Issues : Retail
Demand for small dollar loans could grow as the coronavirus crisis evolves — but most banks aren’t offering these products to their customers.
An extended low interest rate environment will leave banks scrambling to boost revenue in other ways.
Many banks will say they already have this model in place; most lack the technology to operate a true universal associate model.
One community bank found that giving customers an easy way to monitor their credit also generated $190,000 in loan balances through a single campaign.
Banks have the opportunity to take different, sometimes divergent, approaches to connecting with prospective customers online, depending on their goals and objectives.
Banks should stop pushing products they think their customers want and spend time deepening relationships to learn their needs.
Banks should rethink how they provide services in their branches, given COVID-19’s impact on how consumers approach face-to-face interactions.
A partnership with one of the biggest names in tech insulated this community bank from competition with a major mortgage disruptor.
Speeding up the account opening process will radically improve your conversion rates.
Banks that ignore the importance of their data quality risk losing customers and becoming irrelevant in today’s digital environment.