It’s hard to believe the end of the month is already here, but with Thanksgiving coming late this year, December is right around the corner. As you manage the chaos of the holiday season, we’re here to keep you updated on the bank growth news you may have missed in November.
Banks Losing Customers Who Want Seamless Digital Experiences by Jim Marous, The Financial Brand
As more and more digital banking options become available to businesses and consumers, customer loyalty at financial institutions is being put to the test. New research suggests their hold on long-term customers is slipping. In this post, The Financial Brand’s Jim Marous takes a look at how difficulty accessing products online—or even information about those products—is enough to push banking customers into competitors arms.
Apple Owns Every Mistake Goldman Sachs Makes With Its Card by Dieter Bohn, The Verge
What happens when a Big Tech company partners with a megabank? It turns out, it creates a serious environment for risk. One of the more explosive stories to come out of the banking industry this month takes a look at the Apple Card and why it’s being looked into for gender discrimination by a major regulator. You can also read our analysis of the story, including the lesson about black boxes every bank should take away from it, here.
Inflection Point: Transformative Shifts in US Retail Banking, a report by McKinsey & Co.
The banking industry may have finally reached the light at the end of the tunnel that was the Great Recession, but that doesn’t mean things are going to be any easier for financial institutions moving forward. In this interactive report from McKinsey & Co., the consulting firm takes a look at seven areas of focus that are about to accelerate innovation in, and the evolution of, the banking industry.
A Customer-Centric Foundation for Business Banking by Kylee Wooten, ABA Banking Journal
Community banks can no longer afford to slow walk the evolutions of their banks, as some 73 percent of all consumer interactions with a bank are completed digitally, according to FIS. As banks bring more tech into the branches and back office, however, they need to make sure they don’t lose the human touch that made them so successful in the first place. Here, learn how your bank can adopt technology that will catalyze growth without sacrificing customer service and success.
Banks Shift Focus in Small Business as Loan Growth Slows by Ken McCarthy, American Banker
Many banks have turned their focus to small businesses in recent years, recognizing the segment as strategically important. However, while small business loans continue to grow, the rate at which they’ve grown year-over-year has slowed. This has led many banks to reevaluate their small business strategies, and find new ways to pull value from the segment. Here, American Banker’s Ken McCarthy details theses shifts in strategy.
Have a suggestion for a story that should be included in our next roundup? Let us know!