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Banks Talk a Good Game But Are Bankrupt When It Comes to Change and Innovation

November 29, 2020 TIBCO Spotfire

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You hear all the time about the incredible pace of change in technology and the way that it affects business, but sometimes we kid ourselves about the real speed of that change and the depth of its effects. Retail banking is a perfect example to illustrate this yawning chasm between the illusion and the less attractive reality. In this article, I want to provide a critique of the banking sector and its failure to change fundamentally and to modernize.

Banking is an old sector: the Banca Monte dei Paschi di Siena has its roots in the 15^th century and the oldest UK banks go back to the 17^th century. We often talk about legacy technologies holding companies back, restricting their speed of operations, and hampering their ability to adapt. Well, established banks have legacy technology in spades.

They also have cultural challenges. The old saying has it that something is “safe as the Bank of England” and that is a standard for security. But today we need banks to be more dynamic and represent something more than being a deposit box for our wealth. Consumers are accustomed to the superb customer experiences in entertainment (Spotify), devices (Apple), retail (Amazon), travel (Uber), and much more. Surveys show that they want their banks to be responsive, easy to use, and available across multiple channels. They’d like banks to be secure but also to be advisors, enable flexible movement of assets between accounts, provide useful data analytics, be cloud- and mobile-friendly, and offer deals that are specifically targeted at their interests.

S-l-o-w progress

At their core, banks now must become digital enterprises, but, frankly, it has been slow going. As Deloitte observed, “While many banks are experimenting with digital, most have yet to make consistent, sustained, and bold moves toward thorough, technology-enabled transformation.”

We all know that retail banking has changed significantly. You can see it in the proliferation of apps and the fact that, in pre-pandemic times, the morning and evening commute are peak times for transactions as people arrange their finances while sitting in trains, buses, and subways. Banking has become a virtual, often mobile business, thanks to new tech-literate consumers pushing banks in that direction. But my fear is that the banks aren’t moving nearly fast enough and that’s bad for us as consumers and bad for the banks themselves.

Banks are under pressure to change because challengers don’t have the legacy constraints of incumbents and because PSD2 and open banking regulations are having the intended effect of promoting banking as a service, delivering transparency and greater competition.

Attend any business technology conference and banks will talk about their digital transformations and customer experience breakthroughs, but it’s my opinion that a lot of this work is more window-dressing than platform building. Or, to put it another way, banks are inserting a temporary pacemaker, rather than undergoing the open-heart surgery that they really need. It’s a case of “look over here” in the form of apps and websites, but the underlying platforms remain old and creaking and that means that the banking incumbents are hampered.

To be fair, I have lots of sympathies here. They simply can’t move as fast as the challenger banks that have had the luxury of starting their infrastructure from scratch and sooner or later that will come back and bite them. Look, for example, at cloud platforms where only 10 or 20 percent of infrastructure has been migrated despite promises of cloud-first strategies and the banking data centers where monolithic on-prem hardware still reigns.

You feel that slowness of action in your interactions with banks that communicate only via issued statements, letters notifying you of changes to Ts and Cs, and threats when you go into the red. Inertia is nothing new in banking either. We like to think that technology change happens in the blink of an eye, but in banking contactless Near Field Communication (NFC) took the best part of 20 years to become mainstream.

This is the dirty secret of banks. They see the need to change but remain shackled. Why are the banks so slow? Historically, because it was hard for competitors to gain banking licences and the capital to really challenge, so there was no catalyst or mandate for change. It’s also because change is tough and fear of downtime or a security compromise to critical systems is very real. More recently, because internal wars in organizations set roundheads against cavaliers, the risk-averse against the bold, resulting in impasse and frustration.

But while change is tough, that’s exactly why banks need to power through. Think of Winston Churchill’s wisdom, “If you’re going through hell, keep going.” How? By a combination of a maniacal focus on expunging legacy systems, placing maximum emphasis on superb customer interaction experiences, and digitally enabling anything that moves.

