The Financial Institution Learning Center

In today’s business environment, financial institutions need to do all they can to stay ahead of the competition. If improving your corporate culture isn’t on your to-do list, here’s why you should add it.

In December last year, FDIC acting Chairman Martin Gruenberg warned that higher inflation, higher interest rates, and geopolitical uncertainty could reduce bank profits in 2023. No one has a definitive forecast, but clouds of a possible recession also continue to appear on the horizon. In this uncertain economic climate, how will your financial institution prepare to weather the possible storms?

The Federal Reserve is creating the FedNow^SM Service, an instant-payments system planned for release sometime in 2023.

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.