Terence Roche
Phoenix
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Articles by Terence Roche
The 2027 CIO Mandate: Get a Grip on Tech Complexity Before It Gets a Grip on You
“If you think technology can solve your problems, you don’t understand technology and you don’t understand your problems.” —Daniel Okrent Gonzo readers, let’s call it what it is: Banks and credit unions have spent years piling on platforms, point solutions, data feeds and AI experiments in the name of innovation. Now the bill is coming due—not just in dollars, but in complexity. The CIO’s 2027 mandate won’t be to buy more tech. It will be to make the tech stack make sense.
I used my bank for 66 years. They lost my relationship in one day
If your first thought here is that I am off on another one of my rants about customer service in banks … OK, I am, but there is a point at the end I am driving to. Hang on. I opened my first account with a bank (without naming names, it was one of the Big 3) in 1959. It was a school savings account (remember them?). I had had a checking account with them for over 50 years. And man, I was a low-maintenance customer. I never called or visited them for anything.
Smarter Banks and Smarter Data Management
It has been a while since anybody at Cornerstone has seen a strategic or IT plan that has NOT said, “We will become more data-driven.” Product design/pricing, investments, marketing strategies, and almost everything else require some sort of data element. However, financial institutions have found that they are facing a more complex environment for their data strategy every year.
Five characteristics of the future 'smarter bank' organization
For some time, Cornerstone has been talking about the “smarter bank,” focusing on how our clients must use new skills, knowledge, technology and information to complete the long and tough transformation to the future delivery model. In November, my partner Steve Williams wrote about the Pillars of Smarter Bank Leadership. Today, we are going to look at the smarter bank through another lens: What are things we will see in the future smarter bank organization?
Five Characteristics of the Future Smarter Bank Organization
“The only thing that ever sat its way to success is a hen.” –Sarah Brown For some time, Cornerstone has been talking about the “Smarter Bank,” focusing on how our clients must use new skills, knowledge, technology and information to complete the long and tough transformation to the future delivery model. In November, my partner Steve Williams wrote about the pillars of Smarter Bank leadership.
Pegasus Enterprise Solutions Rebrands as MarketsIO: A New Identity for a Transformative Future.
MarketsIO is a trailblazing technology company that specializes in delivering risk-free, innovative, and scalable solutions to capital markets and other industries. Pegasus Enterprise Solutions Rebrands as MarketsIO: A New Identity for a Transformative Future LONDON, UNITED KINGDOM, September 12, 2023/ EINPresswire.com/ -- Pegasus Enterprise Solutions Rebrands as MarketsIO: A New Identity for a Transformative Future.
Why Attracting and Retaining Talent is No Longer Good Enough
You Are Here: Home > > Why Attracting and Retaining Talent is No Longer Good Enough Why Attracting and Retaining Talent is No Longer Good Enough Every year, Cornerstone Advisors conducts a survey of community-based financial institution CEOs that asks what their top concerns are. The 2022 survey produced the biggest one-year change we have ever seen. A full 63% of executives identified the ability to attract qualified talent as a key concern, up from just 19% the year before.
The Horizontal, Embedded 2023 Technology Plan
“It’s supposed to be automatic, but actually you have to push a button.” —John Brunner Back in the day, when I was the CIO of a bank, we had a Technology Plan. It was a single document that had every aspect of the bank’s technology goals for the year – hardware, software, vendors, projects (all led by information technology, or IT, by the way) – the entire bank IT budget.
Why Attracting and Retaining Talent is Not Good Enough
A focused plan for the development of next generation talent is no longer optional. Every year, Cornerstone Advisors conducts a survey of community-based financial institution CEOs that asks what their top concerns are. The 2022 survey produced the biggest one-year change we have ever seen. A full 63% of executives identified the ability to attract qualified talent as a key concern, up from just 19% the year before (Cybersecurity and new customer growth were #2 and #3 at just over 40%).
Strapping In For Real-Time ACH
Terence Roche February 3, 2022 An opportunity exists for banks to reach business customers with real solutions that solve real business problems. “Always borrow money from a pessimist. He won’t expect it back.” –Oscar Wilde Gonzonians, as we head into a fairly uncertain 2022, one thing we can be sure of is that real-time payments (RTP) will be a major topic and strategic focus.
Two Executive Views of Digital Transformation, and Why They Both Matter
Terence Roche March 24, 2021 A new customer digital experience that doesn’t deliver long-term results won’t matter in the long run. “Gentlemen, you can’t fight in here. This is the war room.” —President Merkin Muffley, Dr. Strangelove Events in the last year have pushed the conversation about digital transformation to a new level of focus for senior executives at financial institutions. The conversations taking place, however, are very different depending on the job title and the goal.
COVID-19: Real Trends and Stories From the Front Line
May 12, 2020 Banks and credit unions report the pandemic’s impact on customer behavior. There have been all sorts of discussions about the impact of COVID-19 on branches, customers and banking activity. At Cornerstone, we had a novel idea: instead of people like us droning on about what’s happening at financial institutions, why not hear what bankers who are living this every day at the front line have to say?
How can you make permanent the current increase in digital banking use?
