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The banking sector is experiencing tremendous shifts in its business models with a myriad of new global regulations, rapidly evolving customer expectations, and continuing economic uncertainty. Contrary to relying heavily on retail deposits, like in the traditional financing model, banks now increasingly depend on market-based funding. Furthermore, “the Return on Equity levels have nearly halved compared to the levels seen before the 2008 financial crisis. Market conditions have put a lot of pressure on the banks: $100 billion in capital markets revenue have disappeared over the last 7 years whilst costs have remained near flat or increased, leading to major cost overruns,” begins Philippe Chambadal, CEO, SmartStream Technologies
Every facet of the financial industry is embracing the transformation to digital, and loan processing is no different. “CIOs and CTOs for financial services companies, and lenders in particular, are seeking to optimize processes and reduce costs, while complying with regulatory guidance and ultimately growing their business by delighting their customers. Consumers expect to be able to conduct their financial transactions at any time of day on their phone, tablet, or computer,” explains Amy Brandt, President and COO of Docutech. “For the lending industry, whether it is a mortgage, HELOC or auto or student loan, information and technology leaders are increasingly focused on facilitating loan documents in a real-time, streamlined, and paperless environment.” Ty Jenkins founded Docutech in 1991 with a passion for simplifying the document process for the financial services industry. Today, the software company offers a range of document technology solutions and services for mortgage, home equity, and consumer lending from document generation to eDelivery, eSign, print fulfillment, and more. As an enterprise lending solutions provider, Docutech provides the solutions that help CIOs and CTOs solve for efficiency, compliance, implementation, customer experience, as well as LOS implementation and integration changes. The company emphasizes building a long-term relationship that lenders can trust across the enterprise, beyond point specific vendors. Docutech’s flagship product, ConformXTM, is a state-of-the-art webbased dynamic document generation engine that generates and delivers more than two million transactions per month.
Assists organizations in managing export, international trade and financial compliance obligations with a comprehensive and cost-effective suite of online and integrated solutions.
Ursula Cottone, Chief Data Officer, Citizens Bank [NYSE:CFG]
Michael Wilson, EVP and CIO, First Financial Bank Texas
Bill Kloster, CIO, SEH
James Mazarakis, EVP & CTO, WSFS Bank
Mārtiņš Bērziņš, Head of Digital Customer Experience, Deputy Business Development, Citadele Bank
Stacy Cox, SVP & COO, Croghan Colonial Bank
Risk Control for Better Margins
Adventure is the life of commerce, but caution is the life of banking.” The global economy has been through a sufficient number of financial panics, the most recent being the Crisis of ’07, to understand the bitter truth in the above statement. Almost ten years later, in a time when things are beginning to get back to normalcy, there is a consensus among modern-day banks that the situation could have been averted, had there been a litmus test for banks to test the waters before indulging in excessive risk-taking acts. To that end, application of advanced data science and analytics in the internal workflows of the financial process chain has been known to help banks improve risk control and maintain a healthy liquidity and solid balance sheet at the end of their banking day. Digital credit assessment, credit-collection analytics, and other early warning systems stand vigilant making the life of a bank’s CIO easier. Meanwhile, on the administrative side, technologies like AI, speech recognition, and VR are showing potential to revamp the banking UX for consumers. Seated atop huge datasets including demographics, econometrics, cash-flow cycles, liquidity needs, and costs of capital, these user-facing technologies powered by analytical engines will give the much needed competitive edge that banks will need in times of the rising overtake by digital currency. These technologies coupled with higher interest rates in the wake of the changing governments will give banks more room to increase their profit margins. Experts believe that this should be ample enough to cover the changes that are set to occur in the form regulatory amendments and modifications to existing reforms, plus a chance to recuperate. In an effort to help banks make the right move, Banking cio outlook has come up with its annual special edition on banking, with a curated portfolio of providers in the space as well as insights from leading banks in the nation. Let us know your thoughts!
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