Flashback to February, 2020 … On paper, the U.S. economic picture was at historic highs, with the top economic indicators of inflation, low unemployment, strong housing demand, consumer spending, and high consumer confidence all seemingly to be “unstoppable forces.” How, then, with what seemed like a blink of an eye, did the Coronavirus, which we will call the global “immovable object,” cause the economy to drop to its knees? And, more specifically, did this drop break the housing and mortgage market? If so, how can it be fixed, and what can your financial institution do to embrace your community in its time of need?
The Financial Institution Learning Center
A banking blog that answers the industry's top questions and problems.
When today's consumers want to open a checking or savings account, they have plenty of alternatives. They can choose from local, national, or even online services. Because financial institutions make bank account openings easy and attractive, customers often spread their savings, spending, and borrowing between two or more financial companies. Read on to find out how you can overcome the challenge of attracting new customers and keeping your current ones engaged.
Borrowing money is an essential part of our lives. It allows us to afford homes and cars, start businesses, get an education, and do many other great things. Without the ability to borrow money, many of us would be living a life that would be difficult to bear. This is why we have banks and other financial institutions. They provide us with the money we need to live a better and more secure life. Today, however, getting people to borrow money from your institution has become a competitive playing field. With the advancement of technology, borrowers are now looking for institutions that will provide a convenient and positive experience, institutions that they can build a relationship with and trust. If your institution doesn’t offer a great customer experience, it’s likely you won’t be bringing in many new customers or even retaining customers.
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.
It's every financial institution's worst nightmare: you sign up for service with a software provider or vendor, hoping for a great experience. You're excited about the software, and looking for a chance to grow your business and meet your objectives. You're also looking forward to getting the tailored, customized attention you need to launch your new system.
Instead, you get left out in the cold. It's nothing like you expected, and you're not sure where to go from here. Even big-name providers don't often provide the attention, assistance, and support financial institutions crave. It's a frustrating yet common situation.
If you are reading this blog, you probably already know what a core banking system is, but in the case that you’re new to this sort of thing let’s give you a quick breakdown of what a core system is. A core banking system processes daily banking transactions and posts updates to accounts and any financial records. These include deposit, loan, and credit processing. The core banking system also connects with tools for reporting and ledger systems. To put it simply, the core is like the heart of your bank. It’s what helps your bank run properly. That’s why it’s important you ask yourself the following questions when considering switching to a different core provider.
Small businesses depend on financial institutions in a number of ways, especially in the early stages of operating. One of the most common ways these businesses need help is in the form of checking accounts or other simple tools that help keep finances organized. However, fees and other restrictions can become a deterrent or inconvenience for business owners. To attract and keep small business customers, it can be important to optimize the way you handle customers and the types of services you offer them.