Category Archives: Technology & Operations

Education Summit & Expo 2015 Sneak Peek: Technology & Operations Track

Technology & Operations Working Peer Group Session
Presented by Andrew Kim, Director, FIS Global
Cybersecurity: What You Must Know and Do
Tuesday September 22,  2:45-4:45 pm

Cybersecurity breaches continue to happen to banks, and the threats are becoming more and more sophisticated. We will examine case studies to learn how to handle these advanced cybersecurity attacks, prevent breaches and pass regulatory scrutiny.

Part of this discussion will revolve around effectively incorporating the FFIEC Cybersecurity Assessment Tool and the U.S. Department of Commerce’s National Institute of Standards and Technology Framework for Improving Critical Infrastructure Cybersecurity into your risk management framework.

Coming to Education Summit & Expo 2015 in San Diego? Get ready for this session by downloading FIS’s latest Regulatory Intelligence Briefing: FFIEC Cybersecurity Assessment.

Education Summit & Expo 2015 is at the forefront of an industry undergoing constant transformation and it is just around the corner! Our Working Peer Group Sessions will allow attendees to leverage the real-world experience and shared brain-trust of their peers in as non-competitive environment. Register today.

FinovateSpring 2015 – Presenters Announced!

FinovateSpring 2015 (May 12 & 13, San Jose) is right around the corner, and the presenter lineup has just been announced! In Finovate fashion, each of these 72 hot young startups & leading established companies will have just 7 minutes on stage to demo their best, new fintech. It’s sure to be an exciting event, and we hope you’ll join us (and SAVE 20% when you do)!
Here’s a first look at the innovative companies selected for this year’s event (several additional stealth companies will be announced closer to the event):

Companies selected for FinovateSpring2015

Some of the innovative companies selected for FinovateSpring2015

For more information on these presenters, visit the Finovate blog and presenter webpage.
With 72 companies on stage and EIGHT HOURS of networking, no other event packs as much unique value into just two days. Catch up on the latest fintech innovations and connect with some of the most interesting minds in the industry — all for the early-bird rate!
Early-Bird Tickets are on sale for $1,395 through Friday, April 3 (a $100 savings on the list price). Register now at finovatespring2015.eventbrite.com to lock in your spot today! And, don’t forget, because of Western Independent Bankers’ partnership with Finovate, you save another 20% when you use the discount code WIB20.

See you there!

Have you met our products and services team?

WIBBetty&Matt

Betty & Matt: WIB Products and Services Team

Here at WIB, we’re always on the lookout for the latest and greatest that we can bring to our community bank members. Betty House, SVP & CTO along with Matt Langley, Products and Services Coordinator make up our Products and Services team and are on the lookout for the best and the brightest for our community bank members to add to our vetted list of Endorsed Program Partners.

They’re especially excited about Finovate this spring in San Jose, a two-day showcase of the best financial and banking technology innovations from leading established companies and hot young start-ups. The format is quite interesting as well: short, 7 minute demos on stage allow each company to show off their latest products. Following this, there are networking sessions where attendees speak directly with senior executives from each demoing company.

Finovate has offered our members a generous 20% discount on registrations to the event this spring. Say hello to Betty and Matt while you’re there!

Use code WIB20 and register here to attend.

Defining Your Customer Experience Leads to Loyalty

By David Peterson, EVP Customer Experience and Strategy Q2 Software, Inc.

Let’s face it, defining a superior customer experience is a tricky prospect. Everyone knows what “customer” means. The confusion arises from the word “experience.” What does that word mean in the context of providing financial services? Is it 24-hour support? Does it mean products work as advertised and your account holders are happy – or just not complaining? What exactly constitutes an “experience”?

A few years ago, Harley Manning at Forrester created a definition of “Customer Experience.” He noted an experience must come from the perspective of the customer and have three components: 1) be useful (deliver value), 2) be usable (make it easy to find and engage with the value), and 3) be enjoyable (emotionally engaging).

This is a pretty good definition, however, I would summarize superior customer experience this way: Superior customer experience occurs when a company or an institution consistently exceeds customer expectations, leaving them with a feeling of delight.

Most businesses – including financial institutions – aim to provide superior customer service. That being said, the definition of “superior” is often times defined by the company, rather than its customers. The problem is, the essence of “customer experience” is individual and emotional. The key, then, to providing this experience is to create a business that focuses on delighting each end user.

A huge factor in this endeavor is that consumer expectations of their FIs are now driven by their non-financial brand experiences with services such as Netflix and Facebook, who offer applications on any device, anywhere, at any time. Customers now expect a unified experience between their smartphone, tablet, and online banking services. This experience not only has a consistent user interface and navigation, but it is optimized for each specific device. A tablet-first design is also critical because it provides both access to the services your FI offers and enables customers to swipe, touch, and tap intuitively in an engaging way.

