Bank Flashcards
neobank
A neobank is a type of direct bank that operates exclusively using online banking without traditional physical branch networks that challenge traditional
Tim Spence
-number 2 in Midwest
-goal to get to number 5
-great banks perform well in times of uncertainty –> 53 did well
-is 2023 the worst? –> 2024 bank system is really great US
-Regulatory proposals effecting banks
○ Large –> 19% increase
53 size –> 2.6% increase –> immediate term, it will cost to get there fast but long term.
Pressures effecting bank
1) tightening monetary cycle
2) rising capital and liquidity costs
3) nonbank competition
4) regulatory scrutiny post bank failures
Regulatory Headwinds
1) Financial Stability Oversight Council (FSOC) new Nov 2023 guidelines
2) Consumer Financial Protection Bureau (CFPB)
3) Basel 3
NBFC
NBFC - Non bank financial company;
NBFCs offer a range of financial services such as loans, leasing, hire-purchase, investments, and money transfer services
TPRM
Bank third party risk management systems
Cat IV (BASEL III endgame group)
100B to 250B
have new rules
What customers want to open a new bank account (per Microsoft)
1) Ease of use/reduce deposit friction
2) flexibility across channels (blend branches with high tech)
3) responsive service
4) smart targeting, don’t send a college student a mortgage offer
5) value/interest
How to attract new SaaS customers
1) clearly define ideal customer
2) set SMART goals
3) determine best channel
What percent of banks features are similar across banks?
80%; leaving 20% can differentiate
The individual in this role sets the overall strategic direction for a digital channel or products and follows-through with the execution of that strategy.
Set the strategic direction for EW as the CIO, RDF as Data Product Manager, technical direction of Azure –> EXECUTION IS MY STRONG SUIT —> filling the gaps and getting it across the
deep digital experience and significant product management experience.
My last 15 years has been all about digital and numerous avenues of a global company.
On the product side, I’ve had my hand directly or indirectly my last 3 or 4 roles. Even more if you count Product Ownership as Product Manager.
Channel management includes mobile apps, browser, and future channels such as wearable’s and Internet of Things (IoT).
Started off at Mobile Apps in the iPhone 3G day…but just another day.
Have a patent from getting data off the edge/IOT.
Product management encompasses digital sales/account opening, authentication, account information, money movement, self-service and related.
Spent quite a bit of time on authentication of B2B; apps have done all these things except move money, actually we tried to approve Workscope changes in 2013 via an iPhone app and we didn’t do enough due diligence on what they would actually approve
The Senior Digital Product or Channel Manager must champion key initiatives, appropriately gaining buy-in from key constituents including IT, Line of Business, key control functions and the like. Individual is fully responsible and accountable for the performance of his product or channel including customer adoption and feedback.
Responsible and accountable for risk by openly exchanging ideas and opinions, elevating concerns, and personally following policies and procedures as defined. Accountable for always doing the right thing for customers and colleagues, and ensures that actions and behaviors drive a positive customer experience. While operating within the Bank’s risk appetite, achieves results by consistently identifying, assessing, managing, monitoring, and reporting risks of all types.
This is basically the definition of a servant and digital leader. Did all of this as CIO and ADG co selling.
- Develop channel and/or product strategy, related roadmaps and manage execution of initiatives to support the strategy.
Roadmaps for EW DT
- Lead ongoing digital services awareness and adoption efforts.
did this for RDF and had to this across all of EW as CIO
Azure dev days
- Active vendor management including but not limited to vendor selection, relationship development, pricing terms, SLA management and ongoing vendor relationship management. –>
managed many vendors