Consumers have changed the way they view convenience, and direct banks have played a major role.
To improve their ability to leverage customer data, banks need to build a customer relationship management system directly into their core system.
Merger and acquisition activity over the past decade has transformed large U.S. banks into increasingly dominant mega-banks and reduced the market share controlled by smaller ones, particularly in major urban areas.
Despite the stereotypes of Millennials going all-digital for their banking needs, jumping to conclusions about generational change can lead bankers astray, according to BAI Research.
To gain mobile banking wallet share, banks need to make their login processes more secure, expand photo services, improve customer service and add personal financial management capabilities.
Banks can learn a lot from the retail industry when it comes to using analytics to drive sales and customer engagement.
Mobile technology can help branch employees provide customers with an improved branch experience – if those employees are trained to leverage the technology.
For omnichannel experiences to pay off for customers, the design principles of ease-of-use, efficiency and emotion must come to the forefront.