It’s Halloween, and we’ve got a special treat for our readers. It might not be the full-sized candy bar you’ve been chasing since you were a kid, but we’re back with another roundup of the bank growth news you missed in October. Enjoy!
Bank Growth News You May Have Missed in October 2019
Current Retail Banking Distribution Models Are Destined to Fail by Jim Marous, The Financial Brand
Whether we like to admit it or not, traditional banking models simply aren’t generating the same returns as before. However, although transformation is sorely needed, financial institutions have been slow to act. In this article, The Financial Brand’s Co-Publisher Jim Marous explains why banks can no longer wait, and pulls in data to show how banks can increase profitability by as much as 25 percent by making the right digital investments.
How Flying Blind Costs Banks Relationships in the Digital Age by Dan O’Malley, Bank Director
Banks are under pressure from unfamiliar competition in the form of Big Tech, alt lenders, and digital-first challenger banks. As they search for success within this new landscape, they must consider ways in which they can work smarter, not harder. Here, Numerated’s Founder and CEO Dan O’Malley writes for Bank Director that financial institutions simply can’t accomplish this if they’re not giving their bankers the data and tools they need to compete in the digital age.
Will Your Bank Survive the Next Financial Crisis? by Trevor Gerszt, Newsmax
While the Great Recession looms large in our collective memory, it’s been more than a decade since the global financial system collapsed. And although many are still recovering, today's economists are already warning about the next economic downturn. Worse yet, research from McKinsey and Co. shows that more than half of the world’s banks won’t survive the next crisis. Read on for Newsmax’s Trevor Gerszt’s analysis of the state of our banking industry.
Best Customer Experience in Banking Blends Digital with Human Touch by Steve Cocheo, The Financial Brand
Banks are constantly being told that they need to be more like Amazon—”the everything store” where your next purchase is always just a click away. But even Amazon loyalist have a problem with the tech giant: you rarely ever get to speak to a human when you have a problem. In this post by Steve Cocheo at The Financial Brand, learn why the best path forward for banks is a digital one that includes a heaping helping of relationship banking.
The Changing Shape of Bank-Fintech Partnerships by Will Hernadez, American Banker
Banks have traditionally seen fintechs as competitors—and when they’re eating into your loan portfolio, it’s easy to see why. But recent partnerships between financial institutions and technology companies have shown how banks can leverage strategic partnerships to get products to market faster and to rapidly improve customer service. Here, American Banker’s Will Hernandez takes a look at some notable bank-fintech partnerships and what they mean for the future of the space.
Consumers Increasingly Comfortable With Digital Loan Applications: Fiserv Survey by Roy Urrico, Credit Union Times
When it comes to digital transformation, many are driven by their own experience with technology. After all, we seemingly all walk around with computers in our pockets that help us accomplish tasks we’d only handle by phone or mail just 10 or 15 years ago. Some things, like our finances, have remained more manual than digital, but new research from Fiserv shows just how much consumer behavior has changed in this regard. Read on to get the Credit Union Times’ Roy Urrico’s analysis of the Fiserv survey that shows some digital loan applications doubling between 2018 and 2019.
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