Archive for the ‘Banking’ Category

This week the Open Banking Working Group (OBWG) published its framework for the UK Open Banking Standard. The framework seeks to create: • An open API for data that is shared, including, but not limited to, customer data, and • An open data API for market information and relevant open data Secure, publicly accessible Web […]

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Bank of America recently announced that it would triple spending on its mobile app. While no exact dollar amount was given, it made me wonder: what exactly does that entail? In the past, Celent has praised the Bank of America mobile banking apps as some of the best out there. The bank has been going […]

Feb 4th, 2016 | Filed under Banking, Retail Banking

While I’m an outspoken advocate of financial services technology, I have been a bit of a curmudgeon when it comes to mobile wallets. My skeptical attitude reached an apex when I dropped my smartphone in a glass of merlot several years ago and hasn’t recovered. Had my smartphone been my mobile wallet, embarrassment would have […]

Feb 3rd, 2016 | Filed under Banking, Emerging Technology, Payments, Retail Banking

At Celent we run a couple of Banking research panels – one on Branch transformation and another on Digital – where any US-based bank or credit union can participate in surveys we administer on a regular basis. Last week we published the report with findings of our survey we conducted in November 2015 on Digital […]

Feb 2nd, 2016 | Filed under Banking, Emerging Technology, Payments, Retail Banking

Customer acquisition is top of mind for many incumbent banks. They want to win new customers and prevent the loss of profitable current relationships. Received wisdom is that increasing “stickiness” will help customer retention. Based on a wonderful natural experiment in the UK, I contend that the resources currently being used to increase stickiness could […]

Feb 1st, 2016 | Filed under Banking, Retail Banking

The question in the title of this post has become a rather hot topic lately. Earlier this week, I was kindly invited to join the panel on “what’s hot in Fintech” at Citi’s Digital Money Symposium, and it was one of the central questions we debated as a group. My colleague Stephen Greer has also […]

Jan 28th, 2016 | Filed under Banking, Emerging Technology, FinTech, Payments, Retail Banking

Only a couple years ago, as mobile banking was growing rapidly, and the conversation around development strategies was at its height, tablets played a prominent role in channel strategies at the largest and most digitally mature institutions. The consumer interest in tablets over the last year or two, however, has plateaued—even waned. Tablet is nowhere […]

Jan 25th, 2016 | Filed under Banking, Retail Banking

Large financial institutions spent in excess of $25 million on rolling out failed enterprise risk management frameworks during the 2000’s. So why try again? Well for many obvious reasons, the most notable of which has been the large scale failure of institutions to manage their risks and the well-editorialized consequences of those failures. The scale […]

Jan 19th, 2016 | Filed under Banking, Retail Banking, Risk, Uncategorized

Celent feels (and others agree) that it’s important that banks deliver an omnichannel digital customer experience, but the term means different things to different people. Based on our own research, we believe that omnichannel is about delivering a customized but consistent financial institution brand experience to customers across all channels and points of interaction. An […]

Jan 14th, 2016 | Filed under Banking, Corporate Banking, Emerging Technology, FinTech

Typically, analysts opine based on analysis of industry data, informed by product demonstrations, telephone interviews and occasional focus groups. This time, I simply share my own experience at a top-5 US retail bank to illustrate how even seemingly little things may have significant customer impact – both favorably or unfavorably. This past weekend, I had […]

Jan 13th, 2016 | Filed under Banking, Retail Banking