Beyond the “any” access strategy, becoming aware of all of the ways that an account holder comes into contact with your organization is necessary. If you are a typical financial institution, customers can walk into a branch, call you on the phone, see your ads, read about you in the newspaper, go to your website, talk about you via social media, access virtual support, open your statements and other snail mailings, talk with the CEO at Kiwanis, and more. Have you planned for a great experience to be the logical outcome of your account holder’s interactions or are you just hoping it will happen?

Make a specific organization-wide focus to change the interactions you have with your account holders at every touch point, with a focus on creating an experience, built over time. Your strongest asset is your people and they are human, so they will make mistakes. However, if you compile a storehouse of superior experiences with your account holders, one bad event will not deter from their overall emotional response. By investing in delivering a positive emotional response from your account holders – consistently delivered from every touch point – you will come closer to acquiring the one trait that you can no longer buy or generationally expect, loyalty.

The Whole of UX Design: Greater than the Sum of Its Parts

By Lisa Wade, UI / UX Designer/Product Management at Q2 Software, Inc.

Not so long ago, one of the biggest challenges for web application designers was creating intuitive, consistent experiences across multiple browsers. Once smartphones became ubiquitous, the focus shifted to touch-friendly controls and responsive layouts in order to provide similar experiences on PCs and smartphones. Today, however, with the mobile device market exploding to include tablets, phablets, glasses, and smartwatches, the competition to produce software offering innovative, multi-device experiences has reached a fever pitch, and the challenge has become far more vexing.

Today’s UI/UX designers must look at multi-device design holistically—considering not only screen sizes, touch zones, and consistency between devices, but also the who/what/where/when/why/how of device usage. As designers, developers, and product owners we must commit to broadening our focus on user experience. Ignoring the full picture of how users interact with their devices is analogous to deciding at the beginning of a test that you won’t answer the last five questions – producing an A+ isn’t even a possibility.

As Google’s Senior User Experience Designer, Michal Levin, points out in her book Designing Multi-Device Experiences, 86% of consumers use their smartphones while using other devices. Because smartphone use is often rushed and subject to interruption, users are likely to perform shorter tasks or stop in the middle of their tasks and try to resume them later. A good phone-oriented design will give priority to tasks that users are most likely to perform on phones, and offer ways to save those tasks for completion in the future, on that device or another.

I was fortunate to attend Nielsen Norman Group’s Usability Week in San Francisco this past June, and during the “Scaling User Interfaces” session, presenter Raluca Budiu mentioned that users often admit during usability testing that they would never perform certain tasks on certain devices. I thought it was a powerful statement. Given the number of factors that differentiate devices—from screen size to portability to privacy (we know that tablets and desktops are often shared among family members while phones are used privately)—it behooves us to survey our users and analyze data around which tasks are likely to be performed on various devices.

Doing so enables designers and developers to apply energies otherwise spent forcing round pegs into square holes, towards optimizing the experience on each particular device, providing users not only what they desired, but delivering it in a way that is better than they could have imagined. Not only does simple responsiveness fall short in facilitating the device specific goals of the user, it also fails to address other areas of the cross-platform experience. Serving up all your desktop content to phones negatively impacts load time, even though users are unable to see all the loaded content within the given screen real estate.

Additionally, as Aurora Bedford discussed in Nielsen Norman Group’s “Visual Design for Mobile and Tablet” session, the ideal placement of frequently used controls varies between devices and even between operating systems. For example, since our thumbs are typically near the bottom of iPhones when we’re holding them, it is recommended that commonly used controls be placed at the bottom of iOS mobile applications. However, to avoid accidental taps of the device buttons on Android, it is recommended that frequently used buttons be placed at the top of the screen.

To further complicate matters, the main theme in Levin’s Designing Multi-Device

Experiences is device interoperability; i.e., we must consider how users’ devices interact with one another. She points out that our mental models as designers are often stuck in the “consistent across devices” mode. While consistency across devices is integral to improving usability, increasing usage, supporting brand identity, and boosting the perception of a professional application, it is only a fraction of the whole picture. It’s equally imperative that device designs are also continuous—that users can abandon halfway completed workflows on their phones and pick them up again later on their desktops or tablets.

The game changer, she asserts, is the creation of designs that are complementary—that enable devices to interact and work together to heighten the user experience. She used the example of the Scrabble app, where players sit around a tablet which serves as the game board, while the individual users’ phones contain their letter tiles. So how do application designers tackle the daunting challenge of creating consistent, fast, user-friendly, innovative, continuous, complementary experiences across all devices?

