Webinar: Regulating AI in Banking

The smarter technology gets, the more independent it becomes.

On June 13, 2018, Micronotes CEO and founder Devon Kinkead and Mark Casady, a former member of the Financial Industry Regulatory Authority board of governors, now a general partner with Vestigo Ventures, discussed how the rapidly growing use of artificial intelligence and machine learning in banking—particularly in marketing applications—will affect compliance.

Regulating AI in Banking — Part 4

Regulating AI in Banking — Part 4

One of the major benefits of machine learning is its ability to understand complex systems. For example, you can look at hundreds of variables and ML systems can identify which of those provide the most information gain. ML won’t necessarily tell you the direction in which each variable is likely to move, but I would assert ML does help users understand complex systems.

Regulating AI in Banking — Part 2

Regulating AI in Banking — Part 2

One of the issues that arises with fast-moving technologies, such as artificial intelligence and machine learning, in a highly regulated industry such as banking is the question of legal liability should something go wrong. Since regulation may not be in place beforehand, who is responsible if a perceived violation occurs? Do you blame the AI, do you blame the programmers? Who do you hold responsible?

How Artificial Intelligence is Driving Fast-Learning Financial Service Providers

By Kevin Flanagan, Director of Marketing

Branch visits are down. Online banking continues to grow.

How can financial institutions prevent attrition and delinquency—and drive more business from existing users—when face-to-face interactions are rare and people are blind to banner ads?

We held a webinar on May 8, 2018, featuring Devon Kinkead, founder and CEO of Micronotes, who shared some of the results achieved by fast-learning financial institutions that are using AI-driven interview marketing to engage with users.

Watch the recording of the webinar and learn how to give online users the personalization they expect by using AI-driven interview marketing:

 

 

Out-Learning and Out-Servicing Your Competition

By Kevin Flanagan, Director of Marketing

There was a time when banks and credit unions could ask customers who were visiting a branch if they were interested in additional products or services. However, the explosive growth of digital banking has largely eliminated that opportunity.

But rather than guess what customers and members want, why not ask them while they use online banking? That's how interview marketing works.

We held a webinar on April 25, 2018, featuring Devon Kinkead, founder and CEO of Micronotes, who discussed how banks and credit unions are using AI-driven interview marketing to engage with online users. The presentation examined how this new way of engaging with online users is helping financial institutions reduce attrition and generate more business.

View the webinar recording:

Want to Know What Your Customers Want? Just Ask — Part 2

Want to Know What Your Customers Want? Just Ask — Part 2

Where do you stand with your accountholders? You can't keep or deepen relationships with consumers who won't recommend your institution. If your satisfaction and referral scores are comparatively low, you'll need to address any major issues that surface before launching a big cross-sell campaign. You need to benchmark your base. Benchmarking data, including the Net Promoter® Score, provides a framework to strategically focus on top growth opportunities and challenges.

Want to Know What Your Customers Need? Just Ask — Part 1

Want to Know What Your Customers Need? Just Ask — Part 1

As digital banking has matured, consumer behavior has shifted substantially. People now interact with their financial institutions through digital channels far more than through any other touchpoint. As the way people come to their bank or credit union evolves, how financial institutions market to their accountholders must also change—or they risk losing touch with what consumers want.

Don't Fear Tech, Make it Work for Your Bank (Part 2)

Part 1 of this post discussed why community banks shouldn't be worried that technology is going to put them out of business. Part 2 describes how smaller banks can leverage their community to engage with customers.

By Parker Steed, Client Success Manager

Play to your Strengths

Technology isn’t everything. As a small institution, you know your online banking users better than any megabank. Your users need to know you care about them. So talk to them. Implement their ideas. Focus on building a community they can’t find elsewhere.

Business Insider says that to put up a fight in the space you need to “make customer service the linchpin of [your] business models.”

A financial services institution in Vermont has been seeing interesting patterns in its branch activity. Some of the branches have almost entirely converted to digital channels, while others still use the local branch as a place to grab coffee and connect with neighbors. This institution is hosting and sponsoring events near these active branches and seeing monumental growth. 

People Matter

Staying current and leveraging your strengths is critical to your survival. But don’t neglect the people you are in business to serve. Get out and talk to your users and take their input seriously. If you have a community, then work hard to understand and strengthen it. If you don’t have a community, then get building.

Don't Fear Tech, Make it Work for Your Bank

By Parker Steed, Client Success Manager

Are you worried that technology is going to put your community bank out of business? Don’t be.

While tech giants are trying to steal your business by “combining digital technology with advanced analytics to provide easy-to-use app[s]…customers still trust their primary provider,” according to Jim Marous of the Financial Brand. The question is, what are YOU doing to fight back? And what tools are at your disposal?

Stay Current with Tech
“Artificial Intelligence (AI) is emerging as the savior” of banks and credit unions in this fintech grapple, wrote Mohit Joshi in Finextra. Furthermore, “56 percent of financial services respondents said they were using AI in the past one to three years” according to a recent global AI study.

Just because you don’t have a billion-dollar marketing budget like Bank of America, you can still have the same technology. As a small institution you have access to resources such as Fiserv and FIS. You can enjoy the same technology as the giants, but you don’t have to build it yourself AND you can pay a lot less for it. So, if your bank is still living in the 90’s go upgrade!

(Part two of this post will look at how to make smart decisions about technology and the key role played by people.)

A Marketing Core Processing System

A Marketing Core Processing System

Banking providers think long and hard about their core processing system because, it’s the basis of their business. However, it’s not a differentiator in the marketplace because, every retail banking provider has a functional core processing system. As branches empty, and the basis of competitive differentiation shifts to the digital channels, banking providers need to think about a marketing core processing system that will differentiate them in an increasingly digital banking environment. But, what would a world-class marketing core processing system look like?