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Articles by Mark Leher
Alkami Expands Behavioral Data Tag Capabilities to Drive Personalized Banking Experiences
Alkami Technology, Inc. (Nasdaq: ALKT) (“Alkami”), a leading cloud-based digital banking solutions provider for financial institutions in the U.S., announced the latest innovation in its Data & Marketing Solutions platform. With this enhancement, Alkami has strengthened its industry-leading behavioral data tag suite to empower financial institutions with deeper account holder intelligence that can be leveraged to deliver personalization across marketing channels and digital banking.
Marketing Using Transaction Data
Bank M&A Bank M&A topics will include balance sheet considerations for both the acquiring and acquired financial institutions such as deposits, capital adequacy, credit quality and more. Information around regulatory preparations and concerns as well as credit risks will also be addressed. Explore
To prepare for gen AI tomorrow, financial institutions should prioritize data organization today
From Time to Google, 2023 was declared a standout year for the development, integration and popularity of generative artificial intelligence, or GenAI. However, the rise of GenAI as a buzzword across industries has not led all financial institutions (FIs) to embrace its direct implementation. Rather, many regional and community FIs have not yet begun leveraging GenAI for meaningful evolution in their business.
3 strategies - starting with fast onboarding - to help banks boost deposits
Amid today’s higher interest-rate environment, growing deposits is a top priority of America’s bankers. So how can banks proactively accelerate their deposit growth and enhance their primary banking relationships? Three strategies worth exploring: Onboard: Acquire new depositors Grow: Enhance the deposit relationship with current account holders Cross-sell: Use data to understand what account holders need and then deliver.
Generative AI for Banks
Bank M&A Bank M&A topics will include balance sheet considerations for both the acquiring and acquired financial institutions such as deposits, capital adequacy, credit quality and more. Information around regulatory preparations and concerns as well as credit risks will also be addressed. Explore
Stepping up to serve the Latino and Hispanic communities
Publisher’s Note: Scroll down for a Spanish language version of this article. Access to financial services is important for everyone in America, especially for the nation’s Latino and Hispanic communities. Currently, Latinos represent about 20% of the United States population, and that number is expected to grow steadily in the coming years. Income is also expected to increase across Latino households and small- and medium-sized businesses, from $170 billion currently to $265 billion by 2030.
Nick Saban: Strategy G.O.A.T.
This was not what I was planning on writing. I had a whole different article sketched out, but then the unthinkable happened. On January 10, 2024, Nick Saban* retired as the football coach of the University of Alabama. Two things are relevant to the rest of this article. One, I’m a graduate of the University of Alabama and because my family raised me right, a huge Alabama football fan.
CFPB proposes to ban NSF fees on transactions denied in real time
The Consumer Financial Protection Bureau on Wednesday proposed to ban credit unions and banks from imposing non-sufficient funds fees (NSF) on transactions that they deny in real time. The proposal would include declined debit card purchases and ATM withdrawals, as well as some declined peer-to-peer purchases.
Embracing efficiency: The advantages of digital forms in modern workflows
In the ever-evolving landscape of technology, businesses are continually seeking ways to enhance efficiency, reduce paper usage, and streamline their processes. One powerful tool contributing to these objectives is the adoption of digital forms. In this article, we will explore just six of the numerous advantages of digital forms in modern workflows that should help persuade the way you manage your forms workflow.
AI arms race: Banks and fraudsters battle for the upper hand
One of the stranger moments in the 2024 presidential primary process took place this week: Voters in New Hampshire received a “robocall” featuring President Joe Biden’s voice, discouraging them from voting in the primary, and using Biden’s pet phrase “What a bunch of malarkey.” But Biden didn’t record the call; it appears to be a “deepfake” generated by artificial intelligence (AI). Authorities are investigating the call as a potentially illegal attempt to suppress votes.
Penetration Testing as a Service vs. PenTesting
Penetration testing is a vital part of cybersecurity strategies for organizations, helping them identify vulnerabilities in their systems, networks, and applications. Organizations have relied on traditional penetration testing methods, where a team of experts conducts the tests on-site. However, with the rise of technology and cloud-based services, a new approach has emerged – Penetration Testing as a Service or PTaaS.
