There is a correlation between the speed of commercial loan closing and bank profitability, and there are many reasons why banks that close loans faster can generate more profits. While banks should be focusing on closing loans faster, there are other techniques that banks can deploy to enhance customer experience while keeping loan closing speeds unchanged. Banks can leverage operational transparency to improve both perceived and objective service performance.
Early this year, we strongly recommended that banks changing their mindset when it comes to protecting against hackers (HERE). Instead of thinking of IT perimeter security, banks need to assume the bad guys are going to get through their perimeter defenses and need to design their system in order to compartmentalize information. We even provided banks our cyberattack plan that would have been helpful for any bank that found themselves in Sony’s loafers.