Two expert ideas to facilitate your efforts. A recent William Mills/Harris Poll asked 1,043 U.S. adults, “During social distancing, how much more or less likely are you to leverage digital banking and digital payments?” Not surprisingly, most people said they would perform more digital activity. It is equally not surprising that adults with higher incomes were more likely to increase usage than those with lower incomes. However, one answer warrants some thinking and, potentially, action.
How Can We Make the Short-Term Increase in Digital Banking Activity Permanent?
Terence Roche April 13, 2020 Converting new digital accounts into lasting relationships will take proactive care and feeding. A recent William Mills/Harris Poll asked 1,043 U.S. adults, “During social distancing, how much more or less likely are you to leverage digital banking and digital payments?” Not surprisingly, most people said they would perform more digital activity.
Planning Our COVID-19 Response is Also Planning for the New Normal
Terence Roche March 25, 2020 Financial institutions need to talk about the impact of the Coronavirus – when they finally come up for air. In our nearly 20 years of existence at Cornerstone Advisors, we have never seen a crisis like the one we have experienced in the last 30 days. We have also seen the most abrupt change ever in assumptions, goals, impact planning and strategic focus. And the response to this point has been nothing short of remarkable.
And Now, a Word from Your Human Resources Leaders
Terence Roche October 7, 2019 “Lisa, if you don’t like your job you don’t strike. You just go in every day and do it really half-assed. That’s the American way.” —Homer Simpson Some of the Cornerstone team spent two days in roundtables recently with human resources leaders from banks and credit unions. This was a smart, passionate and fun group of people who talked long and hard about issues facing HR teams.
CRM Reflections from the Consultant Who Became the Client
Terence Roche April 23, 2018 CRM is a slow, careful build, but the payoff for banks and credit unions is out there. For the last 16 years, Cornerstone Advisors has worked with banks and credit unions to help them select and implement systems. So, guess what we did over the last eight months? We selected and implemented a customer relationship management system. Yes, we had to execute on all of those ideas and processes we write, speak and consult about.
The Human Resources Build or Buy Issue for 2018
Terence Roche October 26, 2017 “On applications, where it asks if you’ve ever committed a felony, I like to write in, ‘Is lying on an application a felony?’” -Guy Endore-Kaiser At two recent gatherings, Cornerstone Executive Roundtable of human resources executives, this question was asked: “What are the most difficult jobs to fill and keep right now?” In about five seconds, 20 financial executives from institutions of different sizes, strategies, locations and business models unanimously...
Five Things Banks Can Never Outsource
Terence Roche June 22, 2017 For all the time banks spend talking about what they can outsource, how often do they talk about what they can’t because the knowledge trade-off is unacceptable? “I’ve decided to take advantage of outsourcing. My next novel will be written by a couple of guys in Asia.” -Tom Robbins So, good citizens of Gonzoville, let’s start our brief time together today by stipulating that every bank is outsourcing more, and for good reasons we don’t need to rehash here.
10 questions to weigh your vendor relationships
Vendor management continues to be a hot topic these days. Everyone’s talking about it—bankers, regulators, consultants. I’m going to focus on the strategic part of vendor management and start with this premise: the relationship, or partnership, you develop with your vendors, and how that translates into competitiveness on the street, is a make-or-break issue for you. Period. And make-or-break issues require hard management focus and talk.
An Open Letter to Wells Fargo Senior Management
Terence Roche September 14, 2016 To the senior team at Wells Fargo: We write to you today on behalf of the GonzoBanker team. By way of introduction, you probably don’t know us and we have never worked for you. We consult to the mid-size and community banking space. Like you, we make our livelihood from this industry and have deep respect for the banking business and the people in it. We are writing to you with them in mind.
Is Your Vendor a Partner? Ask These 10 Questions to Find Out
Terence Roche September 9, 2016 “Some people ask the secret of our long relationship. We take time to go to a restaurant two times a week. A little candlelight, dinner, soft music and dancing. She goes Tuesdays, I go Fridays.” —Henny Youngman Man, vendor management is getting to be a hot topic these days. You’re talking about it. The regulators are talking about it.
Guide for New Bankers
Terence Roche November 24, 2015 “Son, if you really want something in this life, you have to work for it. Now quiet! They’re about to announce the lottery numbers.” -Homer Simpson To the newer employees in the banking industry – today’s tome is for you! At GonzoBanker, we are always excited to see new faces and new talent in the industry.
Gonzo Notes from Money20/20
November 9, 2015 Recently, your intrepid Gonzo investigators found themselves (again) in Las Vegas to get a take on payments at Money20/20.
5 Things Somebody in the Bank Better Know
Terence Roche June 3, 2015 “There are only two kinds of people who are really fascinating: people who know absolutely everything and people who know absolutely nothing.” —Oscar Wilde GonzoBankers, one of the realities of modern banking is that there’s just a lot more to know than there used to be. Pick a topic: changing consumer behavior, new technology, industry disruptors, new payments players, vendors, products—and on and on.
The Morph from Vendor Management to Vendor Performance Management - Gonzobanker
Terence Roche October 4, 2013 ‘I have faith. I just need proof to back it up.’ -Joe, from Simon Birch, 1998 One thing you learn in this business is that most issues have a quantitative and a qualitative side to them. One small example: end-of-year high school academic awards. Remember them? Every year, I recall seeing line after line of overachievers trotting up to receive all manner of qualitative awards: Class Valedictorian, Leadership Award, National Merit Society, scholarships galore.
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