Banking has become a virtual, often mobile business, thanks to new tech-literate consumers pushing banks in that direction. But banks aren’t moving nearly fast enough and that’s bad for us as consumers and bad for the banks themselves. Click To Tweet

Right now, the banks are surviving, not thriving. They’re rabbits blinking into the headlights of approaching traffic, frozen in the moment. But they need to disrupt themselves before others do it to them. Change is painful but not as painful as the alternative. They have to do much more or they will see a decline in their fortunes due to their bankrupt capacity for innovation and their inflexible infrastructures.

For more on how the banking industry is in transition and how to develop a strategy for addressing these pressing challenges, check out this framework for digital banking transformation.

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The TIBCO Blog

Looks like we’re going to win. Pound sand, Trumpers, on the banks of a river in Egypt

November 12, 2020 Humor

It hasn’t been called yet, but the signs are there and Biden-Harris will speak to the nation tonight. At this writing the swing state margin of victory is less than 2016, but that should change much like the overall plurality is historically high.

Trump could try to corrupt the elector selection process, but that bit of faithlessness is a stretch.

Philadelphia Mayor Jim Kenney: “What the president needs to do, frankly, is put his big boy pants on. He needs to acknowledge that he lost. And he needs to congratulate the winner.”

— Kyle Griffin (@kylegriffin1) November 6, 2020

An email obtained by the Milwaukee Journal Sentinel sent at 5:19 p.m. Thursday by Kenosha for Trump reads: “Trump Victory urgently needs volunteers to make phone calls to Pennsylvania Trump supporters to return their absentee ballots.”https://t.co/C1vzKBUSEp

— Jake Tapper (@jaketapper) November 6, 2020

Step away from the sociopath….

Sources close to the White House said some senior officials inside the White House and the campaign are beginning to quietly back away from Trump, in acts of self-preservation, as the returns in Pennsylvania and Georgia indicate the President will not win reelection. https://t.co/Pi50hRjavO

— Jim Acosta (@Acosta) November 6, 2020

The people around Trump could just …not enable him. Like when your toddler wants to do something bonkers and you say no and just let him just have his meltdown about it in his room. https://t.co/CEskzHFO6d

— Elizabeth Spiers (@espiers) November 6, 2020

Political graffiti appears on the Capital Beltway rail bridge near the Mormon Temple. The bridge is known by some as the “Surrender Dorothy” bridge, when those words put on it decades ago. @WTOP pic.twitter.com/SysfOUp3WP

— Mike Murillo (@MikeMurilloWTOP) November 6, 2020

Networks: If you let Trump scare you out of making the call, you will encourage him to do more things that are intended purely to scare you out of making the call.

— Tom Nichols (@RadioFreeTom) November 6, 2020

It’s like saying “what if Steph Curry were 6’11?”. He wouldn’t be Steph Curry if he were 6’11.

— Nate Silver (@NateSilver538) November 6, 2020

one day you would be one of the leading voices in favor of ending American democracy? Did you picture yourself rising to defend an orange tinged Autocrat? Are you so fucking cynical and nihilistic that you can’t see the damage you are doing with this line of bullshit? I have to

— Steve Schmidt (@SteveSchmidtSES) November 6, 2020

David Sirota, editor-at-large of Jacobin, said that efforts by the anti-Trump ground the Lincoln Project to swing GOP votes away from President Trump were “an epic failure.”

Sirota told Hill.TV’s “Rising” that the group was actually trying to secure a Joe Biden presidency with a GOP-controlled senate, as opposed to actually moving GOP voters towards Democrats.

“In a sense, they went to liberals and said ‘give us money to help us defeat Republicans, that’s our job.’” Sirota said. “So, when Donald Trump actually increases his share of the Republican vote in 2020 versus 2016 when there wasn’t the Lincoln Project, that’s just statistically an epic failure.”

