If you’re tired of hearing the phrase, “But we must innovate,” you’re not alone! While no one can deny the importance of innovation, when you’re focused on revenues and regulatory compliance it can be the farthest thing from your mind. This week’s FIN List takes a closer look at how financial institutions can remove barriers to innovation and implement IT solutions — like regulatory tech, biometrics, digital banking and data analytics — that can position your organization as a leader … and innovator.
- Removing barriers to innovation. Innovation isn’t easy, no matter how you define it. But without an innovation strategy, in a rapidly changing world community banks and credit unions run the risk of being left behind. The first step is to remove any potential barriers to innovation, then identify key areas, and finally, choose a model that will work for your organization.
- Stop treating regulatory problems with Band-Aids. Most financial institutions have treated the recent regulatory storm with a series of Band-Aids, often applied in a disjointed way. It’s time to move beyond this approach. The firms that are committed to tacking regulatory challenges comprehensively and strategically will be best positioned for success.
- The time for biometrics adoption has come. It is well past time that banks and other organizations put passwords to rest, as passwords have done little to stem the rise in cybercrime over the past few years. Biometric authentication offers a convenient path for customers to authenticate themselves without passwords, and leveraging multiple biometric factors increases the accuracy of biometric authentication.
- A better digital banking experience, through technology. Digital banking is transforming how financial institutions deliver service to customers. Designing a better digital banking platform depends upon seven things: know your customer, design for personalization, research and test, eliminate pain points, consider form and function, learn from your competition, and embrace change.
- Using data analytics to shape strategy. Making the decision to finally start using data analytics to achieve your credit union’s goals is just the first step in a Big Data strategy. It’s critical to assess your product portfolio. Then you must determine which strategies will return the most value to your members.
Be sure to follow us on the blog and on LinkedIn to keep up with the latest industry trends. And don’t forget to check back next Wednesday for the latest FIN List.