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Retail Banking
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Financial institutions today face unprecedented and challenging cost, competitive and regulatory pressures. Retail banks need to deliver efficiencies, smooth transactions, attentive service, and personalized advice. To retain customer loyalty, it isn't enough to provide quality customer care service; you need to show that you are going the extra mile.
Based on over a decade of solid retail banking product expertise, our solutions drive standards, process integrity and measurability, providing efficient, cost-effective transaction processing, while streamlining systems to maximize growth and revenue.
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Origination and customer acquisition: targeted campaigns, new products, KYC/ form processing, customer referrals, account opening, inbound and outbound up-/ cross-sell programs, based on marketing initiatives
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Branch services: documentation, helpdesk, servicing and reporting
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Deposits, check and payment processing: automated clearing house (ACH), wire transfers, wholesale lockbox, scan/ mailrooms, check truncation, Check 21 integration, verifications, data entry/ documentation, Courtesy Amount and Legal Amount Recognition (CAR/ LAR), transaction processing and transmissions
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Account servicing: rate, fees and charges; standing instructions and bill payments; recoveries, remittances, reconciliations, adjustments and exceptions; data management and analytics
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Customer care: multichannel, multilingual customer relationship management, escalation and help desk
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Collections: retention-driven, or early out to late stage delinquency
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Mortgages and loans
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Cards solutions
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Fraud prevention
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Finance and accounting outsourcing
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Procurement outsourcing and sourcing
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Outsourced IT services: domain-intensive capabilities in branch automation, mortgages and loans, cards, payments, check truncation; application / information management, 3rd party product implementation services and IT infrastructure management
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Driven by the economic slowdown, technology trends and changing consumer demands, retail banking is going through a major overhaul. It is likely to look very different and be completely restructured by 2015.
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Advanced technology and new innovations are offering consumers more choices and convenient ways to carry out their banking transactions. As per a recent research, only 36% consumers truly believe what the banks tell them—clearly, banks need to devise better strategies to win consumer trust and loyalty, and survive in this space.
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The good news is that despite the increased focus on growing fee incomes, assets and margins, banking activity in the retail segment is likely to outstrip commercial banking growth. In the coming years, retail banking will need to adapt faster to the changed customer expectation levels. A survey by the American Bankers Association (ABA) showed that while a majority of customers prefer to conduct their banking transactions online, a good percentage still relies on the traditional brick and mortar branches for more complex transactions.
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Consumer behavior is increasingly individualistic. Our demand for more control on our relationships must link banks to us as consumers of financial services in greatly changing ways. Business success will thus depend on a bank’s ability to serve the specific financial needs of its targeted customers. Banks must consistently try to improve the quality of customer experience that they deliver along with a long term strategic plan for retaining customers, given the high levels of competition in most developed markets.
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Regulatory compliance: US Bank Secrecy, PATRIOT, Graham-Leach-Bliley (GLBA), Sarbanes-Oxley (SOX), Fair and Accurate Credit Transactions (FACTA) Acts, Do Not Call, KYC, AML, Credit Card Act of 2009, Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010
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Standards: Basel II, Statement on Auditing Standards (SAS 70 Types I & II), Financial Crimes Enforcement Network (FinCEN), Visa Cardholder Information Security Program (CISP), MasterCard Site Data Protection (SDP) Program, COBIT, Six Sigma.
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Certifications: PCI DSS, ISO 9001/ 27001.
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Minacs Blogs
Blog: ExpertSource
May 16, 2012 10:30 AM
Editor's Note: On March 12-14, Andrew MacDowell attended BAI Payments Connect 2012 at The Mirage in Las Vegas where Minacs presented a variety of customer lifecycle management card solutions....
more>>
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The complexities of conducting global business are minimized by having a true partner who can not only meet the demands of your business, but also proactively identifies opportunities for improvement. Minacs is that partner for our bank. |
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President; US bank
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