Sirota further said that the group raised more money for “ineffective ads and expensive stunts” than the Democratic party spent to try and win key state legislatures. He noted that those losses could change the course of Congress for the next decade.

A striking feature of America’s presidential results is the degree to which 2020 resembles almost any other recent election https://t.co/DfMB20gLgL

— The Economist (@TheEconomist) November 6, 2020

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Successful Banks Save Money by Bringing Marketing and Sales Together

September 28, 2020 CRM News and Info

When your sales team and your marketing team operate independently, managing leads and customers will be slower and cost more. CRM systems are no longer just for retail or business verticals, banks have the same need to manage customers. Implementing a CRM system for the banking industry is critical to serving your customers at every point in the sales process.

Your bank will save money by giving both marketing and sales a complete snapshot of each customer in a single view so they can spend less time gathering data and more time finding new customers and strengthening existing relationships.

Microsoft Dynamics 365 Customer Engagement helps bring sales and marketing together and saves resources by:

Reducing costs and keeping your teams connected with unified data.
Prioritizing the most promising high-revenue leads and streamlining complex sign up processes.
Automating routine tasks, thus giving sales team members more time to spend with clients.
Responding quickly to customer needs with automated request routing.

Microsoft Dynamics 365 can increase your efficiency and improve your customer relations.

Improve efficiency with a holistic view of your customers

Unify data from all your departments to attain a single comprehensive view of each customer with Dynamics 365 Customer Insights. Create rich customer profiles and define segments.
Export the segments to Dynamics 365 Marketing and execute targeted campaigns.
Leverage artificial intelligence (AI) to boost your target segments and scoring models to prioritize sales-ready leads.

Generate leads across channels to grow opportunities

With Microsoft Dynamics 365 Marketing, you can send out multichannel personalized campaigns to appeal to your customers and prospects.
Align your marketing and sales team using shared information and processes to manage leads and events.

Prioritize and nurture your best leads.

Use custom or out-of-box templates for your promotional emails, emergency communications, and newsletters.
A/B testing functionality lets you try different email variations and choose the ones that best fit your target audience. Use AI to determine the optimal time for sending emails.

Improve response time with Lead Management

As the global workforce pivots to virtual and digital models, the necessity arises for new modes of working and improved relationship management.
With Microsoft Dynamics 365 Sales, you can unify your relationship data across CRM (Customer Relationship Management) systems, social networks such as LinkedIn, and productivity tools to generate insights. Knowing your customers increases your credibility and relationships with them.
Empower your employees with guided processes allowing them to respond to customers more effectively.

Foster collaboration with Opportunity Management

With Dynamics 365 Sales, your entire team has access to the information they need via their preferred application, such as Microsoft Outlook, Dynamics 365, or Teams.
Today’s sales processes require collaboration between departments. By improving meetings, communication, and ways to share data, Microsoft Teams facilitates collaboration among your sales team.
Dynamics 365 Sales enables smart selling with actionable insights and contextual AI. Better intelligence allows you to formulate better strategies.

Build relationships that add value

Microsoft Dynamics 365 Sales integrates with LinkedIn Sales Navigator to give your team embedded inline access to company and personnel details.
Microsoft Dynamics 365 Sales and Marketing is built on the same powerful platform that your employees who work with Office 365 will find familiar. Nurture demand, personalize buyer experiences, build relationships, and make insight-driven decisions to drive more qualified leads and increase revenue.

Modern banking is a customer-driven world. If your bank can understand and serve the needs of your individual customers better than the competition, you will succeed. If you are still using antiquated systems to keep track of your accounts, other banks will take your place.

Crowe CRM for Banking

A Customer Relationship Management solution built for the banking industry will help you manage customers and better understand their needs in order to provide the right solutions, quickly.

Crowe CRM for Banking powered by Microsoft Dynamics 365 empowers bank staff with the tools and information needed to efficiently deliver high-quality, personalized service – for all interactions across all channels. It gives managers and team members the information they need to be effective.

