Customer Data Management, Part 1: Best Practices for Cleansing Data

Identify new customers and expand existing relationships with good customer data management.

Good customer data management starts with data cleansing. Use these best practices to identify new customers and expand existing relationships.

How Alternative Data Can Help Your Business

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Competition in the utility sector has never been hotter, and companies are looking for innovative ways to attract more qualified customers. With the use of alternative data, you can gain a broader perspective of customer creditworthiness and increase the efficiency and profitability of your business. New data points Alternative data, also referred to as “nontraditional [Read More...]

Appealing to the Underbanked Brings Out Creativity in Banks

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Appealing to the underbanked has become an area of focus for many major institutions, with mixed success. Some large banks have opened branches in neighborhoods that have long been underserved but have difficulty attracting customers, perhaps because of a language barrier or distrust of large institutions. Still, this market segment has great potential for financial [Read More...]

The Home Equity Loan Is Back: Best Practices for Lenders

Having a consistent process in place reduces time and costs involved in verifying borrower data.

With housing values on the rise again, the home equity loan is back. Homeowners now have equity in their homes, and many are looking to tap into it. As a lender, you will want to employ best practices to ensure you are properly vetting prospective borrowers. Data supplied by home equity loan applicants can be [Read More...]

Debit or Credit? Shifting Payment Methods Represent Opportunity for Banks

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New data is pointing to a changing attitude toward credit these days, especially among the Generation Y. Also known as “Millennials” with birth dates between the early 1980s and the early 2000s, this group has a different attitude toward payment methods — and successful financial institutions are taking notice of the shift. Namely, the Generation [Read More...]

The Future of Banking: The Death of Banker’s Hours

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To understand the future of banking, take a look at the past. Remember “banker’s hours”? A generation or two ago, this term was a euphemism for a shortened workday, since the local financial institution was typically open from 9 a.m. to 4 p.m., Monday through Friday. Saturday banking hours were a novelty. Woe to the [Read More...]

There’s a New Financial Institution in Town, and It’s … Google?

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The role of the financial institution is constantly changing, as banks grow, merge and reinvent themselves. While financial institutions have been trying to become bigger and more nimble by buying each other, new players in the payment space have been taking their share, as well. These newcomers are not banks at all; they are customer-centric [Read More...]