Fax? Isn’t that technology extinct?

For years, I have been hearing this from everyone around me. Business and IT organizations saw the predictions that faxing would die (almost instantly when email gained popularity) and most companies did not invest in a dying technology. Why would they? A few years ago, in the early 2000s, I worked for a corporate Fortune 50 IT organization that was not investing in the technology despite the...

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Is There Anything Gmail Can’t Do?

I keep my life on Gmail. It is the holder of my important calendar dates, storage of my most important photos, and the chat resource for YouTube cover songs needing immediate attention from my spread out friends. Gmail is entering into a new space now, too. As a banking consultant, I find myself conflicted about this transition of theirs.…

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Millennials and Community Banks Make a Perfect Match

Different generations shop, save and invest in very different ways. Millennials are no exception and financial institutions have taken notice, investing large sums in an attempt to understand and accommodate their needs. But who exactly constitutes this generation? Millennials are defined as individuals ranging from 18 to 34 years of age and represent the customer segment not only leading the...

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Service Level Agreements: How are you using them?

SLAs, all organizations have them in one form or another. When I say SLA or Service Level Agreements, I am referring to them as a measurement used to ensure that that a task reaches an end condition within a certain amount of time.  SLAs are used differently across organizations – for some, SLAs are what they manage their tasks against every day, others follow when necessary, while some...

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How hard is it to do business with your bank? 2015 Customer Effort Index in Banks & Credit Unions Results

In the financial services industry the banking sector is seeing positive yet modest growth, and  many firms are zeroing in on customer experience as a means of fueling growth and competitive advantage. Their approaches to elevating customer experience, though, vary significantly. We have found that rather than simply trying to “wow” customers/members, banks and credit unions can gain more by...

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Keeping Retail Banking Relevant – Ever thought of your local bank branch as a Starbucks? Part 1 of 2

When was the last time you visited your local bank branch? Physical banking seems to have become something of the past for most millennials, or 25% of the US population. According to the industry data, the majority of customers visit their physical branches once every six months. Moreover, over 80% of customer interactions are performed through self-service channels.…

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Financial Services for Start-Ups and Entrepreneurs — A Missed Opportunity for Credit Unions

Earlier this month, the National Credit Union Administration (NCUA) and the US Small Business Administration (SBA) announced an agreement to facilitate connecting small business owners with their local credit unions to obtain better access to capital.  The three year partnership includes a series of educational and training initiatives to better inform credit unions about SBA’s lending...

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Email: marketing@westmonroepartners.com
222 W. Adams
Chicago, IL 60606
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