Customer service

As executives continue to navigate business strategy decisions to deal with dramatic changes in supply chains, proper communication and strong supplier relationships is widely considered a prerequisite when exploring P2P risks, says Practis' Jan van der Pouw.

The number and type of channels for customer support are exploding – with Facebook Messenger, Apple Business Chat, and WhatsApp Business among the most recent additions. And channels are evolving, says Genpact's Jason Osborne.

The latest report from the American Customer Satisfaction Index reported lower scores for both industries, with credit unions recording their lowest ranking since 2011.

New analysis from SentiLink showed that the industry may be more vulnerable to some fraud threats than it realizes.

The industry has an opportunity to build deeper relationships with members right now by communicating in a proactive and empathetic way.

The two banks are among those deploying advanced analytics to give customers advice before they may even know they need it.

In too many places, identity verification and other vetting is still done manually, says Signicat's John Erik Setsaas.

Over the past year, the Alabama bank has been developing new tools that analyze survey responses, phone interactions and social media posts to identify opportunities to improve digital offerings.