Each month, we curate a list of articles within the financial services industry to help lenders stay on top of key trends in digital transformation and better understand what they mean for their financial institutions.
Four Articles that Highlight Digital Transformation in July
Where Credit's Due Ep. 4 Behind Banks' Journey to Digitize Commercial Lending with OakNorth and Numerated CEO Dan O'Malley by Iulia Ciutina, Tearsheet
Digital transformation in commercial lending is top of mind for many banks and credit unions today. Historically, consumer lending was digitized much faster, but today commercial lending is also becoming more digital first. The biggest challenge for financial institutions is that commercial lending is complex and not as simple to digitize as consumer lending. The good news for financial institutions is that they can create strategic partnerships with technology providers to digitally transform their offerings. In this article from Tearsheet, Numerated CEO Dan O’Malley shares his thoughts on the digitization of commercial lending and what it means for banks and credit unions.
PYMNTS Intelligence: SMBs Turn Towards Banks Offering Digital Solutions by PYMNTS
Small business customer expectations have changed greatly since the start of the pandemic. According to a survey of 260 corporate decision makers from Citizens Financial Group, 83 percent reported that they expect their bank to provide the latest technology tools and self-service capabilities. To remain competitive in the SMB segment, lenders should consider digitizing their commercial lending offerings a top priority. This PYMNTS article highlights the need for digital in SMB lending and what business customers want from their institutions.
Mobile Banking: Why the Experience Matters by Edmund Lawler, BAI
The pandemic led to a significant increase in mobile banking and it isn’t expected to slow down. According to the 2022 BAI Banking Outlook, mobile channel usage is predicted to continue to increase over the next three years. This article from BAI, features two banks’ experiences with mobile and how they are continuing to balance digital and in-person customer experiences. Equity Bank senior vice president shared that customers are continuing to find value in both online and in-person experiences depending on the type of assistance they need from the institution.
Retail Branch Strategy: High Tech, High Touch & High Trained Staff by Craig Guillot, The Financial Brand
It’s no surprise to lenders that the role of the branch is changing. In fact, data from a bank research and consulting firm shows that foot traffic in branches has decreased by 35-50 percent over the last five years. Customers can now access many of their banking services online, and are choosing to visit the branches for advice on more complex transactions. This provides a unique opportunity for traditional financial institutions to transform their branches into customer service centers. In this role, the branch can serve as a way for lenders to establish themselves as trusted advisors to their customers. The Financial Brand shares how lenders have successfully transformed their branches to better serve their customers in this article.