The Rise of Digital Solutions in the Banking Industry: Is Your Bank Positioned Well in Our New World?
In a world dominated by the global pandemic, consumers and businesses have turned to contactless solutions and have minimized the need to conduct business in person, even as we slowly return to “normal”. These solutions have given rise to a swift increase in digital transactions as technology has enabled many financial activities to be conducted on a laptop, tablet, or mobile phone app.
The increase in digital transactions includes bill payments, P2P transactions, money movement, investment transactions, and even gambling and sending money overseas.
Another aspect of the global pandemic has been the need for financial institutions to “be there” for their business and consumer customers. As banks and credit unions position their products and services to “be there” for their customers, this has given rise to a need for a deeper understanding of their customers’ lives and financial situation in order to provide the best possible service while at the same time maintaining profitability.
How will your Bank or Credit Union compete successfully in this New World?
One asset that is unique to your financial institution is your bank’s data, specifically the unique transactions that your customers conduct. While the general activities and behaviors of your customers may be like other bank and credit union customers, the quality and quantity of their digital behavior becomes more unique. Understanding what makes your customers unique is an opportunity for your institution to offer a personalized mix of financial solutions tailored to meet their needs. This will lead to deeper engagement with your customers and your ability to maintain profitability.
Insight Financial Marketing provides an industry-leading solution to help your bank or credit union deepen relationships with your customers even while the world is quickly changing around us. Our innovative technology provides near real-time customer intelligence so that you can “be there” for your consumer and business customers.
To find out more information about IFM’s solution or to get details on the free no-obligation trial of our service, please reach out to me via our website at Infimark.com.
Rob Reale is an Associate Partner and National Sales Manager responsible for business development and sales at Insight Financial Marketing. Rob began working in the Mortgage Banking industry in 1990 and currently helps the financial service industry leverage unique and innovative solutions.
