In a fast-paced, frictionless lending world, community banks have their work cut out for them. Here’s how they can make the cut.
Yes, there are risks to working with people with thin (or no) credit histories. Enter alternative data.
Traditional banks may not be the go-to for some millennials and Gen Z. But as trusted, secure data repositories, they have an edge over fintechs.
Customers want face-to-face help with vexing problems and to be left alone to tackle simple tasks. But oddly, some banks can’t tell the difference.
The days of passive gift giving have been replaced by an era of interactivity in which parties, yoga classes and hotlines to the CEO are among the common customer perks.
Giving customers cross-channel consistency is challenging. But updated infrastructure creates the right foundation for today, and the future.
For all the stress on relationships, banks rarely surpass the promises in their ads. Change begins with getting to the heart of consumers’ lives.