November 2016

How is Your Bank’s Customer Experience … Really? 3 Questions to Consider

2016-11-20T08:41:18+00:00November 20th, 2016|

By Ron Daly, President/CEO
Virtual StrongBox, Inc.
Source:
https://www.cbinsight.com/banks-customer-experience-really-3-questions-consider.html

It’s a sad fact, but the financial industry has a history of being slow to adapt to new technology. While many banks have spruced up their branches with customer Wi-Fi bars and touch-screen banking stations, most still use legacy core systems. But beyond the cost, core vendors, themselves, haven’t been very responsive to changing demands, so financial institutions mostly follow a “chewing-gum-and-bailing-wire” approach – tacking digital apps onto existing systems designed for physical branches.

Who’s in charge now?

The add-on approach may have worked when banks’ only competition was each other, and it was hard for […]

September 2016

Time For Reinforcements Against Cyber Attacks

2016-11-01T11:29:44+00:00September 24th, 2016|

By Ron Daly, President/CEO
Virtual StrongBox, Inc.
Source:
http://www.cutoday.info/THE-tude/Time-For-Reinforcements-Against-Cyber-Attacks

Today, anyone with an Internet connection (and that’s pretty much everyone) is worried about identity theft, hackers and ransomware, and with good reason. Following a Reuters report in May, the Federal Reserve announced it had detected more than 50 breaches of its computer systems from 2011 and 2015, while denying that any critical operations were affected.

Meanwhile, the Fed issued more guidance on assuring adequate levels of security at financial institutions. And more recently, the OIG said it is auditing current exam processes to see if they accurately assess whether institutions are meeting those […]

Can You Square Up Legacy Systems With A Mobile-First Strategy?

2016-11-01T11:29:46+00:00September 14th, 2016|

By Ron Daly, President/CEO
Virtual StrongBox, Inc.

No. 1 on my list of overused, misunderstood phrases is “mobile first.” Google it and you’ll likely see: Mobile first means …

  1. “smartphones, tablets and task-specific apps employees use as work tools.”
  2. “a customer who manages his bank account on a mobile app instead of online or the branch.”
  3. “millennials, who do everything on their phones.”
  4. “advice for marketers to rethink their ‘customer experience’ and remap their ‘customer journey.’ ”

One prominent bank core-processor’s definition of mobile first is depressing: “It’s consumers who prefer to bank only on their mobile devices, or turn to the mobile channel […]

Banking Services: When “Nice” Becomes “Necessity”

2016-11-01T11:29:46+00:00September 12th, 2016|

Ron Daly, President/CEO
Virtual StrongBox, Inc.
Source:
https://www.cuinsight.com/financial-services-nice-becomes-necessity.html

Wouldn’t it be great to have a steady supply of Godiva chocolates anytime you want? How about Dom Perignon? Even better, season tickets to all your favorite teams’ games? Nice, but hardly necessities.

When banks first offered “convenience” services, like remote deposit and electronic bill payment, they were seen as “nice to have” for customers but not something a bank really had to offer. That’s changed. Retailers and service providers are expected to offer easy-to-use apps that consumers can access on their own tech devices anytime they want. In fact, 90% of the time Americans […]

How Your Credit Union Can Help the Examiners: Shorten Their Stay

2016-11-01T11:29:46+00:00September 6th, 2016|

Ron Daly, President/CEO
Virtual StrongBox, Inc.

To many people outside the industry, “bank examiner” conjures up Carter, the no-nonsense examiner in “It’s a “Wonderful Life”, who chooses Christmas Eve to examine George Bailey’s Building & Loan books. To say the least, it was bad timing. But it turns out Carter was a pretty good guy, even making his own donation to keep the co-op afloat after a series of mishaps.

The examiners I worked with in my “first” career, as a CFO, were good people, too; most just want to do a good job – be thorough, but efficient. Still, no matter when they […]

August 2016

It Can Happen in a Heartbeat: Helping Customers Prepare for Life’s Emergencies

2016-11-01T11:29:46+00:00August 10th, 2016|

Ron Daly, President/CEO
Virtual StrongBox, Inc.
Source:
https://www.cbinsight.com/can-happen-heartbeat-helping-customers-prepare-emergencies.html

Every day, events happen that can turn lives upside down. Maybe it’s a wildfire in California, forcing people to quickly flee their homes. Maybe a medical emergency occurs when someone is out of town, away from his regular doctor. Or perhaps a water pipe breaks, damaging mortgage documents, photos or birth certificates.

While no one can prevent every traumatic event, your bank can make it easier for customers to meet life’s challenges. You can help them prepare for emergencies by providing personal safe-deposit boxes. No, not physical boxes in the vault, like the “olden” days; […]

July 2016

Who Should Drive Exam Innovation … the Regulator or the Regulated?

2016-11-01T11:29:46+00:00July 12th, 2016|

Ron Daly, President/CEO
Virtual StrongBox, Inc.
Source: https://www.cbinsight.com/drive-exam-innovation-regulator-regulated.html

Back in my days as a bank CFO, we had a few tricks for making the regulators feel welcome when it came time for the annual exam. If it was summer, my favorite was housing them in the sunniest room in the building, where they could enjoy natural lighting. We’d set the temperature at a toasty 90 degrees … you know, to save on the A/C. And when the weather turned cold, we liked to give examiners a feel for what it’s like to participate in winter sports.

Of course I was kidding. The examiners […]

June 2016

Starting Over With a Mobile-First System

2016-11-01T11:29:46+00:00June 6th, 2016|

By Ron Daly, President/CEO
Virtual StrongBox, Inc.
Source:
https://www.cbinsight.com/starting-mobile-first-system-bank.html

“Mobile banking today is more than just another channel; it has become the remote control for all banking interactions. Mobile devices allow users to speed up ATM withdrawals, set in-branch appointments, turn debit cards on and off, and interact with voice-based artificial intelligence.”

Whew! That pretty much says it all. Javelin’s new 2016 Mobile Banking Financial institution Scorecard: Mobile Becomes the Remote Control for Banking should convince anyone who thinks mobile is today’s “hot new thing” to see more clearly. Whether or not all of your customers have adopted it, mobile […]

May 2016

Lock Down … Don’t Lock Out

2016-11-01T11:29:47+00:00May 17th, 2016|

Ron Daly President/CEO
Virtual StrongBox, Inc.
Source:
https://www.cbinsight.com/lock-dont-lock.html

What’s the No. 1 reason financial institutions give for not adopting cloud technology? Security. The thought of migrating to a virtualized business platform can strike terror in the hearts of bank executives. And it’s no wonder. Many solutions can be risky, lacking the top-tier security banks and other high-risk enterprises require. And, not surprising, cybercriminals always attack at an organization’s weakest point.

Most banks shy away from cloud services because of concerns about how their stored data – or that of their customers – is treated. That’s because it’s common for commercial consumer services to […]

April 2016

Superior Security and Superior Customer Experience: Can we have both?

2016-11-01T11:29:47+00:00April 25th, 2016|

Ron Daly, President/CEO
Virtual StrongBox, Inc.
Source:
https://www.cbinsight.com/superior-security-superior-customer-experience-can.html

Now that the Justice Department has found other means to crack open contents of the iPhone at the center of U.S. Government v. Apple, the pressure is off the company to breach its own security. At least it was. After saying would drop the case, the Justice Department filed a letter April 8 with the U.S. District Court in Northern California, stating it needs Apple to mine data from another iPhone – this time for a drug-trafficking case.

This issue is far from over. We’re likely to see it played out in Congress and the […]