Crowe CRM for Banking on Microsoft AppSource

For more information, contact us at crminfo@crowe.com.

By Ryan Plourde, Crowe, Microsoft Dynamics 365 Gold Partner, www.crowecrm.com

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CRM Software Blog | Dynamics 365

How Banks and Lenders Can Grow Business By Knowing Customers in the Age of Social Distancing

August 13, 2020 Microsoft Dynamics CRM

In this time of social distancing and working remotely, the technology you choose and use to stay close and up to date with your customers is more important than ever.

How do you get a complete view of your customers when you can’t meet with them in person? Having a full-function CRM (Customer Relationship Management) solution such as Microsoft Dynamics 365/CRM and learning to use its versatile tools will go a long way toward seeing you through the present crisis and setting you up for success in the future.

Identify risks, spot opportunities

Even when you can’t meet with clients or prospective clients in person, you need to be able to identify potential portfolio risks before they become a liability; the sooner, the better. You need to be able to increase the efficiency of your operations, so you can promote your business while delivering exceptional customer service.

You can’t fully evaluate your risks without a thorough understanding of the background and needs of your clients. If you know the business and geographic location of a borrower, you’re more likely to understand why they might be struggling right now and when their situation might normalize. But for another customer with a different business in a different location, the same set of data might indicate a significant underlying problem.

Strategically investing in technology that improves automation, customer relationship management, BI, and machine learning can help you assess the financial health of your client base and help your team deliver more personalized service.

A comprehensive, personalized picture of borrowers is possible when lending institutions not only collect but know how to leverage the data. Customer preferences, history, and behaviors paint an individualized view of each customer and make it easily accessible in a centralized location.

The future of banking is now

The right technology solution will also support your various admin and analytical tasks associated with better serving your customers. When these technologies are connected and integrated into one system, you’ll not only get a complete picture; you’ll know what to do with the information and what next steps to take.

The future of banking is online, digital, and mobile. The right technologies can help you mitigate risk by giving you a better understanding of your borrowers, enhance your customer relationships, and help you plot a realistic course for your future.

Download “5 Ways Banks Overcome Strategic Challenges with Microsoft Dynamics 365.”

Meet your biggest challenges in banking with deep insight and support

If you’d like a better, more useful view of your customers to improve service and advance your business, contact our experts at Crowe and ask how Microsoft Dynamics 365 and Crowe CRM for Banking can bring you to the next level.

Contact our team to start the discussion at crminfo@crowe.com or 877-600-2253

By Ryan Plourde, Crowe, a Microsoft Dynamics 365 Gold Partner www.CroweCRM.com

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CRM Software Blog | Dynamics 365

How Banks Can Incite Employees to Track Referrals in the New CRM System

October 25, 2019 Microsoft Dynamics CRM

A CRM system is only valuable if it used.

It doesn’t matter which system you selected, or how much money you spent; if the information it contains is not updated, current, and trustworthy, it will do you no good. In fact, it can actually cause more harm than having no system at all. And if the information is there, but nobody looks at it, that also has no benefit.

There must be something management can do to motivate employees to use the new system. Sometimes a carrot works better than a stick, and sometimes the two are interchangeable.

The stick would be that if you don’t enter the information, you don’t get credit for the work you did. Credit needs to be given only if employees are utilizing the tool. If your employees are neglecting to enter updates into your CRM system, there must be some motivator to change their behavior: the carrot.

Incentives

You have to provide an incentive for your employees. Make a policy that will be either part of their job performance revue or have a company-wide or bank-wide incentive campaign.

For example, the people, or the branch, that have the most completed profiles will get some reward. Once the behavior is a pattern, it’s easier to sustain. Or give $ 25.00 every time there is a qualified referral. Then if an account is opened, money goes into a pool of credit for their branch because they sent a good referral that actually led to new business.

