Mobile Bankers Leading the Way in Omnichannel Usage
Most people have become omnichannel consumers of financial services, particularly mobile banking users. Consumers adopt new channels as they emerge as complements to existing channels instead of replacing older delivery channels. ATMs did not supplant branches, just as online banking did not supplant ATMs, for example.
Know Who Is Shopping You Online
Given their investment in technology, financial institutions are more than justified to ask questions relevant to what extent they are being shopped online and which consumers are shopping them. Executives may find the answers to such questions quite surprising.
Jump in the Stream: Using Digital Audio Programming to Reach Millennials
Consumption of media is shifting online, giving consumers access to the music they want and providing financial institutions with a new, more personalized marketing opportunity. Using digital audio programming, such as Pandora® and Spotify®, banks and credit unions can target sizeable audiences by coordinating messaging with consumer musical tastes.
CEO Strategies Group Recap: What Are the Keys to Sustainable Performance?
One overarching theme at the workshops was the importance of strategizing for sustainable growth. Considering the ongoing industry consolidation (largely a function of smaller organizations going away), rising operating and delivery costs and the clear earnings advantage for larger institutions, the ability to grow and benefit from economies of scale will be vital to organizational success, if not survival.
Does the PFI Designation Still Have Value?
With the advent of alternative financial service providers, financial institutions may wonder if there is still value in being a consumer’s designated primary financial institution (PFI). If there is value, what opportunities are there to increase customer wallet share?
A Client’s Perspective: Turning a Problem-Solving Call Center Into a Revenue-Generating Business Unit
Emerging technologies are driving down routine branch transactions at most financial institutions, prompting numerous service calls to call centers. Quickly and efficiently solving issues is the primary focus of most call centers. During periods of excess capacity, one financial institution, ABNB Federal Credit Union in Chesapeake, Virginia, was able to go beyond problem-solving to turn their call center into a revenue-generating business unit.
Pay Me to Use Your Credit Card
The credit card industry may very well have created a monster when it began offering rewards to consumers who use their credit cards. Consumers are now used to getting paid to use issuers’ credit cards and for many consumers, the decision to select a particular credit card hinges on the type of rewards offered.