Cheese Financial has been successful by addressing the frustrations of a narrow market niche. In their case, it is by helping Chinese immigrants navigate the often-confusing financial services world of the US. They launched their challenger bank through a BaaS partnership with Coastal Community, which also works with other companies targeting specialized markets.
Why aren’t banks buying what tech providers are selling? Often it relates to management already having too much on its plate, complacency, or an aversion to the perceived risks of trying new things. Vendors (and internal change advocates) can address this by identifying appropriate solutions, setting proper expectations, keeping budget constraints in mind, and targeting small, successful, high-ROI projects initially to build trust before tackling the larger vision
“Fostering a safer, fairer and more inclusive workplace and banking system.” Nikita Pearson, director of the FDIC’s Office of Minority and Women Inclusion shares her thoughts on how the agency looks to promote DEI through its assessment of diversity policies at banks. Leading by example, the FDIC is also working to ensure equal employment opportunities for women and minorities in its own staff as well as increasing supplier diversity for the agency’s operations.
Creating a modern payments platform should be a priority for all financial institutions. Many companies remain saddled with legacy systems not designed for the digital age. A phased approach to migrating to a modern, open-API, cloud-based payments hub can begin by adding new capabilities alongside legacy platforms.
Customer experience and customer engagement are different concepts that are often confused. Customer experience is more transactional and is based on how the customer feels about a specific interaction with your company. Customer engagement reflects how the customer feels about the company overall and is a major driver of long-term customer value. Ways to increase engagement include giving customers choices, providing easy access to experts, and empowering front-line employees to serve customers quickly and effectively.
The bar for creating compelling mobile banking experiences continues to be raised. Customers are increasingly looking for personalized insights to improve their financial well-being. Intelligent virtual assistants are gaining traction, and it’s important to humanize customer service by making it easy to connect to a live representative.
