As traditional bank growth models fail, consumer expectations evolve, and new competitors enter the fold, community and regional banks are finding it more difficult to succeed and, indeed, survive.
Of the roughly 5,000 financial institutions that remain in this country, the ones showing promise and an ability to return to organic growth are the ones who have been able to adapt relationship banking to the digital age. They’ve accomplished this by centering new strategies on a digital + people approach, focusing on improving customer relationships, and by addressing lagging customer and banker experiences.
This kind of digital transformation in the face of an increasingly competitive industry was the topic of discussion between our Founder and CEO Dan and MidFirst Bank’s Sr. Vice President Susan Simper at this year’s Small Biz Banking Conference.
Over the course of their 30 minute presentation, Dan and Susan walked attendees through four, real-world, case-study examples of how together MidFirst and Numerated were able to create a competitive advantage in business banking for the Arizona-based financial institution.
Each example helped explain the challenge at hand, the technology leveraged, and the success it created for the MidFirst team.
Starting with the banker experience, the duo explained how Numerated’s tools for underwriting in advance helped MidFirst generate 20 percent of annual loan volume in a single week; or how insights surfaced through the bank’s core integration helped MidFirst better serve existing customers.
Similarly, in regards to the customer experience, Dan and Susan worked together to explain how Numerated’s real-time lending and omnichannel support capabilities have helped MidFirst meet and exceed customer expectations.
The Small Biz Banking Breakout Session was capped off by Susan giving advice on how to undertake digital transformation based on her personal experiences working with Numerated.
To get Susan’s takeaways and to learn more about our partnership with MidFirst bank, watch the full-length presentation today.