What can ChatGPT do for banking? One way to find out is by interviewing the advanced AI software program, which is what the author of this article did. The responses are articulate and display an impressive capability to assimilate and contextualize information from a variety of sources. In answer to your likely concern – no, ChatGPT doesn’t think it will entirely replace humans. We can all rest easier for that . . .
Many banks have remained on the sidelines in adopting real-time payments due to concerns about fraud, perceived complexity, and being part of a system owned by major financial institutions. But there are strong use cases for real-time payments in areas such as invoicing, B2B and C2B payments, and payroll applications that will likely cause banks to adopt the technology to remain competitive. The introduction of FedNow will also provide banks with a cost-effective opportunity to compete in this space.
Focus groups can help financial institutions learn about consumer pain points. Bank of America and Fifth Third Bank both credit focus groups with helping them develop highly popular solutions to promote financial wellness. They can also be used to evaluate the effectiveness of advertising campaigns, and a trade association uses them to help identify opportunities to help their members serve specific markets.
The likelihood of a consumer being a “customer for life” gets more remote every day as banks and credit unions face threats from fintechs, megabanks, and big tech. With this in mind, it’s important for financial institutions to reexamine their strategies for attracting and retaining account holders. Life-stage marketing and product strategies are based on customers’ relatively predictable financial needs as they transition from one life stage to the next. This approach can be used effectively in both the consumer and small business markets.
Being a ‘life-centric bank’ refers to serving customers in the context of their lives. A new post from Accenture highlights three ways in which companies can differentiate themselves and drive growth. It starts with exploring unmet needs in customer lives, bearing in mind differences across generations. Then it’s time to push the boundaries in thinking beyond ‘what banks do’ to ‘what banks can do’. The third point involves creating innovative new experiences to wow customers by addressing their needs.
