Julio M. Herrera Velutini, the scion of a family of entrepreneurial Venezuelan bankers, serves as the chairman of an international bank with offices in Florida and Puerto Rico. In that capacity, Julio Herrera Velutini stays abreast of the latest developments in the banking industry, particularly online trends.
According to a report by the research and consulting firm Celent, the ease of opening a new bank account online differs significantly from one institution to another. The firm compared the process of creating an online account at 26 banks in 2015 and found that applicants fared best when banks took a customer-centric approach and offered quick entry, an array of well-presented product options, and streamlined Know Your Customer (KYC) due diligence. In other systems, the process was less user friendly due to wet-signature requirements or notification about zip code restrictions late in the application process. Celent found that implementing a smooth online-account-setup process is extremely important because it is often a customer’s initial introduction to the institution and can determine the tone of the bank-customer relationship. As fewer transactions are conducted at branch locations, it’s essential that banks offer a user-friendly online experience.
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With more than a decade of experience in the banking industry, Julio Herrera Velutini currently serves as the chairman of an international bank based in Puerto Rico. He also has experience as a stockbroker, board member, and equity partner. Julio M. Herrera Velutini’s family has been involved in the Venezuelan banking industry for more than 100 years, and he has firsthand experience with the growing importance of technology for the industry.
Whether smartphone banking allows customers to leave their wallets at home or peer-to-peer banking becomes the dominant method of the future, technology undeniably plays a significant part in banking. With customizable mobile interfaces and bank-based message centers to serve a wider variety of clients better, banking in the future will likely be more customer-centered and offer more security on the go. Along with mobile banking, an increased emphasis on synergy and infrastructure improvement will help the industry stay ahead of the curve. For example, a loan started online could be finished over the phone or in a branch without having to start the process over. All of the changes focus on making the customer’s experience safer, easier, and more convenient. |
AuthorMr. Velutini has experience with both established banks and young banks. S Archives
December 2017
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