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Bank One

Banking 1

Introduction to how banks make money and the value they (potentially) add to society.

Scotiabank digital transformation emphasizes 'one-bank' customer experience

While multifaceted, the transformation activities are organized under a unified vision to advance the digital experience, Tehrani said. A primary goal is to make customers comfortable using digital communication and encourage adoption of mobile tools.

By transforming the physical network to a digital experience, Scotiabank believes it will have a more flexible market presence, improved customer service and reduced overhead costs. The digital network that connects customers to their banking experience will deliver what Tehrani called a "one bank experience."

Tehrani acknowledged that the traditionally siloed operations that the company has relied on are a challenge it is working to overcome. He said operations must be simplified "drastically."

Shaping customer behavior

The company has invested in analytics and continuously seeks ways to use data to make better informed customer interactions, he noted. It also focuses on encouraging cross channel customer feedback. This includes proactive emails and automatic enrollment opportunities across all digital channels.

Invest in digital or move aside: One CEO's warning to small banks

Asked during a follow-up interview if community banks’ reluctance — or inability — to spend heavily on tech could spur a wave of M&A, Sorrentino, whose company announced a deal in July , didn’t hesitate to say yes.

“The bank we bought didn’t feel like they had the infrastructure in place to continue to grow and service their clients,” Sorrentino said, pointing to ConnectOne’s pending purchase of the $520 million-asset Greater Hudson Bank, located just north of New York. “And they have a great client base.”

Community banks are warming up to certain online services.

About three-fourths of the 521 community banks surveyed by the Federal Reserve, Conference of Bank Supervisors and Federal Deposit Insurance Corp. plan to offer online loan applications within a year, based on polling that took place between April and July.

But less than a quarter of small banks plan to offer online loan closings or automated loan underwriting within the next year.

What happens if one bank closes your account but you have 10 others?

Lets say one bank closes your account due to overdraft that hasn't been paid and they report you to the credit bureau that regulates banks which means you can't open another account.


You can be arrested for over drafting and leaving, a bank account.

Most banks don't mess around with this.

If arrested, they will get restitution and court costs, and so will the court.