At the end of March, hundreds of bankers and industry leaders flocked to Washington, D.C. to discover key insights and network at CBA Live 2024, the largest retail banking event in the industry. With three days days of high-value programming, forums, and countless networking opportunities with senior level retail bankers and solution providers, CBA Live provides key insights for more than 1,700 attendees focused on sharing ideas and learning about emerging trends across a dynamic industry.
Here’s the Zoot recap of the most important takeaways from this year’s event:
Navigating Uncertainty:
A Top Priority for Retail Banks and Financial Institutions
In today’s rapidly changing landscape, uncertainty looms large for retail banks and financial institutions. The conference shed light on the need for a cautious approach due to political uncertainties and increased regulatory scrutiny. Banks are grappling with additional directives on their fee structures, requiring a wait-and-see approach.
The key takeaway from CBA Live 2024 here is the importance of adopting flexible decision management solutions that allow banks to swiftly adapt to changing regulations and ensure compliance. This enables them to navigate uncertainties effectively, providing operational responsiveness and maintaining trust with customers.
Zoot’s proprietary tool, WebRules® Builder, is built on composable architecture, enabling users to manage and make updates to align with requirements and respond more quickly to customer demands and regulatory changes. Each component can be updated and maintained independently without interrupting service, allowing for better agility and scalability with custom configurations tailored to your needs.
Prioritizing Fraud Prevention:
Protecting Financial Security in a Digitally Advanced Worlds
With fraudsters becoming increasingly tech-savvy, retail banks and financial institutions must prioritize fraud prevention to protect their customers’ financial security. The CBA Live 2024 conference emphasized the significance of investing in advanced data analysis and decision management solutions to take this on.
By leveraging real-time decision-making capabilities and comprehensive tools, banks can enhance fraud detection and prevention measures. Prioritizing proactive measures helps institutions stay ahead of fraudsters, safeguarding customers’ assets and maintaining trust in the banking system.
The right solution will enable you to take a proactive approach, providing better customer protection with fewer interruptions through targeted alerts, all while meeting ever-changing guidelines and expectations.
We understand the challenges you’re facing when it comes to fraud, from determining to when and to whom to extend credit to managing merchant relationships large and small. Zoot’s technology enables the creation of standardized, adaptable, and scalable processes that can be easily adjusted to address evolving fraud trends and regulatory requirements. This assists in prioritizing the most significant instances of fraud with full transparency and auditability. With a Zoot solution, business rules, predictive analytics, anomaly detection and more are at your disposal to reveal suspicious patterns in real time.
Streamlining Technology:
Enhancing Efficiency and Customer Experience
As technology continues to evolve, retail banks and financial institutions are seeking ways to optimize their existing automated decisioning processes. The CBA Live 2024 conference highlighted the importance of streamlining technology to improve efficiency and enhance customer experience.
Today’s customers value personalization and convenience in accessing a wide variety of products and services built to fit their own unique needs, and they have little patience for friction caused by regulatory requirements and security controls. Ensuring outstanding experiences at every stage of the customer journey is crucial, and strong brands are forged through superior customer interactions across all channels.
With Zoot, retail banks leverage tailored acquisition and origination solutions to integrate AI effectively into their operations. Rapid implementation of rules and processes empowers banks to make data-driven decisions, ensuring operational excellence and providing customers with seamless experiences.
To use AI effectively, banks must ensure they have the right data at their disposal. By infusing AI within a rules-based decision management system, banks can test and validate data with precision while allowing for quick process updates and avoiding flawed or biased decisioning. Zoot’s technology enables the seamless integration of third-party hosted AI and machine learning models, enhancing decision-making capabilities and workflow optimization via automation.
Small Business Lending Opportunities:
Unlocking the Power of Growth
Small business lending emerged as a significant area of opportunity during the CBA Live 2024 conference. Retail banks and financial institutions recognize the potential for growth in serving small businesses. However, they also acknowledge the complexities and higher costs associated with lending to this segment.
The importance of offering tailored solutions to meet the unique needs of small businesses cannot be understated. By leveraging innovative origination solutions, banks can provide efficient and personalized lending experiences, supporting the growth and success of small businesses.
Zoot’s comprehensive origination solution enables you to drive profitable growth by streamlining the entire lending journey across multiple markets, segments, and channels. Close loans faster and with fewer resources, enjoying an unprecedented amount of flexibility to adjust to a rapidly changing marketplace and establish individual business standards across lines of business.
CBA Live 2024, Moving Towards Success
Selecting the right partner is paramount for scaling your business effectively, especially in a dynamic market. A reliable partner not only provides robust solutions but also provides ongoing support and expertise to navigate the complexities of growth seamlessly, working with you to identify high-value strategic initiatives as well as the best ways to accomplish them.
Partnering with Zoot offers financial institutions the ability to streamline processes, increase flexibility, and accelerate growth, all with an expert team with over three decades of experience in your corner, ready to provide hands-on support when you need it. No matter your needs, Zoot will build a powerful, nimble decision engine to meet them, ensuring your long-term success.
Ready to elevate your business? Schedule a consultation with our team.
Our Membership with CBA
Zoot recognizes the importance of connecting with the nation’s largest financial institutions as well as regional and online banks. CBA partners with leading retail banks around the country to advocate for legislative changes, provide insight and analysis, and foster education and networking opportunities. Together, we strengthen our connection with our customers, share Zoot’s value, and stay on top of the latest retail banking news.
