Novantas, Inc., a privately held advisory, solutions and research company, announced today that BMO Financial Group (BMO) has engaged it to provide analytical models and technology to help the bank advance its product management and pricing infrastructure.
In 2014, Novantas was named Analytics and Advisory Firm of the Year for the Financial Services Sector by Acquisition International.
Overall, men say they use personal finance management (PFM) tools for budgeting and financial planning more than women. Women, however, are more likely to want their bank or credit union to provide these services within the online banking system.
Andrew Frisbie and Pete Gilchrist have joined Novantas, Inc as Managing Directors, expanding and strengthening the Firm’s capabilities in deposit analytics, banking strategy, risk management, and stress testing.
To win millennial consumers, banks are offering contemporary ‘eChecking accounts’ that are free as long as you don’t use any ‘retro style’ checking features like writing checks or visiting branches.
While most Gen Y consumers will use all banking channels as a matter of convenience, it’s clear that their banking behavior is more-and-more centered on their mobile devices.
EMC, a global leader in enabling businesses and service providers to transform their operations and deliver information technology as a service, recently published a case study featuring the Novantas Solutions product PriceTek® Deposits.
“Assisted self-service is the way it will end up fairly quickly,” says Kevin Travis, who leads the distribution practice at the consulting firm Novantas. “As far as I can see, the teller line is gone.”
As in more traditional retail industries, banking customers are embracing mobile, web, e-mail, and phone, in addition to branch locations for their sales and service interactions.
Bank teller transactions in credit unions and community banks have fallen 45.3% since 1992, according to a 2013 report by Financial Management Solutions, Inc. A 2013 Celent report forecast that the number of bank branches will reduce dramatically in the years to come.