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Banking Tag

  While every industry faces customer experience challenges, not many face the unique obstacles found in Financial Services. In our latest episode of Movers & Shakers, Teron Douglas of Bank of America sits down to discuss how innovation and a new way of thinking have led to interesting breakthroughs in delivering a better customer experience. Traditionally, Financial Services is an industry mired in heavy regulation and antiquated thinking. But, recent developments in the space and disruption by smaller, more...

Retail banking (or consumer banking) accounts are a large part of any bank’s portfolio. While corporate accounts come and go with the ebb and flow of today’s market, consumer accounts can be relied upon to provide stability for a bank through the ups and downs of an ever-changing economy. BAI  claims that “For most banks, their retail franchise is the most valuable part of the company.” For this reason, it is no wonder that there is so...

We’ve discussed the strong numbers behind these strong customer experience strategies and taken a look at how they impact banks positively. With banks moving beyond their sole focus on competitive rates, here are three banks which excel at shaping an outstanding customer experience and have a reputation for strong revenue gains to boot. USAA Bank USAA is known for its stellar customer experience tailored specifically to active and retired military personnel and their families. Despite having a mere...

Competitive interest rates are used to influence both the market value of bank assets and the customer’s ability to repay their mortgages and other loans. Because a change in interest rates can affect the cost of borrowing as well as bond and investment yields, financial institutions tend to be careful about any rate change. Keeping interest rates competitive is imperative for a financial institution. Not only do low rates drive investment into the stock market, they...

Goldman Sachs is changing the traditional banking industry reliant on bank tellers and in-person service. The bank recently launched GS Bank, an online bank that promises a 1.05% APY and requires a minimum deposit of only $1. For a bank with a reputation for wealthy clientele, this shift might have come as a surprising change within its private wealth management arm. GS Bank is an FDIC insured savings bank that evolved from the acquisition of GE...

The banking industry is notoriously competitive. That means financial institutions must offer an array of services at various rates with different levels of convenience and structure. Credit unions and traditional banks each have their pros and cons. After analyzing the value proposition of credit unions vs. banks, a consumer may benefit in switching from one to the other. While there may be some crossover between the advantages of each type of institution, there are few notable...

Over 93% of Americans have some type of financial transactional account, including checking, savings, money market, and call accounts. However, despite desiring a variety of choices in order to make informed decisions for their families and businesses, most Americans choose large national and regional banking institutions for their financial needs. In fact, big banks account for 74.8% of the total financial account market while smaller banking institutions and credit unions account for only 18.2% and 7%,...

The banking industry is undergoing a tremendous wave of innovation, prompted by necessity.Experts agree that banks who fail to make major changes in the next few years will become the laggards in the industry. Industry leaders create each new development to meet the challenges presented by new digital markets. What happens next determines what the entire space looks like moving forward. There are seven new ideas in particular which are disrupting the banking industry right now and...

This piece is the third installment in our Reaching A Millennial Audience series.  See part one, here. Here’s the truth about millennials: they don’t like boxes.  They don’t like being put into boxes, they don’t like building boxes themselves, and they don’t like being told they should really just walk into a box.  In other words, millennials tend to reject the traditional dreams of American consumerism, avoid staying in one job for too long, and refuse to...