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.”
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.
For your financial institution to see great success, it needs to be more than just a place where people can store their money. Many financial institutions make the mistake of limiting the support and options they provide because they’re only worried about themselves and how they can cut costs to make more money. However, if institutions would focus more on their customers and their needs, they’d quickly realize that it’s worth every penny to provide them with everything they need. By going above and beyond for your customers, you’ll create greater value, which in return will generate more revenue than ever before. The following guide walks you through different techniques you can use to make your financial institution more desirable to potential clients for maximum success.
APIs (application programming interfaces) are simply communication tools for software applications. APIs are leading to key advances within the banking industry as financial institutions continue to collaborate with third parties.
Technology continues to progress faster than in past years. Today it only takes computers 12 to 18 months to double their capabilities. With this fast pace of technological developments, each succeeding generation is becoming more and more tech savvy. In fact, many banks are preparing now to provide the digital accommodations Gen Zers seek.