Banks Not Delivering The Experience Consumers Demand
Financial institutions are struggling to provide the experience that customers expect, particularly in the areas of personalization, ease of use across key touchpoints, demonstrating empathy for customer needs, and delivering a consistent experience across channels. Non-traditional players are often perceived as doing a superior job in delivering a quality customer experience.
To address the gaps traditional financial institutions should focus on solutions that can use data to offer meaningful solutions to customer needs across channels.
Fed Starts Long Journey That Could Lead to a U.S. ‘CBDC’
A Central Bank Digital Currency (CBDC) is likely still a long way off, but the Fed has released a working paper that discusses some of the issues they are wrestling with related to privacy, intermediation, transferability, and identity verification.
New Competition Forcing Smaller Banks to Try (Almost) Anything
Surveys can offer interesting insights into what other banks are thinking about and prioritizing. This article recaps current banker perspectives on the role of the branch, digital transformation, crypto-curriencies, wealth management, and assorted other strategic issues and risks.
How Walmart’s Latest Deal Could Impact the Future of Fintech
Walmart has been trying to break into the financial services business for years. The acquisition of ONE Finance by their Hazel fintech venture will likely move them another step closer to becoming a formidable competitor.
One Neobank Is Building a Sustainable Empire
The neobank Aspiration is an example of successfully attracting customers by appealing to their values. Sustainability-focused Aspiration’s mission is to help customers understand their carbon footprint and to start to reduce it through the things they do every day. And it’s not just consumers that they are working with – businesses are showing an interest as well.
After 10 Years, Digital Transformation Remains Elusive for Most Banks
A new report from Cornerstone Advisors suggests that many financial institutions are struggling with their digital transformation efforts. Companies remain saddled with legacy technologies, and Fintechs and other third-party providers are not offering the salvation that many had hoped for.
The Gig Economy: How Banks Can Find Hidden Revenue Opportunities
The ‘gig economy’ was steadily growing for years, but accelerated rapidly as a result of the pandemic. Some estimates are that half of the US workforce will have income from self employment within the next couple of years, making this an important segment for banks and credit unions to address. Effective use of your own first-party data will help identify these customers and allow your company to proactively reach out to them with meaningful offers to help with satisfaction levels, retention, and profitability.
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