As you engage in the process of radical collaboration, "you have to be comfortable with being a little uncomfortable," says Matt Krogstad (left), vice president and head of mobile at Bank of the West in Denver.
The bank created a process it calls "radical collaboration" to roll out its full suite of mobile banking services a few years ago, Krogstad tells attendees of BAI's 2013 Retail Delivery Conference in Denver.
Fellow Bank of the West executives Gina Wolley (right), executive vice president of regional banking, and Michael Manowski, senior vice president of solution delivery, joined Krogstad on a panel.
The bank's four-step, "radical collaboration" process involves:
Maximizing the partnership between technology and the business;
Truly engaging the compliance, legal, and operational risk teams as your partners in avoiding "innovation prevention";
Earning and maintaining the support of your executive team; and
Squeezing every ounce of value out of the innovation, which sets the stage for the next round.
Six federal agencies published guidance last week designed to ensure all depository institutions are aware of expectations when it comes to deposit reconciliation. CUNA’s compliance explains what it means for credit unions in a recent CompBlog post.
CUNA is concerned with a report on consumer testing used by the CFPB to analyze periodic statement forms for consumers in bankruptcy, but concurs with some of its findings. The bureau issued a report in February on its study.