Issues : Retail
Banks focused on fighting efforts to bring financial services to post offices might miss the bigger opportunity — or lose out to those who do see it.
Community banks can leverage the substantial competitive advantages they already possess to continue providing a greater and more comprehensive experience than their digital bank challengers.
Banks can grow their loyalty with consumers by helping them feel aware and in control of what’s happening with their money — even in virtual spaces.
The coronavirus won’t kill the branch; it may accelerate its transformation.
Two banks share how their branch strategies have been affected by the Covid-19 pandemic.
Banks should keep in mind three key considerations of the pandemic’s long-term impact on customer service.
Spending more to offer digital account opening could increase customer growth while lowering acquisition costs.
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.