Guest Column: Financial Institutions Diving Deeper Into Data Management
By Russell L. Smith, ibml
Facing a reduction in fee income because of recent regulatory changes and declining paper check volumes, financial institutions are thinking outside their traditional depositservices box to increase revenues, strengthen customer relationships, and attract new clients. One strategy that is gaining considerable traction among institutions of all sizes is finding new ways to process, store and deliver mission-critical information – payments-related and otherwise – on behalf of corporate customers.
But banks have another reason to wade deeper into the data management pool: they risk losing clients to new non-bank competitors – who don't approach things with a depositoriented mindset.