Accountability

Some banks tie the information entered into CRM to a referral bonus. If the employee does not put the referral into the CRM system, they do not get credit for it. That credit is a monetary referral payment (carrot!). They may make some insurance or investment referrals. And if they haven’t put those into the CRM system, at the end of the month if an account was opened, they won’t be credited for the referral. That directly affects their pocket.

Updating your CRM It is also a security measure because clients may move to other branches. Putting the referral into the CRM system is a way for your employee to claim it as theirs. Even if an account is opened at a different branch the original rep can say, “Nope, here are the notes, with timestamp in CRM, showing that I have been working with that customer for months.”

Which Banker Gets Credit?

Here’s a scenario that happened recently at one bank where one of the bankers was working on an investment relationship for a client. She knew the mother had sold her house, and there was going to be investable dollars coming in. She had referred her to the investment department a year earlier, but the person she referred her to worked the lead but just didn’t feel like it was going anywhere, so she marked it as “lost lead” in CRM. However, the notes remained in the CRM system.

When the customer came back to the bank, she now had the cash, and she sat and waited for the banker who happened to be out sick that day. So she left intending to come back another day. Instead, on her way home, she stopped at a different branch just to throw the check into her account. The teller at that bank did a good job saying, “Hey, this is a lot of money, are you sure you don’t want to do something more with this?” The customer said, “Well, actually I do.” So, that teller referred her to someone at that branch. This interaction was also recorded in the CRM system. But now there was this conflict: who had referred the lead?

The teller didn’t do anything wrong. The client didn’t say to the teller that she was already working with somebody else. The teller did what she was trained to do, and we don’t want to punish her now.

Because of the notes in the CRM system, the credit was split to create a fair outcome for everyone who had put work into this client.

This happens all the time; a client walks into a different branch, the bankers think they own the client. But the client thinks the bankers are all one big family, so it doesn’t matter who referred them.

Close the Loop

Even when referrals are entered, the loop still needs to be closed when the deal is done.

Some banks run a monthly report that shows closed investment relationships based off of referrals from the branch. And unless it’s in the CRM system they don’t get the credit. So, somebody in a position of a “data steward” is tasked to make sure the branches get their credit, and that the advisors have “flipped the switch” in the CRM system to confirm that the referral has become a relationship.

Before the end of the month they have to go in and turn the referral into an open account, pulling it from their active pipeline to their production pipeline. Then the report is run, and the dollars can be verified.

Crowe CRM for Banking

Crowe works with 1,800 financial services organizations across the country, including more than two-thirds of the top 100 U.S. banks. With Crowe CRM for Banking powered by Microsoft Dynamics 365, you can get a true 360-degree view of the customer – with a single view into all communications, interactions, operations, and relationships.

Key features:

Activity management: Quickly capture call notes and schedule follow-up activities for efficient and timely follow-up. Efficient activity management increases revenue opportunity, accelerates lead conversion rates, and allows a proactive approach to customer communication.

Lead management: Automate your lead management and sales qualification process in one central location. Convert incoming leads from email messages and use-guided dialogues to streamline the qualification process.

Network management: Leverage built-in LinkedIn and other social media integrations to build network connections, drive new referral leads, and create leads and contacts in your CRM software without retyping.

Best of all, Crowe CRM for Banking has a familiar, easy-to-use interface, with familiar tools, such as Microsoft Outlook, Excel, and Word, easing user adoption and lowering the cost of learning. Remember, the most effective system is the one that your team will use.

For more information about Crowe CRM for Banking, contact us at +1 877 600 2253 or visit www.crowecrm.com

By Ryan Plourde, Crowe, Microsoft Dynamics Gold Partner, www.crowe.com/crm

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CRM Software Blog | Dynamics 365

How the Right CRM System Helps Banks Identify Star Employees

October 9, 2019 Microsoft Dynamics CRM

How good are your team members at referring customers to other services offered by your bank to expand your “share of wallet”?

