A practical approach to data management for financial institutions Much virtual ink has been spilled in the last few years about data and analytics. Big data, data science, machine learning, artificial intelligence, neural networks, etc... – new capabilities keep emerging and dozens of articles on the imperative of data and analytics appear every week. Unfortunately, … Continue reading Making Money with Your Data
Committing to customer centricity will almost certainly require a financial institution to invest up-front to support the strategy - an investment that will pay off over several years. Prior to making the decision to begin a customer-centric transformation, it is important that CEOs have a clear view of how the strategy will result in a stronger financial position for … Continue reading How Customer-Centric Strategies Pay Off Financially
Since 1995, the Partners at RedPort have been working on Customer-Centric business models in financial institutions across the globe. From the biggest banks and insurers like US Bank and USAA, to mid-sized credit unions, MFI's and consumer lenders - we have seen countless customer-centricity efforts - many which were successful - and some that were … Continue reading Five Reasons Customer Centricity Fails
In the age of self-driving cars, additive "3D" manufacturing processes, and self-flying delivery drones - how can financial institutions capture similar opportunities enabled by continual advances in sensors, artificial intelligence, and autonomous process automation? Financial institutions need deep analytics solutions that: 1. Start by allowing the definition of the desired business goal like growing market share, … Continue reading Customer Experience 2020: The Emergence of the Autonomous Financial Institution
If you thought you read Excellence in the title of this post, instead of Elegance, we’re glad you did. To us, simplicity is elegance. The most successful banks, insurers, and credit unions operate with an elegant simplicity that includes a clear focus on their customers, a deliberate commitment to knowing what those customers need, and … Continue reading Elegant FI’s
A number of strategies have been employed successfully by a great number of insurers around the world — five strategies, to be precise. One, in particular, has failed miserably on every attempt. RedPort encourages the use of any of the first four. We highly recommend that you don’t even try the fifth; although, it may … Continue reading Do You Run A Spaghetti Strategy?