The characteristics of top Olympic athletes can also help drive business success. These include having a vision for the future, being willing to take risks, making continuous improvements, using data effectively, investing in technology, seeking guidance from outside experts, and creating an internal commitment to achieve success.
Strategies to attract Gen Z customers should be a priority for financial institutions as that generation continues to grow in economic importance. Financial education, personalized experiences, and connecting to them through their values are three examples of ways to reach out to this group.
American Express is introducing an all-digital checking account with rewards. It remains to be seen whether this is a defensive strategy to retain younger customers or the first step in a larger play to deepen their presence in financial services.
Banking as a Service (BaaS) offers opportunities for financial institutions to leverage their infrastructure and gain additional revenue by giving non-bank companies access to their banking charter and services rails. The nature of these relationships is morphing as time goes on, and it is important for all parties to understand the potential risks involved.
Gathering and effectively using data to support AI processes is a prerequisite for success. As the number of customers interacting with the company primarily through digital channels continues to rise, AI-based tools will be key to maintaining customer engagement. This is in addition to the more common AI applications in the areas of risk management, operations support, and marketing.
