An institution’s digital capabilities and position on social issues factor heavily into where Millennials and Gen Z consumers choose to do business. With respect to digital, it’s important to think like a Fintech and offer innovative, meaningful services. Paying attention to social issues such as ESG and DEI can also help your company relate to younger customers.
What is the future of the ‘checking account’ when fewer and fewer people write checks? ‘Digital access account’ may be a more relevant name for it today, but regardless of what it’s called, it will likely continue to play a central role in customers’ account relationships.
A recent survey showed that roughly 60% of employees are working remotely when the nature of their position allows that. The ability of employers to support a remote or hybrid working model is pretty much required these days. While it presents a few challenges, it also offers significant benefits such as the ability to recruit talented people from a much broader geographic area.
The lending process is being transformed by new API-based technologies. Marqeta refers to today’s lending environment as ‘Lending 3.0’ which is characterized by technology-driven improvements in identify verification, credit assessments, disbursements, and monitoring of repayments. All are being performed in near real-time based on the characteristics of each individual borrower.
A company’s data often are locked in organizational silos which greatly limits its usefulness. Democratizing the data across a broad user base can greatly enhance its value in driving business strategy and improving customer acquisition, retention and servicing. And making centralized, validated data easily available across the organization can greatly improve internal efficiencies.
To further understand how the effective use of data can improve your operations, be sure to read Accenture’s other two posts in the series – Four ways data can improve banks’ bottom line and What’s threatening data-driven growth for banks?.
Banks should consider looking beyond their current geographic footprint as they seek opportunities for growth. Creating a digital bank is one way to lever the existing infrastructure by seeking customers on a national scale. One of the keys to success is finding an appropriate niche to target.