Expanded options for charitable donation accounts
Supporting members is a core value of the credit union heritage. Importantly, that support doesn’t only manifest in fair and dignified financial services and products. It’s also found within the engagement credit unions have with causes and communities. Because community advancement is part and parcel of the credit union industry, people expect credit unions to do the right thing. Fortunately, there are a growing number of options available for credit unions to do exactly that.
The cold reality of the new year
The holidays brought laughter by the fireplace, warm desserts, and the joyous sounds of caroling. But lurking outside in the frigid cold, after the tree is put away and before the first credit card bill comes, winter is preparing a surprise for your members: Unforeseen car troubles threaten to cast a dark shadow over the recent festivities. To be fair, car woes can affect your members at any time, but winter can be especially tough for vehicle owners.
High-stakes financial well-being
Financial well-being isn’t just about dollars and cents. “It’s really about building members’ confidence and how they feel about their finances—how they spend, save, borrow, and plan,” says Chris Wolgamott, director of financial well-being and member experience at $1.9 billion asset Meritrust Credit Union in Wichita, Kan.
America’s Credit Unions ‘sets record straight’ on ICBA attack
Tackling “ongoing tired attacks on credit unions,” America’s Credit Unions President/CEO Jim Nussle wrote to Congress Wednesday to address misleading messages from the Independent Community Bankers of America’s (ICBA) that rehash false banker claims.
Federal student loan payments are having a major impact on members’ wallets
October 2023 marked the end of a more than three-year pause on federally-backed student loan payments, and millions of Americans are now navigating a new financial landscape. This resumption, amidst record-high inflation impacting essential costs like housing and food, is placing considerable strain on borrowers. Data from Alkami shows a 127% increase in student loan payments in October compared to the previous month.
Make employee happiness a priority with these tips
Employee happiness plays an essential role in the workplace. If workers are unsatisfied with their place of employment, it can create several challenges down the road. Learn five tips companies can employ to increase staff happiness. Employees are the glue that holds a business together. While this is the case for all organizations, it’s especially true for credit unions. Credit union staff work with members daily to assist them, sort out their problems and promote the organization’s services.
October Economic Update covers loan delinquency trends
CUNA Chief Economist Mike Schenk discusses loan delinquency trends in America in this month’s Economic Update, and breaks down current metrics such as household debt as a percent of disposable income and the financial health of Americans. “Credit unions tend to be more careful lenders. As not-for-profit cooperatives, owned by their members, they are less likely to make abusive loans and more likely to make loans in their members’ best interest,” he said.
Top cybersecurity challenges facing credit unions in 2024 and how to prevent them
Credit unions are a vital part of the financial system, providing financial services to millions of people around the world. However, they are also a prime target for cybercriminals, who are drawn to their rich trove of sensitive data, such as names, addresses, Social Security numbers and account information. In 2023, the National Credit Union Administration reported a 25% increase in cybersecurity incidents at credit unions.
Customer Identification Program (CIP) requirements and non-U.S. persons
Happy early Thanksgiving! Amongst many other things, I am thankful that social media filters work on my cat, Quincy, so I can take fun holiday photos of him to share. This week, my blog is going to focus on Customer Identification Program (CIP) requirements and non-U.S. persons. I have been getting quite a few questions on this lately, so I thought a blog refresher may help.
Future normal: A futurist’s roadmap for the coming decade
In a wide-ranging discussion with The Digital Banking Report’s Jim Marous, Bhargava delves into the key technological, social and cultural forces that will reshape consumer behavior, employment, identity, leadership and more in the years ahead. Q: Let’s start with the big picture behind “The Future Normal.” What framed this perspective, and what do you hope readers take away? Bhargava: This book came from a collaboration with Henry Coutinho-Mason, a futurist in London.
4 reasons to be thankful for the cloud
There’s a lot to be thankful for this Thanksgiving holiday – friends, family, cranberry sauce. But before you log off for the feast, take a moment to be thankful for the cloud, too. Here are four ways the cloud is helping to protect your credit union. The cloud provides enhanced security options that are easier to configure than on-premises servers.
