First Citizens Bank & Trust Company is a chartered commercial bank offering a complete line of financial services. With over 200 point-to-point applications and disparate systems, the bank needed a way to reduce its applications portfolio and streamline integration among systems, including fast integration of systems from newly acquired banks. First Citizens turned to TIBCO ActiveMatrix BusinessWorks™ and TIBCO® Messaging for their simplicity and ability to quickly get IT processes up and running. With standard services, this transformation resulted in reduced deployment time—from eight months to 18 weeks, resulting in reduced credit card loan project time.
Envision this situation at a growing bank. Its competitive landscape demands an agile
response to evolving customer needs. Fortunately, analytically minded professionals in
different divisions are seeing results that positively affect the bottom line.
• A data scientist in the business development team analyzes data to create customized
• experiences for premium customers.
• A digital marketer tracks and influences the customer journey for prospective
• mortgage customers.
• A risk analyst builds risk models for the bank’s loan portfolios.
• A data analyst examines data about local customers.
• A technical architect defines a new system to protect bank data from internal and
• external cyberthreats.
• An application developer builds a new mobile app for online customer portfolio
Between them, these employees might be using more than a dozen packages for
analytics and data management.
For organizations to succeed with the onslaught of devices, sensors and tools that innovation garners, data must no longer be treated as a byproduct but instead as an asset. And data-driven innovation must start at the top. That's what Michael Schrage, Fellow at MIT Sloan School's Initiative on the Digital Economy, said during the Harvard Business Review webinar, Leadership and Big Data Innovation. Find out why data experimentation, governance and culture are part of the next leadership challenge for organizations.
Competitive advantage from analytics is changing, and for the better. For the first time in four years, MIT Sloan Management Review found an increasing ability to strategically innovate with analytics based on interviews with more than 2,600 practitioners and scholars globally.
Learn more about key findings, including:
Wider use of analytics, better knowledge of its benefits and greater focus on applications have reversed a trend on the benefits of analytics.
Return on investment for analytics stems from the governing and sharing of data throughout the organization.
Machine learning enables organizations to discover more insight from their data, allowing employees to focus on other critical responsibilities.
Published By: Teradata
Published Date: Jun 22, 2015
Passed on May 9, 2014, the Digital Accountability and Transparency Act (DATA Act) legislation requires federal agencies to report all expenditures—grants, loans, and contracts—in order to provide American citizens and policy makers better visibility into federal spending. At first glance, new federal requirements— which are scheduled to go in effect May 2017—can seem like imposed obligations with unknown benefits to the implementers. However, wise agencies and early adopters recognize how to transform this new compliance obligation into an opportunity to advance their federal agency by becoming more data driven. The Federal Government maintains vast amounts of data, and the DATA Act establishes data standards and sharing protocols that will help agencies exploit the benefits of data mining and analytics.
Best-in-class FI marketers have embraced the power of signals. Through their everyday actions, consumers and businesses continually create signals for marketers like you. A signal is an indication of intent or behavior. Examples of activities that produce signals include making a purchase, searching online for information about a financial product, clicking on an ad, applying for a loan, and paying off debt. Each signal can be tracked, monitored, and acted upon. Reaching customers at the critical moment, in the right channel with the right message, requires keen insights about the signals they’re producing. Signals aren’t new to marketing. In fact, you may already be using new mover lists or even search engine marketing. Today, though, there is so much more valuable data available — if you know where to look and what to do with it.
Published By: Datamyx
Published Date: Aug 11, 2016
Here’s what you need to know about prescreening with Deluxe Marketing Services.
With prescreening, you’ll be able to identify consumers who match your credit qualifications AND are likely interested in your loan product -- so you can reach out with your best offer. No more wasting campaign dollars on people who are neither qualified nor interested in a loan right now.
Published By: Mirador
Published Date: Jul 18, 2016
More and more, software-based solutions determine lenders’ profitability. Traditional lenders will not survive in the small business loan market without a renewed tech-driven focus on reducing transaction costs, accelerating decision cycles, embracing tech-touch, and expanding risk management tools.
Published By: Workday
Published Date: Mar 02, 2018
Today’s banks, credit unions, asset management firms, lending companies, and other financial
services businesses operate in a highly competitive and regulated environment. Servicing
clients, introducing new products and channels, and opening new markets as well as having
insight into your loans, investments, and deposits is critical to your bottom line. At the same
time, employing the right people is what drives your future. Workday provides financial
management, human capital management, and planning/ budgeting in a single cloud-based
system to support your needs.
