Stretching back to the 1980s, a key worry with branch consolidation has been customer attrition, or the risk that accountholders will take their business elsewhere if their anchor local branch is closed or merged with Read More
According to recent census information, the millennial generation now outnumbers the baby boomer generation. While the youngest millennials have yet to enter the workforce, the oldest in the group are in their early 30s, Read More
It’s a simple fact: Millennials are your future customers. Already the largest group in the workforce, the leading edge is now in their 30’s and reaching an age when they have stable jobs, are forming Read More
The last five to seven years in retail banking have been dominated by the arrival of omnichannel, that is, a bank’s ability to allow the customer to pull a tailored customer interaction through the customer’s Read More
Customer wait time is one of the most reliable leading indicators of customer satisfaction in retail because, well, customers don’t like to wait. And if they do have to wait, they express the opposite of Read More
Editor Note: David Kerstein has updated this article.
Banks are hungry for growth: hungry for new customers, for deeper and more profitable relationships with existing clients and for better alignment of expense against Read More
Bankers throughout the country are increasingly focused on both attracting properly-priced funds and creating more practical, customer-centric ways to retain quality deposits. It’s no secret that retaining appropriately-priced deposits is a more cost-effective proposition than Read More
Many banks are now in the midst of their budget and planning seasons, aimed at improving efficiency and performance in 2016. The continued low interest rate environment, limited growth opportunities and more non-traditional competitive threats Read More
Bankers well understand the importance of the Millennials (born 1980 to 2000) to their future business. They are, after all, the next generation coming through the pipeline, following Generation X (1965-1979) and the Baby Boomers Read More
Perhaps the single most important threat facing the banking industry is the fundamental change in the way consumers and small businesses use branches. Routine service transactions are being displaced by online and mobile, causing branch Read More
How do banks build buzz with social media? I’m not going to make you wait until the end of my article to get the answer. So here it is: they need to increase engaged subscribers Read More
Consumers have embraced their mobile devices to check balances, make payments and conduct other financial activities, giving marketers the ability to reach them more easily. But, to take advantage of this access, bank marketers need Read More
As the role of technology grows in retail banking, innovation is no longer simply about online, mobile or even omnichannel, say the judges in the BAI-Infosys Finacle Global Banking Innovation Awards 2015. “2015 feels like Read More
A business can thrive or fail based on its internal culture since culture impacts morale, productivity and, ultimately, the bottom line. In many ways, culture is like a personality that reflects the values and Read More
The ability to offer a menu of business banking services is critical for financial institutions in today’s competitive lending environment. In prior generations, people fostered relationships with only one bank or even one banker. However, Read More
I find it interesting that so many bloggers on financial technology (fintech) sites deride the banks for being slow, clueless or stupid. They talk about how banks don’t do this, don’t do that; fail at this, Read More
For over thirty years customer service has been one of the most discussed topics in the financial services industry but it is difficult to name more than a couple of banks that have distinguished themselves Read More
For 15 years or more, marketers in retail banking have heard that delivering “the right product to the right customer at the right time” will yield the maximum conversion rate, product penetration and benefits of Read More
Recruiting is a big problem for most banks and financial firms. The question is always, “How do I hire bankers who can also sell?” Unfortunately, there is no simple answer to this question. However, the Read More
Financial institutions are primarily focused on meeting the needs of Americans that fit into certain demographics. The rest of the population ends up as the underbanked – consumers with needs viewed as too costly, too Read More