With the right CRM system, you can run activity reports based on employees. You can see how many referrals they have attempted to make, if the prospects were qualified or not, and if the referral resulted in additional revenue to the bank. This can be especially helpful during an employee’s annual review.

A low score on these activities can highlight the need for additional training or an updated incentive plan. It can also spotlight those few employees who are performing far above the others.

For example, if your bank has one hundred tellers, there may be five that really stand out as doing more than the others. You can single them out for commendation, give them additional responsibility, or promote them to a higher position.

The same analysis can be used for all departments. Is the sales team cross-referring to other departments? Are the commercial lenders sending anything into investments and back to the bank? You can easily see who are the givers and not just the takers.

The Right CRM System for Banking

A well-defined and executed customer relationship management (CRM) strategy with Microsoft Dynamics 365 at its center can help banks focus on imperatives such as increased customer acquisition, better customer engagement, and improved efficiency and revenue.

Crowe works with 1,800 financial services organizations across the country, including more than two-thirds of the top 100 U.S. banks.

Crowe CRM for Banking, built on Microsoft Dynamics 365, empowers bank staff with the tools and information needed to efficiently deliver high-quality, personalized service – for all interactions, across all channels. It gives managers and team members the information they need to be effective.

For more information about Crowe CRM for Banking, contact us at +1 877 600 2253 or crminfo@crowe.com.

Download the eBook: 5 Ways Banks Overcome Strategic Challenges with Microsoft Dynamics 365

By Ryan Plourde, Crowe, Microsoft Dynamics 365 Gold Partner, www.crowecrm.com

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CRM Software Blog | Dynamics 365

How Fintechs Are Taking Traditional Banks By Siege

September 5, 2019 BI News and Info

In 1903, United Kingdom Member of Parliament (MP) Mr. Scott-Montague said, “I do not believe the introduction of motor-cars will ever affect the riding of horses.” We all know how that panned out.

The initial reactions of banks toward fintechs were similar.

According to Accenture, today’s fintechs, big techs, and other challengers have gained one-third of new revenue at the expense of traditional banks. And according to KPMG’s Pulse of Fintech 2018 report, total investment activity in fintech, including venture capital, private equity, and mergers and acquisitions, increased from around $ 19 billion in 2013 to about $ 112 billion in 2018.

This data indicates that interest in fintechs – and the threat from them – is real and current. If the threat is neglected for too long, Bill Gates’ ominous 1993 statement – “Banking is necessary, banks are not” – could come true.

The constraints of traditional banks

Banks have their own strengths, including being in the business for centuries and having associations with and access to customers and their data. But they are hamstrung by legacy systems, stifling regulations, and an inability to explore the true potential of emerging technologies due to lack of expertise and cultural inertia regarding change.

For the same reasons, banks are plagued with inefficient delivery systems, which leads to huge cost and associated dissatisfaction of customers. Their inability – and to some extent unwillingness – to explore emerging technologies has resulted in lack of innovation. Accordingly, they lag fintechs in coming up with new products and services, capturing new customers, and creating new markets and customer bases.

Fintechs: Modus operandi and strengths

Disentangle the web of core functions of financial services
Use emerging technologies to address inefficiencies of each core function
Use innovation to improve products and services at low cost and lure customers away from banks
Keep the customer experience at the center of all strategies

Unlike traditional players, fintechs are unencumbered by most government regulations and legacy infrastructure, which helps them keep their processes agile, lean, and efficient. They are better at leveraging emerging technologies to create innovative products, services, and ways to interact with customers, and consequently provide a delightful experience. The result? Customers are moving away from traditional players and toward challengers.

Fintechs also keep their customers at the core of all their strategies and incorporate emerging technologies into their culture.

To offer a loan, for example, traditional banks require lenders to provide documents such as salary paystubs, bank account details, credit histories, etc. In contrast, startups such as Branch International use analytics based on digital footprints to process loans. This approach enables them to tap into an entirely new market of customers, including those who may have been unable to access credit from banks due to lack of documents.

