News Roundup: Transitioning into Q4 and the New Year

Emma Schoth

September 28, 2021

News-Round-up-Sept.2021

Banks and credit unions are continuing to accelerate their technology adoption as they head into Q4 and begin planning for 2022. For lenders to be successful in this uncertain environment, it’s important that technology advancements remain top of mind.

This month, we’ve gathered four articles that take a look at how lenders can advance their technology offerings to provide their customers with an exceptional experience.

Four Articles That Highlight How Lenders Can Accelerate Technology Adoption

How Digital Makes Banks Flexible, Responsive And Intimate by Amit Anand and Manish Bahl, Forbes
Technology adoption is proving to pay off greatly for banks and credit unions willing to begin their digital transformation journeys. In this article, Cognizant Center for the Future of Work researchers Amit Anand and Manish Bahl, share findings from a survey conducted recently that gathered data from 4,000 banking executives to identify trends in technology adoption in the banking industry. From these results, they were able to highlight seven ways lenders can capitalize on digital adoption including: instituting front-to-back digitization, exploring new customer segments, investing in personalizing the customer relationship, focusing on re-building trust and resiliency, enshrining inclusivity into your digital strategy, and balancing machine-driven and human-centric work. Learn more about how lenders can employ digital strategies to reach these goals in this article from Forbes.

Why banks need a data-driven sales methodology to grow in 2021 by Tom Collins and Dean Konick, Banking Dive
With the uncertainty of the current environment, it has become difficult for lenders to retain customers and continue to grow new business. Because of this, banks and credit unions should seek out new growth strategies if they want to continue expanding. In this article, Tom Collins and Dean Konick from West Monroe, a Chicago-based management consulting firm, explain how leveraging data is the key to a successful and scalable sales strategy.

Business Banking’s Digital Transformation Pain Points by Terry Ammons, Marcie Bomberg-Montoya, and Lisa Nicholas, Bank Director
Digital transformation can seem like a difficult process, but with the proper guidance and preparation, it doesn’t need to be. In this article, Bank Director highlights some of the most common pain points associated with digital transformation and how they can be avoided. The three main areas of focus include issues of speed, transparency, and unification of systems. To avoid encountering problems in these areas, Bank Director suggests lenders start by identifying how these problems affect high-level strategy. Learn more about how lenders can avoid pain points like these and successfully complete the digital transformation of their product offerings, here.

3 Keys to the Future of Banking Partnerships, Openness & Advice, The Financial Brand
For banks and credit unions, digital transformation is becoming unavoidable if they want to continue to grow and be successful after the pandemic. For smaller financial institutions, this may seem like a difficult task to take on, but it doesn’t need to be. It’s important that lenders find the right partners to enable the digital transformation of their offerings and empower branch locations to provide customers with an efficient service. Read more on how lenders can identify the right technology partners to increase efficiency and customer satisfaction in this article from The Financial Brand.

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