Common Cents: December Edition
Happy Sunday. Your Kinective Wrapped is here! You saved 15,600 minutes by automating manual tasks, read 52 articles talking about AI for banking, and avoided 28 separate phishing scams including the one where your boss asked you to wire them money so they could get home from Portugal.
If you're reading this and thinking "hold on, what is Wrapped?" let us explain.
Every year, Spotify releases Wrapped, a personalized summary that lets users see their listening habits over the past year. Which, now would be a great time to remind you that you can find our Common Cents Podcast on Spotify, also!
Getting the most out of your tech transformation
True innovation goes beyond simply adopting new tools. It’s about reimagining processes to align with the needs of consumers and communities. This transformation involves developing a more-responsive, seamless banking experience — one that balances operational efficiency with consumer satisfaction. In this article, Michael Ball, EVP at Kinective, breaks down 5 key areas to help your FI deliver more personalized, efficient services that deepen relationships and drive sustained success. Read the article here.
Here's how a $1 Billion community bank outperforms industry giants. Webster Five's Brian McEvoy discusses how the billion-dollar mutual bank achieved 50% asset growth by combining big-bank technology capabilities with community bank values while successfully completing an 11-month core system transformation. Read the interview here.
Meet Kelsey Murray, VP of Customer Success
At Kinective, we are driven by the relentless pursuit of helping our clients succeed, which is why we are so excited to welcome Kelsey Murray as the new VP of our Customer Success Team! With an impressive career spanning industry leading organizations like Motorola, Temenos, and Bluescape Software, Kelsey has a proven track record of building and refining customer success strategies that drive positive results. Known for creating high-performing teams and fostering strong client relationships, she’s the perfect person to strengthen and compliment Kinective’s focus on truly listening to and supporting our clients, helping them achieve their goals through our technology partnership.
Kelsey’s expertise will be instrumental in reinforcing our commitment to delivering exceptional customer service, and we couldn't be more thrilled to welcome her to the team!
'Tis the season for Fa la la la ... Fraud
Helping your consumers navigate fraud prevention in the busiest time of the year. Each year, millions of Americans fall victim to fraudulent emails or text messages that appear to come from a legitimate organizations. According to the Federal Trade Commission, consumers lost over $10 billion dollars to phishing scams in 2023. That's why several banks have partnered with the ABA to educate consumers about the persistent threat of phishing scams through their Banks Never Ask That campaign. Watch the news story, and access the campaign, here.
Missed payments, broken systems: Federal studies detail student loan quagmire. The CFPB's dual reports reveal that over three-fifths of borrowers are struggling to make payments while servicers face mounting challenges with basic functions like payment processing and customer service. The findings come at a critical moment as millions of borrowers return to repayment and policymakers debate systemic reforms. Rather than focusing on isolated incidents, the research quantifies widespread issues affecting millions of borrowers and documents specific servicing failures that could point the way toward meaningful reform. Read the article here.
Fiserv CEO chosen to head the Social Security Administration. President-elect Trump announced the nomination of Frank Bisignano late Wednesday, and the payments processor confirmed the appointment Thursday. Read the full article here.
Time's almost up to get on the early bird list
Be the first on the list for Kinective's first-ever Client Conference!
You're officially invited to Kinections25, where industry leaders, visionaries, and fintech pioneers converge to explore the latest trends, innovations, and strategies in the banking and credit union industry.
👉 Why attend Kinections25?
Exclusive Kinective product insights and updates
Network with the best leaders in banking
Hands-on learning
Hear how your peers are using their tools for success
Curated sessions for every interest
Chat with fintech and 3rd party banking solution partners
Registration will open in a few weeks, but spots are already filling up to receive early bird rates! Save your spot in line by clicking the link below.
Mastering the AI/ human partnership to enhance banking experiences
Bridging the generative AI readiness gap. AI and generative AI are set to revolutionize the financial services industry. But how are FIs leveraging these powerful tools, and what challenges do they face? In this episode of Banking Transformed, Monica Hovsepian and John Radko from OpenText will share their insights on the current state of AI in banking, its potential to transform customer experiences, and strategies for fast and seamless deployment. Listen to the podcast here.
Can AI's impact in your FI boost the efficacy of your team? We'll likely be plagued by the question about the duality of AI and human partnership for years to come, despite technological advancements. For example, is AI ever actually going to excel at giving financial advice, or will that always be a bit better in the hands of an experienced human? This BAI executive report explores the power of AI in banking, which covers smart AI-human interaction and other valuable operational use cases. Access the report here.