Similarly, M-Pesa makes use of mobile technology to help people deposit and transfer money by simple SMS or message. This spares customers the hassle of visiting a bank branch, opening an account, and performing transactions.

Similarly, Clover Health uses customers’ data to predict and prevent emergencies and improve the health of both the insured and the insurers. Meanwhile, Kabbage provides automated lending to small businesses, and Apttus uses AI to ease the sales contract process.

Using a customer-centric approach and emerging technologies, fintechs are able to improve internal processes, offer financial services to unbanked and underbanked customers, and provide customers with an entirely new financial service experience.

From confrontation to collaboration

However, not all is rosy for fintechs and thorny for banks. Even as fintechs continue to make inroads, banks are starting to wake up and protect their turf. And fintechs are facing their own challenges, including funding, scaling up, and accessing customers.

Confrontation is costly, so traditional banks and fintechs are starting to form alliances: Banks, for example, offer budgets and customer access and data, while fintechs bring culture, drive, ideas, and tech savvy. This type of collaboration is a win-win, helping banks acquire new technologies and create new products, solutions, and services while fintechs benefit from access to customer data, which they can use to improve their products and provide better services.

Banks are also pursuing collaborations with integrated platform providers, which help them implement emerging technologies to improve legacy infrastructure and ultimately offer new products, solutions, and services. They are also helping them transition smoothly from legacy systems to new infrastructures. Such partnerships are helping traditionally technology-averse financial service organizations become technology-enabled intelligent enterprises.

If traditional banks and fintechs continue to collaborate, they can build an ecosystem of intelligent enterprises with improved infrastructures, and offer customers better products, services, and solutions. That would turn the siege into a friendship that would benefit everyone.

For more on tech innovation in the banking industry, see “Biting The Hand That Feeds.”

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Digitalist Magazine

KBTG Banks on TIBCO® Data Virtualization to Deliver Digital Lifestyle Banking

August 25, 2019 TIBCO Spotfire

In an era where our lifestyles are becoming more digital, KBTG is striving to be the digital bank of the future. A subsidiary of Thailand-based K Bank, KBTG provides 16 million retail banking customers with flexible and agile services. With the growth of digital banking, it needed to find a much faster way to provide data for internal teams enabling mobile banking apps. KBTG’s goal is to compete with non-banking companies that offer more choices for digital banking to fit customer lifestyles.

To solve this problem, KBTG turned to TIBCO® Data Virtualization software to improve its data delivery. The bank now leads the charge for digital lifestyle banking, where customers can perform all banking activities on a mobile device. With the implementation of TIBCO® Data Virtualization, KBTG can handle up to 10 million transactions per day, with the data virtualization layer pulling from 20-30 downstream systems and 12-15 data sources.

And the results speak for themselves; with a data virtualization layer, KBTG has seen the following benefits:

Provided stability for higher performance apps, better maintenance and support, and flexibility
Saved time and effort of physically moving data into a single source and a format that customers can easily understand
Drew data from various sources and published in a variety of formats within weeks, and delivered them in a standardized format within a single layer

Learn more about how KBTG used TIBCO® Data Virtualization software to create a stable data platform enabling high performing internal IT and mobile services to fulfill its goal.

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The TIBCO Blog

GoCardless banks on NetSuite to support international expansion

July 11, 2019 NetSuite

NetSuite Helps Innovative UK Fintech Company Enhance Financial Operations and Reshape Global Payments Industry

LONDON, UK—July 11, 2019—GoCardless, a global direct debit network headquartered in the UK, has selected Oracle NetSuite to support its mission to take the pain out of getting paid for businesses with recurring revenue. With NetSuite, the fintech company, which grew by 60 percent in the last year, has been able to automate financial management and help reduce the complexities of operating across multiple markets, currencies and tax laws as it rapidly expands its international operations.

