9 Retail Banking Reflections and Keys to Success for 2022
Good discussion of areas to emphasize as we enter the new year. Some of the key ones include:
- Creating a structured follow-up process after the initial account opening to improve customer engagement and overall account quality.
- Using data effectively to improve the personalization of customer offers and content.
- Realizing that digital transformation is a continuous process, not a one-time event.
- Digital transformation success requires strong leadership, a culture that embraces change, and a willingness to take risks.
- Attracting and retaining employees with in-demand skills, and upskilling existing staff will be critical to the company’s future success.
- Rather than trying to do everything yourself, creating robust partnerships with other companies (including Fintechs) will your company to experiment, learn, and enhance capabilities.
Intuit’s Drilling Even Deeper into Small Business Banking
Through its partnership with Green Dot Bank, Intuit’s QuickBooks Cash business checking account product is targeting fledgling small businesses and freelancers before they may need the company’s accounting business accounting services. And often before they might be considered for a business account from traditional institutions. This ‘get them while they’re young’ strategy will undoubtedly yield dividends in the future.
FINRA Reviews Rules Around Social Media Influencers and Customer Acquisition
For those companies with investment operations, FINRA’s latest investigation into social media communications merits some attention. Particularly if they involve contracts with third parties to create exposure for the company and its services through social media channels.
Roadmap for Changing AI from a Banking Catch Phrase to Real Action
Much has been written about the use and potential for AI in banking. But before diving into it is important to focus first on gathering the quality data needed to support the development of meaningful algorithms.
Top Trends Transforming Business Banking in 2022 and Beyond
Business banking services have not received as much attention as the consumer side as companies map out their digital transformation paths. But business customers’ expectations have also been rising. Creating business eco-systems that not only integrate Treasury services but also solutions from third-party providers such as accounting software, payroll management, CRM, etc. may be necessary to defend these relationships from FinTech providers.
AI Technology Can Assist Financial Institutions with Staffing Shortages
The pandemic has made it challenging for call centers to attract and retain employees and to maintain customer service standards. Conversational AI can help call centers address these issues, particularly given that estimates that 80% of customer questions are routine ones that chatbots can easily answer.
Building a ‘Virtual Branch’ from the Ground Up
Patelco Credit Union has been experimenting with a virtual branch that adds video connections to its digital banking services to create the type of face-to-face experience that members would seek in the branch. This creates the flexibility to bring needed expertise into the conversation regardless of where staff members are located. Interestingly, it also supports remote conferencing with multiple people on the customer side, such as when geographically dispersed family members may which to participate in a financial discussion.
