesn’t seem to be going anywhere, and the costs of handling it are only increasing. In this environment, automation is a smart move. You might be wondering which type of cash management device would be the right fit for...Read More
The ATM was born just a stone’s throw from Swingin’ London in 1967. The first drive-thru pulled up moments after “The Great Gatsby,” in 1930. Two technologies, it would seem, better suited for a Time-Life documentary reel than the real demands of today’s life and times. And yet, bank history fans, they persist. For all...Read More
Even as digital banking gains ground, many customers still prefer human, face-to-face interaction for complex products such as mortgages and investments. And while 60 percent of banking customers use digital channels, online banking only generates 25 percent of sales, according to research by McKinsey & Company. Make no mistake: Branches remain relevant. But as with any...Read More
Back when people visited banks as their sole way to deposit paychecks, make large cash withdrawals and move money between accounts, branches were built to portray security and stability. An armed guard, few windows, and tellers tucked behind iron bars or bulletproof glass assured customers their money was safe. The point of branches was either...Read More
Financial institutions (FIs) are built around evaluating risk and avoiding unnecessary exposure to future macroeconomic changes. From cyber security and loan evaluation to third-party, regulatory and compliance issues, FIs have exacting processes in place to analyze and evaluate risk. When evaluating capital expenditures, however, many of these institutions focus narrowly on the ROI without a...Read More
Shrinkage remains one of the largest pain points for retailers. Whether you find yourself in front of the counter or behind the counter, shrinkage is an issue that directly affects you. Prior to working in the retail industry, I had no idea what shrinkage entailed or that it costs retailers globally $100 billion USD in annual...Read More