The 8 Resolutions Every Financial Services Leader Needs to Make in 2016 All signs point to 2016 being the year of the technologically advanced (and demanding) customer. Here’s what financial services organizations are prioritizing in the new year.

#1 Increase

Revenue Growth

With interest rates still near historic lows and the global economic recovery on unsteady footing, financial services companies are exploring new revenue opportunities to boost their bottom line.

These include a focus on emerging markets in EEMEA and Latin America as well as non-bank partnerships, like sharing data with technology firms to offer deals on

non-financial products.

Source: “The Quest for Profitable Growth,” EY, 2015

#2 Support Multiple

Channels

By 2018, insurers anticipate nearly 20% of their business will be generated over the internet, as

customers seek product information, claims services and quotes.

Customers who take advantage of online services and modern communication channels

(such as email, call centers, social posts and live chat) are demonstrated to be more loyal to and

profitable for their primary institutions.

Sources: ”World Insurance Report, 2014,” Capgemini and Efma “Every Channel Matters When Engaging Bank Customers,” Gallup, March 28, 2014

Getting There:

Kodak Alaris’ Al Foundry artificial intelligence-based software enables financial services

organizations to consolidate customer data from multiple channels in one place, transforming it into

actionable insights and improving the customer experience in the process.

#3 Embrace Mobile

Platforms

Nearly 40% of U.S. mobile phone owners with a bank account used mobile banking during 2014,

up from 33% in 2013 and 29% in 2012, per a 2015 survey from the Federal Reserve.

As of September 2014, 84% of U.S. banks offered at least some form of mobile

banking, so those that lag (or offer limited features) will be left behind.

Sources: “Consumers and Mobile Financial Services 2015,” Board of Governors of the Federal Reserve System, March 2015

“Banks Outpace Their Customers in Mobile Banking Adoption,” American Banker, Oct. 30, 2014

#4 Cut Service Costs

Slow economic growth and low interest rates have forced the financial services industry to get

creative when it comes to managing expenses and lowering the cost-to-value ratio of every transaction. One way to accomplish this is by

using technology to automate processes.

Source: “Beyond Cost-Cutting: Six Strategies for Improving Banks’ Operating Efficiency,” Crowe Horwath, July 9, 2015

Getting There:

Information management software and scanners from Kodak Alaris speed and streamline

document and image capture, reducing the man-hours spent on back-office tasks to

boost staff productivity.

#5 Speed Up Electronic

Payments U.S. banks have agreed to a same-day electronic

payment schedule, but there’s still work to be done. Antiquated automated clearing house

(ACH) networks need upgrading and processes need refining before the change is officially

implemented in full in March 2018.

Source: “Banks Give Green Light to Same-Day Payments,” American Banker, May 19, 2015

#6 Consider Branch

Consolidation A 2015 survey revealed that 81% of banking

customers would not change banks if their local branch closed, up from 48% in 2013. Banking chains are rethinking expansion of brick-and-mortar locations in favor of investing in digital

solutions.

Source: “The Future of Banking,” U.S. News & World Report, June 29, 2015

Getting There:

Capture solutions and software from Kodak Alaris accelerate and digitize processes once limited to branch locations, such as customer onboarding

and loan processing.

#7 Integrate Social

Media 22% of millennials turn to social media for personal finance information, and more than 50% of Gen Y

insurance customers cited social media as an important channel. In response to this growing demand, the

number of financial services organizations with Pinterest pages increased 50% in 2015.

Sources: “Pinterest Is Paying Off for These Big Banks—Here’s Why,” American Banker, Aug. 5, 2015

“World Insurance Report,2015,” Capgemini and Efma

#8 Tap Into Analytics

By leveraging the big data at their fingertips—including social interaction insights and call logs—banks, insurance agencies, and other financial service

organizations can more efficiently address customer complaints and optimize cross-selling opportunities.

Source: “The Future of US Retail-banking Distribution,” McKinsey & Company, August 2014

Getting There:

Kodak Alaris’ Al Foundry software is powered by artificial intelligence to help organizations respond to

customers efficiently and effectively, enhancing their experience.

Additional Source: “2015 North America Digital Banking Survey,” Accenture, 2015

©2015 Kodak Alaris Inc. The Kodak trademark and trade dress are used under license from Eastman Kodak Company