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?
The Financial Institution Learning Center
A banking blog that answers the industry's top questions and problems.
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.”
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.
Is your financial institution still processing wires manually? If so, consider the hidden costs and risks you’re accepting. Manual wire processing is among the most inefficient processes in banking operations, costing you far more than adopting a good software solution for wires.
Did you know that phishing increases during a crisis like the current pandemic? And even before the pandemic, phishing was a major cybercrime threat.
Are you worried about protecting your community bank against cyberattacks? If so, no wonder—cyberattacks against banks increased by 238% in just two months of 2020, according to Cybertalk