Founded in 2012, GoCardless has created a global bank debit network to rival credit and debit cards, as well as a platform designed to take invoice, subscription, membership and instalment payments. As demand for its services grows, with $ 10 billion in transactions a year and 40,000 customers around the world, GoCardless needed a single, scalable business platform that could provide the visibility and control required to optimise its financial reporting. After a careful evaluation, GoCardless selected NetSuite to manage and automate core business processes.

pr 2017highlights team GoCardless banks on NetSuite to support international expansion

“Since implementing NetSuite, we have gone from basic accounting to conducting in-depth financial analysis,” said Catherine Birkett, CFO, GoCardless. “We can now report financial close faster and more accurately, quickly and easily setup new subsidiaries, and efficiently meet our stakeholders’ reporting requirements. This is incredibly valuable as we continue to expand into new markets and the best part about NetSuite is we now have a solution that will scale with our growth path for years to come.”

With NetSuite, GoCardless will be able to increase the agility of its financial operations as it expands globally. By gaining a unified view into the business, GoCardless will be better enabled to address the complexity it faces with entering new international markets and make decisions more confidently and quickly.

“GoCardless has a very advanced business model that is changing the way organizations collect payments,” said Nicky Tozer, VP of EMEA, Oracle NetSuite. “As its network expands to cover North America, Australia and more than 30 European countries, GoCardless needed a single and scalable business platform that could support its future growth and that’s why it selected NetSuite.”

About GoCardless
GoCardless is a global leader in recurring payments. GoCardless’ global payments network and technology platform take the pain out of getting paid for businesses with recurring revenue. More than 40,000 businesses worldwide, from multinational corporations to SMBs, transact through GoCardless each month, and the business processes $ 10bn of payments each year. GoCardless now has five offices: UK, France, Australia, Germany and USA.

About Oracle NetSuite
For more than 20 years, Oracle NetSuite has helped organizations grow, scale and adapt to change. NetSuite provides a suite of cloud-based applications, which includes financials / Enterprise Resource Planning (ERP), HR, professional services automation and omnichannel commerce, used by more than 18,000 customers in 203 countries and dependent territories.

For more information, please visit http://www.netsuite.com.

Follow NetSuite’s Cloud blog, Facebook page and @NetSuite Twitter handle for real-time updates.

About Oracle
The Oracle Cloud offers complete SaaS application suites for ERP, HCM and CX, plus best-in-class database Platform as a Service (PaaS) and Infrastructure as a Service (IaaS) from data centers throughout the Americas, Europe and Asia. For more information about Oracle (NYSE:ORCL), please visit us at oracle.com.

Trademarks
Oracle and Java are registered trademarks of Oracle and/or its affiliates.

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How Banks Can Help During US Federal Furlough

January 23, 2019 FICO

The longest government shutdown in US history is also a historic opportunity for banks, fintechs and bank challengers to show they’re serious about helping customers.

Financial industry collection organizations should follow the lead of the Department of Veterans Affairs, which is offering veterans with debt to the VA a suspension of collection activity for up to 90 days. FIs can make an even more flexible range of options available to their customers employed by the federal government. And while the proportion of federal employees in a company’s portfolio may be small, the press coverage around the shutdown makes this a disproportionately large opportunity to get the message across—to all current and prospective customers—that the bank is committed to helping them maintain good credit and capable of doing it in a timely and flexible manner.

Many furloughed customers could benefit, for example, from a temporary payment holiday along with a freeze on interest charges and any fees associated with the account. Others, especially those in two-income households, might prefer the option of changing a current payment plan to align with the payroll schedule of a second earner. Still others may want to continue with their current payment schedule, and banks can provide an incentive to make this option attractive.

Identifying the affected customers and reaching out to them with appropriate offers via email, SMS or mobile app is not a time-consuming labor-intensive project. The process—including assessing the impact on the FI’s own finances—is simple and fast. Banks using modern debt management software can do it in a day.

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