There is no silver bullet. We can, however, make huge advances by analyzing the device specificdata we have today, which leads to informed decisions on which features to highlight on various devices. We can survey our users on their device-oriented habits and behaviors. We can use progressive disclosure to reduce load time and cognitive overload on small devices, while still offering the content available on larger devices. We can perform usability tests at the wireframing and prototyping stages.

Perhaps most importantly, we can open our minds to the big picture of device usage and realize it’s so much more than it was ten, five or even two years ago. If we’re able use research and education to anticipate the needs of our users a few years into the future, we have a fighting chance in the race to develop innovative technology…that’s also delightful to use.

Shift in Banking

by Ned Tobey

Financial services is often considered a mature, slow-moving industry, so it’s not surprising that in 2007, very few in the financial services industry embraced a mobile banking solution. Fast forward to the past few years where small glowing squares with the words “Netflix,” “Facebook” (F for short), and Flipboard stamped on them sitting on a smartphone screen drive the mobile expectations of banking customers. I think this is great.

Initial industry-wide skepticism about mobile banking functionality has quickly been replaced with institutional scrambling to find a solution for the growing customer demand for mobile banking. The mobile solution has quickly ceded to a mobile revolution, one that has completely changed the interaction between customers and where they put their money. It’s no longer simply about checking your account balance online; it’s about using an app on your tablet or smartphone to open your account in the first place without, if you choose, ever setting foot into your FI. Wearable computing will undoubtedly be the next big thing to impact customer expectations, and the financial services industry must grow beyond any lingering skepticism about mobile banking. Instead of the traditional ebanking structure that is siloed between voice, online, and smartphone – which is extremely difficult to both administer and maintain – it would be wise to team with a technology partner that can grow with your FI as new technologies emerge, one with an architecture that is flexible and secure.

For more information on the shift to mobile banking, see this article posted in Bank Innovation.

Big Data reaps big rewards when you harness it

by Jason Young

When you hear today’s “it” term—big data—does it make you feel overwhelmed, or do you see an immense opportunity for growth?

I hope it’s the latter, because that’s what big data will mean for those financial institutions that learn to harness its potential to track customer behavior—and marry it with activity. In doing so, they can take their volumes of existing data and drill down to discover many customer-centric ways of increasing profitability, whether bankwide or targeted to each individual customer.

According to a September 2013 Gartner survey, 64 percent of business respondents either have already invested in big data technology, or will do so within the next 24 months—and the banking industry was among the top three spenders last year. Further, cumulative big data spending for the period from 2011 through 2016 is projected to top more than $232 billion. Clearly, big data has made the shift from a buzz term surrounded by lots of questions, to a mechanism for redefining the playing field.

Financial institutions can leverage this new technology and its advanced analytics and predictive marketing tools to capitalize on big data, craft superior customer experiences and gain the competitive edge. Toward that end, automated solutions are emerging to help financial institutions draw powerful insight from their masses of customer data. Using such robust features as customizable dashboards and reporting functions, cross-application research capabilities, trend analyses and historical views, banks can gain a 360˚ view of their landscape and better predict which products, services and decisions will have the most positive effect on their bottom line.

With big data solutions, the customer information is better organized and accessible, allowing users to analyze information—across functions and transactions, products and services—in any manner they choose. These tailored analytics can be saved, shared and accessed daily.

In addition, dashboards provide at-a-glance views of an institution’s daily and monthly activities through trending reports and charts—and can even provide “what if” illustrations. For example, a bank could determine how its bottom line would be affected if 10 percent of its loans defaulted.

But don’t expect these dashboards and analyses alone to increase profitability. Institutions must implement them to their fullest potential and act upon the vital information gained to efficiently derive answers and make decisions that not only drive profitability, but also reduce costs. For instance, you can perform an analysis of your branches to determine when teller lines are busiest, and staff your branches accordingly. Or analyze whether a certain type of loan is likely to help—or hurt—your cost-to-income ratios.

Big data can be your friend, or your foe. This year will set the tone for which institutions successfully examine their volumes of information to attract, retain and better serve customers—and rise above the competition.

Jason Young serves as product manager for CSI NuPoint. He is responsible for overseeing CSI’s robust suite of business intelligence solutions, including Financial Dashboard and Relationship Pricing. Jason holds a diverse banking background, having served as a credit analyst/underwriter as well as a commercial relationship manager prior to joining CSI. His experience gives him a unique perspective on the impact data and technology can have on profitability and success.