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Financial Institutions Move to Digital – What’s Next?

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Financial Institutions & Digital Capabilities

Financial Institutions have moved swiftly to enable more digital functionality. This effort has taken on many different paths. For some, the move has been to offer a combination of the following: BaaS, Open Banking, digital loan applications, a stand-alone digital bank, faster payments, access to cryptocurrencies, P2P functionality, electronic signatures, PFM, online and mobile app B2B capabilities. All this has been occurring, while at the same time, Big Tech, FinTech, and DeFi, have been launching new capabilities that target specific needs of consumers and businesses. Many traditional financial institutions have also developed partnerships and strategic alliances with Big Tech and FinTech firms or have invested in them directly.

 

A Quick Guide To Bank Deposit Growth

 

COVID is Driving A Shift In Behavior

The COVID crisis further amplified the need for consumers and businesses to conduct more of their financial lives online and through mobile apps. In many ways, the changes in our industry were a direct result of a shift in consumer and business preferences that have been a long time coming; a need to move money faster and with a delightfully easy experience. While consumers’ lives and business operations have not yet returned to “normal,” we have learned how to adapt to life with a deadly virus around us. This includes being more comfortable with conducting more of our financial lives virtually rather than in person.

What comes next?

From IFM’s view, we see changes in consumer and business behavior daily. As a result of more digital functionality, the amount of data has grown exponentially. Some FI’s have seen their digital transaction volumes grow more than 2x-3x faster than previous years. IFM works with many of the largest banks in the U.S. and smaller FI’s that have a critical role in their communities, and all are impacted by changes in consumer and business behavior.

The movement of money has never been faster and will only become faster still. To be competitive, FI’s must be at the top of their game when utilizing data insights and predicting future customer behavior. IFM has an industry-leading customer intelligence solution to help your FI communicate more efficiently, with direct personalized content, and keep you and your enterprise informed of future behavioral changes.

Contact us today to take advantage of our free, no-obligation evaluation offer to get a first-hand view of your consumer and business customers. To learn more, visit us on our website at www.infimark.com.

 

 

Contact IFM

 

 

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Using Customer Intelligence to Compete More Effectively in the Future of Financial Services

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Like other industries in this new millennium, the financial services industry has been rapidly transformed by new technology.  With the rise of digital money, real-time money movement, and increased competition within the industry, this change is growing at an even faster pace.  But let’s face it, this industry has been one of the slowest to change compared to the Music/Movie Industry, Travel/Transportation, Communications, Engineering/IT/Cyber Security, and Shopping. 

 

How an institution prioritizes the utilization of data and information technology will largely dictate its future success.

 

One reason has been an inability for many traditional FI’s to transform their culture to prioritize data and information technology.  How an institution prioritizes the utilization of data and information technology will largely dictate its future success.  A recent article by Industry advisor Jim Marous, “How to Build a Data Culture that Supports Digital Banking Transformation” (thefinancialbrand.com), mentions the importance of implementing a data-centric strategy across the enterprise.  The article states that “Customer insight platforms and the process of information management can expand to customer service, product development, compliance, privacy governance and other key areas of the organization that need a complete and real-time view of the customer.”  

 

A Quick Guide To Bank Deposit Growth

 

Insight Financial Marketing (IFM) recognizes the importance of customer insights and has supported financial institutions across the country for nearly twenty years.  IFM clients have implemented our customer intelligence service into their enterprise-wide data strategy and have become leaders in the industry.  IFM’s advanced technology provides new capabilities related to detecting changes in customer behavior and the ability to predict customer behavior.  

To learn more about how IFM has helped FI’s transform data to be more easily leveraged throughout an enterprise and to enable your FI to compete more effectively in the future, contact Rob Reale, Associate Partner and National Sales Manager, at [email protected] or visit our website, www.infimark.com.    

 

Contact IFM
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