I learned early in my career that listening to the customer leads to innovations. Those innovations ultimately make a big difference in the relationship between banks and customers. In recent years, through countless treasury management practitioner roundtables and interviews, a key theme I continue to hear is the unnecessary complexity of bank treasury management pricing. …
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Regardless of your role in the workplace today, the thought has probably crossed your mind at least once or twice. Is the Jetsons era finally upon us? From video phones to robot vacuum cleaners to tablet technology, the Jetsons cartoon that debuted more than 50 years ago has predicted a number of futuristic innovations.…
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I am going to make a bet that you have a preference when it comes to cooking versus baking. If someone asks you to bring something to a potluck dinner and gives you the choice of bringing a main dish, or a baked good, I guarantee it will take you less than five seconds to decide.…
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Tracking user behavior is a must for all consumer facing applications. You want to know how the user is interacting with your user interface (UI) and how they feel about the user experience (UX). Let’s say an e-commerce site user is having difficulty navigating to the checkout page. Having immediate knowledge of this troubled user allows you to offer assistance in real time, perhaps in the...
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Grid Modernization represents the single largest transformation of the electric utility post-WWII. Investments in hardware and software in the digital age promise a more resilient and reliable grid poised to serve the U.S. well into the 21st century. In this article, we discuss the primary drivers of Grid Mod efforts, how they vary by utility, and how approaches have evolved over time.…
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By now you’ve likely heard the buzz around machine learning (ML) and artificial intelligence (AI).These technologies are poised to transform and improve countless aspects of our daily lives, from driver-less cars, to smart energy meters, to product recommendations on Amazon. At West Monroe, as business consultants and deep technologists, we keep a close pulse on how new advances in machine...
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Over the past few years, water utilities have begun to embrace the importance of a unified customer experience strategy – one that involves technological transformation, employee engagement, and process improvements. This customer-centric paradigm shift is primarily driven by changes to regulators focus on customer satisfaction, heightened increase to conservation, and the digital effect to...
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As distributed energy resources grow across the network, the method of managing DERs becomes an increasingly digital process – including opening new energy markets at the edge of the distribution grid. This is a very big opportunity for electric utility companies, but are they ready? The evolution of “digital DER” has seen the establishment of DER interconnection platforms, complete with DER...
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Treasury management services are a key source of profitable fees and low-cost deposits. In an industry that is more than 40 years old and increasingly commodified, product is important, but the overall quality of the customer experience is driving the difference between one bank and the next. The bells and whistles of yesterday are table stakes in today’s mature market. …
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The trend toward community, regional bank, and credit union consolidation in the United States is showing no signs of stopping in 2018. While bank M&A activity only grows, closing risk in the current regulatory environment should stay a top-of-mind issue for institutions mulling potential M&A transactions. For institutions looking to enter the bank M&A fray, a proactive strategy...
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This year, we have an extra reason to celebrate LGBT+ Pride Month: the launch of West Monroe’s newest employee resource group, WMPride! WMPride is open to both LGBT+ employees and supporters and is designed to support and encourage the ongoing growth and success of our LGBT+ employees and community at WMP.…
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One of the best things about our profession is the opportunity to meet and collaborate with so many talented and interesting people at our clients and in the community. This blog series introduces some of the executives with whom we work and spotlights the ways they are leading and making their mark, both personally and professionally.…
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