What is vendor sprawl?
As businesses have become more digital, many specialized applications have been developed for all different kinds of services, whether it be for recruiting new employees, providing security for data stores or analyzing data on sales leads. While the never-ending variety of applications available to businesses can be a boon, this creates the perfect setting for collecting numerous applications or solutions, also known as Vendor Sprawl.
Stop ATM criminals in their tracks with these tips
Criminals are always seeking ways to steal money and because ATMs are essentially ‘money machines’ they are a prime target. To prevent your retail ATM from being compromised it’s important to understand what tactics criminals use and what steps can be taken to keep it safe. In this blog we’ll discuss the primary types of attacks criminals use and steps that can be taken to prevent or at least minimize risks. In the U.S., physical attacks are the most common type of ATM crime.
Navigating member communication preferences
According to recent statistics, communication methods vary by generation with Baby Boomers preferring face-to-face, Gen X leaning toward email and social apps, Millennials liking 2-way text or chat, and Gen Z voice memos. With such a spectrum of preferences, how do credit unions effectively cater to this diversity?
Uniting paths: The intersection of migration, credit unions, and community
In the heart of El Paso, Texas, lies El Sagrado Corazon, a sanctuary for newly arrived migrants. My journey to this shelter, as part of the NCUF’s DE Workshop in October, coincided meaningfully with Hispanic Heritage Month, adding a layer of personal significance to the experience. As I immersed myself in the shelter’s environment, I couldn’t help but reflect on the parallels with my own family’s narrative.
Big businesses are operating out of your consumer accounts
It’s a general industry understanding that some small business operators prefer to utilize a consumer account over a business specific product. Their assumed rationale being the complexity of signing up, they are too small, the fear of additional fees, or not understanding the benefits of such accounts.
How FIs Can Boost Digital Engagement Banking with Account Holders Through Data
It’s no secret that consumers increasingly want and expect personalized service from places they patronize—and financial institutions (FIs) are no exception. According to J.D. Power’s 2022 U.S. Retail Banking Satisfaction Study, 78% of respondents would continue using their bank if they received personalized support, but just 44% of banks are actually delivering it. A clear opportunity exists for financial institutions to increase account holder engagement and open up new revenue possibilities.
Members are hungry for guidance and intervention
More than eight in ten Americans cite inflation as a source of stress and nearly 60 percent are concerned about having money to pay for present necessities. It seems safe to say the economy is causing some challenges for consumers, leaving the door wide open for regional and community financial institutions to connect with account holders and support their financial journeys.
The 4 trends evolving in the financial services landscape
Today’s current economic climate, filled with news of modern-day bank runs, interest rates at levels not seen since before the iPhone era, an inverted yield curve reminiscent of the days prior to the past seven recessions, and household debt in the US reaching heights not seen in 20 years…can become overwhelming to process.
Why transaction data cleansing is an operational imperative
An unfortunate rule of thumb is that a data scientist spends 80% of the time cleaning and prepping data and only 20% of the time actually analyzing data for insights. Transaction data is a rich source of information about account holders, but it is notoriously cryptic and non-standardized. Cryptic merchant names on transactions seem deliberately vague, don’t they? Who would have guessed that “DOCTORSASSOCINC” is actually Subway Restaurants?
AI in banking: Beyond the bots
It wasn’t so long ago that artificial intelligence (AI) in banking seemed futuristic. Now, AI in the banking industry is officially mainstream as use cases mature from nice-to-have, cutting-edge options into day-to-day capabilities that offer concrete benefits and extraordinary savings. It’s about efficiency, speed, data and insights that just weren’t possible before. The trend toward AI is continuing to gather steam.
AI in Banking: Beyond the Bots
Published : 2 years ago, on 06/05/2022 Unlocking value from AI will distinguish winners from losers. By Mark Leher, VP of Data and Analytics It wasn’t so long ago that artificial intelligence (AI) in banking seemed futuristic. Now, AI in the banking industry is officially mainstream as use cases mature from nice-to-have, cutting-edge options into day-to-day capabilities that offer concrete benefits and extraordinary savings.
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