We know. It’s really tough to keep up with the intensely fast pace of financial changes happening. (All. The. Time.) To help sort it all out, here’s a recent roundup of some news that might influence how we all think about banking services. Let’s get right to it:
Mobility Becomes a Banking Essential: Wall Street Journal, 4/12/14
Mobile banking is emerging as a critical weapon in banks' battle to retain customers and cut expenses. The average cost to a financial institution for a mobile transaction is just 10 cents, about half that of a desktop-computer transaction and far less than the $1.25 average cost of an ATM transaction, according to data from Javelin Strategy & Research. When banks don't deliver, some customers are walking. About 60% of smartphone or tablet users who switched banks in the fourth quarter said mobile banking was an important factor in the decision, up from 7% in the second quarter of 2010, according to data from New York-based consulting firm AlixPartners.
Interactive Bank Tellers Help Rural Banks Expand Service: USA Today Online, 4/07/14
Another trend is rural banks making big city moves; investing in the future of the communities served. By deploying video-enabled interactive tellers, these banks are able to maintain outstanding banking services in both areas where the population is declining or areas considered high-risk locations. Plus, this technology offers efficiencies for the branches, such as the ability to handle more transactions, while still providing the much-desired human touch for customers.
Inside the (Smaller) Bank Branch of the Future: The New York Times, 04/01/14
Biometrics, iris scanners, and tablets – OH MY! The bank branch isn’t going away, but it certainly is transforming. Why? The pace of digital innovation is accelerating faster than physical – yet both are required to deliver an outstanding experience. The good news for banks? Many of these innovations have the chance to radically shape the physical and digital experience as one, and for banks, that can spell the opportunity to enhance service andcut costs!
The Revolution Will Not Be Commoditized: New England Financial Marketing Association Blog, 04/01/14
The banking revolution is taking place today, and as financial institutions begin to look beyond basic, commoditized offerings to exceed customer expectations, the guidance for personalized and seamless moments of truth, can be found across touchpoints in a variety of verticals that consumers interact with every day.
Oh, and by the way, the author of the blog above, Addison Hoover, NCR Corporation’s GM, Branch Transformation Marketing, Americas, will be presenting, ‘Creating a Profitable Omnichannel Experience,’ on the final day of the New England Financial Marketing Assocation (NEFMA) Spring Conference, April 25th. Please introduce yourself if you are in attendance.