With the recent Financial Accounting Standards Board vote to proceed and the final Accounting Standards Update now published, the Current Expected Credit Loss (CECL) standards remain top of mind for the C-suite in financial institutions. Now is the time to begin the steps for developing a data preparation plan for CECL.
With the recent Financial Accounting Standards Board vote to proceed and the final Accounting Standards Update now published, the Current Expected Credit Loss (CECL) standards remain top of mind for the C-suite in financial institutions. Even though the official adoption deadline has been pushed back to after December 2019, financial institutions should take actions today to help prepare for the new rules. Data is a great place to start.
The Impact of CECL and Financial Institution Readiness
When it comes to CECL compliance, top financial consultants agree that extensive amounts of historical data, including different lengths of portfolio histories, will be needed. In addition, this research reveals that a majority of financial institutions do not understand how their risk management methodology needs to change. Nor do they comprehend the impacts of the changes that will need to be made to calculate Allowance for Loan and Lease Losses (ALLL).
This represents a significant opportunity for top-tier consultancies to provide valuable thought leadership and guidance now, before financial institutions find themselves scrambling to meet the new standard. Learn more in our survey results."
With the Financial Accounting Standards Board (FASB) Current Expected Credit Loss (CECL) impairment standard and Allowance for Loan and Lease Losses (ALLL) finalized, preparation and interpretation has begun. Having the right tools to help gather and organize the historical data, create pools and calculate loss rates is critical. In this webinar, we’ll walk through Prologue™ Credit Loss Manager from Fiserv and how it will help you be prepared for CECL.
"In today’s ever-evolving lending landscape where loan quality and risk management challenge profitability and the customer experience, technology may be the key to thriving – both now and in the future. Winning financial services institutions will be the ones that transform their business models to place loan quality and risk management at the center of their operations.
To facilitate continuous life-of-loan management, inclusive of the requisite data transparency and audit trails that support loan quality and loss mitigation, these institutions will implement and automate a loan completion process. Such a process will manage data quality and access to loan data and documents throughout origination, servicing and sale on the secondary market."
Learn how loan onboarding can become more efficient and accurate by eliminating manual data validation with automation technology that is poised to transform mortgage servicing. From end-to-end, tools can simplify workflow processes, driving time and cost efficiencies. Trained staff can be deployed to greater effect and can be crucial to eliminating servicing errors. In the process, servicers improve data quality, save time and money, and deliver a better borrower experience.
"Recently, a number of factors have come together to decimate the profitability of the mortgage banking industry. To regain its footing, the industry must return to mortgage banking fundamentals.
This paper carefully examines each function within the mortgage business to determine if there is a better approach that will save money and improve long-term profitability."
"Improve Loan Data Quality and Compliance from Origination to Delivery. This complimentary CEB Gartner paper helps identify process and technology issues that lead to loan defects. Learn strategies for fixing issues and recommends technologies to help lenders improve loan data quality and compliance to reduce costs and improve the borrower experience.
"Learn how you can reduce loan defects, improve data quality and simplify compliance in the mortgage lending process.
Co-presented with Craig Focardi, mortgage industry executive and technology advisor, this webinar provides insights into mortgage lending process challenges and how they impact experiences for lenders and borrowers, as well as the overall performance of the loan. The webinar also provides suggestions for reducing loan defects and strategies to correct them."
Digital loan origination processes can still require significant manual support, which is often inaccurate and time-consuming. This National Mortgage News paper, sponsored by Fiserv, explains how you can improve your current loan production while reducing costs and risk of non-compliance.
Published By: Teradata
Published Date: May 02, 2017
To understand the challenges and opportunities with the Internet of Things, MIT Sloan Management Review’s 2016 Global Executive Study conducted a comprehensive study with business executives, managers, and IT professionals globally. Through the survey results and interviews with subject matter and industry experts, MIT Sloan Management Review was able to reveal the business value and competitive issues from the Internet of Things (IoT). This comprehensive report dives into data sharing with competitors, analytic talent management, and the intersection with governing the data. Analytics is unsurprisingly is shown as the key to IoT success.
This whitepaper will review how business processes are more efficient in an electronic data environment. Enterprise Capture enables customer service improvement, cost cutting, and compliance for financial institutions such as Flagstar and Randolph Brooks Federal Credit Union (RBFCU).