Banks! It’s Time to change your game in SME Lending Why and How

| May 9, 2016

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Small and medium-size business enterprises(SMEs) are vital for the economic growth and competitiveness of any country; hence supporting the SMEs ' financial needs is crucail. For banks too, SMEs form a key and loyal customer segment. Unfortunately, in spite of these factors, the recent years have been significant unbunding in the banks' SME leading business across the globe.

Spotlight

Chicago Title Insurance Company

Chicago Title and Trust Co. dates back 160 years through the succession of several firms and corporations that were engaged in the abstract and title business in Cook County, Illinois. Fidelity National Title Group (FNTG) is one of the nation’s largest and most respected title insurance and escrow services companies. The Company’s seven leading title insurance underwriters - Fidelity National Title, Chicago Title, Commonwealth Land Title, Lawyers Title, Ticor Title, Security Union Title and Alamo Title - issue approximately half of all title insurance policies in the United States. Through its direct operations and agencies, Fidelity National Title Group provides title insurance in 49 states, the District of Columbia, Guam, Mexico, Puerto Rico, the U.S. Virgin Islands and Canada.

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What is the difference between depreciation and amortization?

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BEHAVIOURAL ANALYTICS WILL FUEL CUSTOMER INTERACTION IN FINANCIAL SERVICES

Article | June 1, 2021

The axing of third-party cookies by Google and the other major browser companies will require a major readjustment by financial services organisations. The decision, coming fully into force next year, will effectively choke off the data that has enabled personalisation, optimised website interactions and driven much internet advertising. It is no comfort that the browser companies have acted because of fears about infringement of privacy and data protection legislation such as the EU’s GDPR (General Data Protection Regulation) and the CCPA (California Consumer Privacy Act) in California. The move will affect how UK financial services organisations interact with millions of people. More than three-quarters of Britons now use online banking and 14 million use digital-only banks, expecting a slick, light-touch interaction. So it appears that just as many people go digital, financial services organisations will no longer have access to information they need for personalisation, being unable to track where customers go on the internet after they have visited a bank’s website. All that data about individuals’ habits and preferences will be unavailable. It seems catastrophic, but in reality, it is not. Financial organisations have a new opportunity to radically improve how they interact with web visitors and customers. AI-powered behavioural analytics offer far superior, real-time capabilities, using the data from the first-party cookies on their own website domains and where available, data from customers’ transaction histories. The result is a solution that is faster, more accurate and responsive than conventional technology relying on cookie data owned and stored by third-party organisations. 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Customers visit financial services websites for a host of reasons – from seeking information, to opening accounts, exploring loans and mortgage offers, making or setting up new payments. They may also want advice about investments and savings, pensions or small business finance. Almost all of these requirements involve quite complex mental processes which financial organisations can influence while consumers are on their sites. Collecting the data is not difficult – the skill is in making it actionable in an effective way, replicating the ability of a perceptive employee to read a customer’s state of mind. Banks can do this by setting up a behavioural analytics hub to understand what a customer’s behaviour means and how it can be optimised. Using customised parameters, the hub will, for instance, trigger a screen notification that prompts the web visitor to fill in a form requesting an appointment. 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Solutions for last-mile interaction in the open banking era The single platform approach also has another major advantage. It is much easier to implement and far more efficient and streamlined compared with separate solutions for different parts of the customer journey. The benefits of using AI-powered segmentation solutions should be part of the financial sector’s broader strategy to transform its systems for the open banking era as we approach the end of third-party cookies. For established banks, the reality for some time has been that complexity of systems has undermined their ability to deliver a high-quality last mile. This they can now address without huge disruption or investment. The alternative is for financial services organisations to become lost on an ocean of data, losing track of customers. Behavioural analytics will bring banks new insights into customers that surpass third-party cookie data, being actionable and accurate and in real time. To provide a streamlined and profitable experience for themselves and their millions of customers, banks must now employ the latest advances in AI-powered behavioural analytics.

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Spotlight

Chicago Title Insurance Company

Chicago Title and Trust Co. dates back 160 years through the succession of several firms and corporations that were engaged in the abstract and title business in Cook County, Illinois. Fidelity National Title Group (FNTG) is one of the nation’s largest and most respected title insurance and escrow services companies. The Company’s seven leading title insurance underwriters - Fidelity National Title, Chicago Title, Commonwealth Land Title, Lawyers Title, Ticor Title, Security Union Title and Alamo Title - issue approximately half of all title insurance policies in the United States. Through its direct operations and agencies, Fidelity National Title Group provides title insurance in 49 states, the District of Columbia, Guam, Mexico, Puerto Rico, the U.S. Virgin Islands and Canada.

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