Dynamic Yield by Mastercard’s Post

💡 Discover the top ways banks can sometimes fall behind the times with insights from industry experts including Bluevine CFO David Quinn. On Yahoo Finance: 6 Signs Your Bank Isn’t Keeping Up With the Times 👉 https://blvn.com/4b5Zdp2

📢 New Article Alert I'm excited to share my article on the critical role personalisation plays within the upcoming Consumer Duty regulations coming into full effect this July in the UK. While some banks may view the new mandate as a costly setback, it presents an opportunity to embrace cross-channel personalisation to both meet regulatory requirements and enhance customer experience. Here’s a glimpse of three examples: 🔵 Keep Travelers Informed While Abroad: Personalised notifications can help customers avoid double currency conversion fees by advising them to pay in local currency, making their travel more cost-effective. 🔵 Help Avoid Overdrafts: Banks can use personalisation to alert customers about low balances and potential overdrafts, helping them avoid fees and manage their finances better. 🔵 Offer Scam Warnings: Personalised alerts can inform customers about local scams when traveling, ensuring they stay safe and informed. By integrating these personalised approaches, banks can better align with Consumer Duty mandates while fostering stronger, more meaningful relationships with their customers. 👉 https://lnkd.in/eas4iHFi I’d love to hear your thoughts and experiences on this topic. How is your organisation preparing for the new Consumer Duty regulations? #FinancialServices #Personalisation #ConsumerDuty #BankingInnovation #CustomerExperience #RegTech

As bank customers move online and make fewer trips to their local branches, many national financial institutions are closing down locations. This is not a new trend. Insider Intelligence reported that between 2017 and 2021, nine percent of all branches — around 7,000 locations— shut their doors. #PanditSentiment: banking in changing. But are banking changing fast enough? #AI and #data will pay a significant role in attracting and retaining customers. #AI will play a significant role in improving operations. #gpt #ai #artificialintelligence #datadrivenbanking

The narrative of EMIs being 'better' than banks has recently emerged. But is that accurate? In our latest blog post, our CEO, Charles McManus, discusses the rise of EMIs and their role in providing payment services to firms that many banks have ignored.   So does that make them better? This could be the case for many incumbents, but he explains it's why ClearBank was built – with a different purpose and one that sets us apart. Read his views today. https://lnkd.in/ev8-wNpc

Reading between the lines is how you skate to where the puck is going... If you're looking to play in the financial services space, it's critically important to understand the overarching regulatory pressures, constraints, and opportunities.

What are the top regulatory items on the docket for bankers to watch in 2024? Steve Cocheo, in a companion piece he wrote the first week of January, spoke to Konrad Alt from Klaros Group, who has some predictions on the M&A market. He also spoke to Thomas Vartanian , who says regulators are only watching a small portion of the banking industry, and there are some repercussions to that, and Michele Alt from Klaros, who is ready for fintechs to fall out of their cool seat at the lunch table. And more. Don't miss it:

I have other opinions about smaller institutions and credit unions following the lead. I know a few credit unions that were totally opposite the trend and actually were rivaling and leading in some cases larger institutions. I do agree those customers found massive success having the technologies in place. The idea that credit unions and institutions with fractions of the budget of some of the monster banks out there can compete in a fleet buying game is ludicrous on its face. Credit unions and community banks do not thrive off huge technological leaps in the same manner or speed because it's not really in their business model. Long run it is simply the future. Soon cash only ATMs and ATMs in general will be the minority to ITMs. While that may seem like a bold prediction I am not suggesting it will be tomorrow, but that they are the future, especially with the 'as a service' platform. This is a trend that is and was predictable even pre-covid. We will all be seeing more ITMs, had covid not happened we would still see the same trend but at a slower pace.

Given ICBA and community banker concerns with banking industry concentration and the dramatic growth in assets of the nation’s too-big-to-fail banks, we agree with @USOCC Acting Comptroller Michael Hsu.   Last year's big bank failures and the alarming rate of banking industry concentration — with the largest institutions projected to reach $26 trillion in assets by 2033 — show we need effective capital, liquidity, and resolution standards for the largest banks.   As Comptroller Hsu says, we must avoid repeating the mistakes of the past and avert risks to consumers and the financial system. https://lnkd.in/eV4AqCFQ

It’s clear there are 3 key themes that are front of mind in Commercial Banks to help them win in the market

Matt Deacon, CPA,CA et al: To me, the path is really clear on how the big five banks have left the door wide open for competition to enter the market. The article below is a clear representation of how that remains the case. https://lnkd.in/ejUi95u4