If you are looking to improve your banking app, you will find that everyone has opinions, but few people have data. Even the specific app design shops or user experience “experts” largely have design experience but have never applied any rigor to figuring out what banking customers want. Given this issue, we decided to take it upon ourselves to convene 415 customers and potential customers in order to get their opinion and usage data on what features and design they like the best.
In a recent article, we highlighted why community banks should differentiate themselves from competitors by offering better service, and we discussed the five crucial steps that banks must take to improve service. In that same blog, we identified four attributes that most community banks possess that can be used to differentiate their brand against competitors in the market. In this blog, we explain how community banks can position these four attributes to provide superior service that most borrowers would find valuable.
Recently, there was a comedy sketch on Saturday Night Live (SNL) that hit a little too close to home. The send-up showed a couple splitting a meal using Venmo. To contrast the efficiency, the scene then cut to a turn of the century piece detailing how “Cheques” still contain drama – “There is nothing like furiously scribbling on a small piece of paper, tearing out and then flicking your wrist [handing the check over].”
There is an idea that has been going around for the past couple years that community banks should start a digital-only bank under a separate brand similar to what Goldman Sachs has done with Marcus or Chase has done with Finn. In fact, we are at the Financial Brands Forum this week and the topic is still garnering a deep buzz. Since Marcus, several community banks have done this as well and many others are thinking about following suit. In this article, we look into this strategy to see if the idea holds merit and break down when to consider the strategy.
Most community banks believe that they can differentiate themselves from competitors by offering better service. However, the empirical data shows that the majority of banks fall into the trap of competing on price and credit structure, and neither of these competitive attributes is aligned with long-term bank success. Why is there such a disconnect between many bankers stated objective of competing on service and the reality of competing on price or credit structure? One reason is that while management and employees would like to offer a better level of service to their customers, few b
While most bankers are familiar with the probability of default for various lines of business, many do not have a feel for the volatility of the lending category nor the correlation to the US economy.
A flat yield curve has us scratching our heads – should we be originating fixed or floating rate loans? If bankers believe that the current shape of the yield curve is a harbinger of an impending recession, then booking fixed rate loans may be a winning strategy. However, if you believe, as we do, that there simply isn’t enough data as yet to point with a moderate degree of confidence to an economic recession in 2019 or 2020 then booking floating rate loans may be a better strategy. We have developed a technique and loan structure to assist bankers who espouse the former scenario and are
The production of quality content is an underutilized tool in banking. Banks are a gateway into a person’s or company’s finances which is an important and often emotionally charged topic. The level of complexity is high, and so banks are in the perfect position to deliver a steady stream of entertaining, educational and brand building content. In this article, we take a look at why content matters and how to use it for building a strong connection with your customers and prospects.
After our first round of head-to-head competition, we were sorry to see some digital banking solution providers go. Similar to the NCAA Men’s and Women’s teams (We are still heartbroken over UCF), some of these solution providers were good, it just wasn’t their time. Many of the banking platforms didn’t make it as they were not true cloud-based, didn’t have our desired architecture or had little in the way to support business banking.