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Sean KennellyDirector, Solution Consulting
aa8 LOS Features Credit Unions and BanksNeed to Stay Competitive
American BankerRetail Banking: How to Avoid Digital Disruption and Gain Market Share
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Ongoing digitization is transforming all industry sectors, including retail banking. The resulting disruption is already profound and will only grow in the coming years…banks that are slow to respond could lose 35 percent of their market share by 2020.
The Lending Disruption
Consumer Needs Are Changing
Banks Frustrate Consumers Who Want a More Personal Experience
Consumers -- particularly Millennials -- still require knowledgeable, personalized assistance when making banking decisions, but research reveals a disconnect between consumer expectations and the experience banks deliver.
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Transforming Legacy Systems - A Top Priority
Initiatives
3. Focus on Enterprise Usability and Data Analytics
4. Create Adaptive Routing for Best Customer and Staff Action
5. Develop Robust Interface Design Testing for Clarity and Ease of Use
Initiatives
6. Balance Customer Experience with Security
7. Deliver Fraud Protection as a Service Component
Initiatives
1. Transform the Organization to Modernize Legacy Systems
2. Build the “Right Sized” Solution
1.Modernize the
Digital Bank
2.Improve Access
and Usability
3.Balance Security
With Service
The Challenge
1. Competition is Fierce
2. Consumer Expectation are High
3. Legacy Systems hold you back
Growing Your Book of BusinessThrough Efficiency
Automated Decisioning
Say ‘Yes’ to your members faster
Make your lenders 2X more efficient by auto-adjudicating up to 50% of loans
Significantly reduce compliance risk
Decision Engine Must Haves1. Ability to model existing manual decision grids2. Ability to increase approvals over time without increasing risk
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Credit unions and banks can increase loan growth 27% by doing one simple thing; increase system decisions on loan applications.
Automated Pricing
Employ organizational pricing rules instantly
Pricing engine should allow relationship factors such as book of business or years of membership to influence pricing
Pricing engine should allow application specific options to influence pricing
Umbrella Lending
Process multiple loans twice as efficiently
• No double-keying of information
• No duplicate paperwork
Ensure products can be approved individually – not an “all-or-nothing” decision
CRM Integration
Increase cross-sell/up-sell with the click of a button
Stop your lenders from leaving money on the table
Deliver more targeted offers
“”- CEB Retail Banking
Relationship managers who took the time to challenge the customer’s coming-in position, reshape their understanding of goals, and then take them to the best solution generated 28% more loans than their more complacent colleagues.
Flexible Digital Documents
Document templates should be managed by lending departments
Standard, digital ready formats should be supported
Complete documents should be digitally archived
Omni-Channel Lending:The Way of the Future
New branch formats… work in conjunction with digital banking to create, ideally, a seamless experience for customers who might do their banking on any number of devices. Bankers are calling this an “omni-channel” experience.
Omni-Channel Lending
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Omni-Channel Lending
Self-Serve
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Are you offering loans where your members can easily access them? In a recent study, 90% of millennials said they use digital banking channels more frequently than they use a branch.
- TD Bank, Financial Education Study
Mobile Lending
“ ”Banking is no longer somewhere you go, but something you do.
- Brett King (Amazon best-selling author – Bank 3.0)
Ask The Expert
Sean KennellyDirector, Solution Consulting
www.doxim.com
866.475.9876
