The Federal Reserve is creating the FedNowSM Service, an instant-payments system planned for release sometime in 2023.
The Financial Institution Learning Center
A banking blog that answers the industry's top questions and problems.
Fraudsters never rest; they just keep changing their game. That means you can’t afford to rest, either. Since the pandemic began, online and mobile banking have become far more prevalent, creating a new high-tech playing field for fraud. What worked this year to prevent theft at your financial institution may not be sufficient in 2023 and beyond.
Your online and mobile banking software is critical to your institution’s success, but adopting new software can be daunting. With so many choices and so much at stake, what’s the best strategy for making a wise decision?
Especially since the pandemic began, consumers are demanding more and better electronic banking options. According to recent research conducted by Citizens Bank, “Most consumers now choose their banking partner based on mobile and online banking capabilities, with 40% of consumers saying it was the most important factor, while only 27% cite the convenience of physical branch locations as the most important factor.”
In this guide, I’m going to show you step by step how easy it is to create an effective marketing campaign for your financial institution. Follow these simple steps, and you’ll be generating more business in no time.
For the last 10 years, we have been fortunate to experience good economic times. Even in the face of a devastating global pandemic, asset prices performed well, and delinquencies and defaults have trended downward.
If you work in financial services, you know that financial institutions are increasingly caught in a squeeze between dwindling profits and higher customer demands. At the same time, “rising credit costs are pushing more banks to get aggressive—and creative—to boost bottom lines.”
Millennials are currently the largest adult generation in the nation, and they have the largest economic impact. They’re over 2 billion strong with spending power in excess of $200 billion. But “banks have largely left millennial banking habits out of the picture when developing marketing strategies,” according to Everfi, a financial education firm.
If you’re a manager in the Financial Services sector, it’s not news to you that the employee turnover rate is high in your industry. Depending on which statistics you consult, the attrition rate ranges from 18% to more than 25% of the workforce, and it’s increasing with the changes the pandemic has required.
You’ll likely come across many options when looking for a wire system, and you can bet that each option will have different functions and features. So the question is, which option best suits your institution’s needs? Do you really need all the bells and whistles?