Bank Growth News: What You Missed in September

Sal Trifilio

September 30, 2019

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At Numerated, we’re obsessed with helping banks grow relationships and we know our readers are passionate about bank growth, too. With that in mind, we thought you might appreciate an inside look at the kind of content our teams are consuming about the industry.

Which is why we’re bringing you a monthly roundup of a handful of articles we think you should have on your radar—because they’re on ours. At the end of each month, we’ll pull together the content you may have missed from the weeks prior, and package it for with the summaries you see below. Enjoy!

Bank Growth News You May Have Missed in September 2019

The Must-Haves for Success in Digital Transformation by Anthony Macciola, BAI Banking Strategies
What are the top challenges facing financial services companies according to a recent BAI Banking Outlook study? The answer: customer acquisition, enhancing the mobile channel experience and making better use of consumer data to improve products and service recommendations. Not surprisingly, all three areas of concerns fall under the umbrella of Digital Transformation. With that in mind, BAI breaks down the “digital transformation” buzzword, and shows banks the sorts of value propositions they should be targeting for their customers.

Platform-Based Banking Provides Gateway to Digital Transformation by Jim Marous, The Financial Brand
Banking is one of the oldest industries in America and has, therefore, been reluctant to change. However, as seemingly every other industry adapts to the digital age, banking can no longer ignore innovation. As they work to address the technology gap that exists between banking and other retail industries, financial institutions should consider the competitive advantage that banking platforms provide. Here, The Financial Brand’s co-publisher gives a detailed breakdown of the ins and outs of platform-based banking.

Banks Striving for Connection in the Digital Age by Andrew Moreau, Arkansas Democrat Gazette
A 2018 study by Citigroup found that 91 percent of customers prefer using digital tools to bank, rather than going down to their local branch. While the results should come as no surprise, they underscore a difficult problem banks of all sizes and geographies are facing today: an inability to build and grow relationships. Here, the Arkansas Democrat Gazette takes a look at how that problem has been exacerbated in the digital age, and how banks are coping with this relationship crisis.

Fintech Lenders Have Doubled Their Market Share in 4 Years by Dan Ennis, Banking Dive
Banks are well aware of the pressure they’re receiving from their fintech competitors—but do they know just how much of the market they’ve captured of late? According to a new report detailed by Banking Dive, Fintechs provided a whopping 49.4 percent of unsecured personal loans as of March alone. Not only did Fintechs capture twice as much of the market as they had four years prior, but they also doubled the number of loans they originated in that time period as well.

How Banks Drive Growth by James Chessen, ABA Banking Journal
As we sprint towards the end of 2019 we are rapidly approaching an election year—which could put the banking industry in the crosshairs of political debate. But does the industry deserve the criticism it will likely receive? The ABA Banking Journal’s Chief Economist makes an argument for why America’s diverse banking sector is an undeniable strength, and how it helps drive growth throughout the economy.

Have a suggestion for a story that should be included in our next roundup? Let us know!

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