Customers don’t think about banking. They just expect it to work. These are extraordinary times, however, which call for extraordinary measures. It is an enormous opportunity for banks to build trust and loyalty and shift the perception that banking today is just about transactions.
What’s the next big thing in context-as-a-service?
In our blogs, our digital engagement professionals explore new ideas and analyze the trends that are shaping our industry.
Just like most marketers right now I thought: “What type of content should I write about during the COVID-19 pandemic that could help people solve a problem?” All this while I’m getting bombarded by best practice articles, social posts, webinars, live videos, and much more. So, instead of me going out to write about something
All relationships evolve over time, including a customer’s relationship with their primary bank. That evolution is governed by the primary banking product lifecycle — the stages a customer progresses through from start to finish in that line of business (LoB) relationship.
As communities across the globe are preparing for the impact of COVID-19, I wanted to share how Flybits is addressing the situation to ensure the well-being of our team members, partners, and customers, while continuing to uphold our company vision and provide continuous service and support to our valued customers.
As the financial industry is shifting towards a customer-centric focus, many banks and credit unions have outlined strategic priorities to transform customer experiences with innovative products and services. To much surprise, a research study conducted by PYMTS and PSCU reveals that there is a large disconnect between what members are looking for and what credit unions (CUs) are prioritizing, in terms of areas of innovation. In particular, loyalty offers are ranked as number one by members, yet it is only ranked 7th on CU’s priority list. This disconnect presents a threat for CUs as digital banks or other fintech competitors can easily fill this loyalty experience gap.
Banks often face a conundrum when they look to modernize their tech stacks: Should they build capabilities internally or buy a given tech solution? It’s a decision that needs to be weighed carefully because it’s one that the institution will have to live with for a very long time. The implications can be significant, and the right answer varies from situation to situation. Before choosing which direction to take a new project, banks must consider multiple factors, including internal capacity and expertise, data governance and compliance, scalability, competitive advantage, ongoing maintenance and evolution, and adaptability to future use cases.