retail banking

Thought Leadership

The Amazonification of Retail Banking

by Rebecca Gerben Mehta

With a wealth of customer data at-hand, retail banks hold the key to targeting customers with personalized, relevant customer experiences. That said, recent reports show many customers feel like their banking interactions are simply transactional and not necessarily relevant to their personal goals and needs.

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Thought Leadership

Gone in 90 Days: How to keep new retail banking customers after the honeymoon ends

New relationships are thrilling. A prospect saw your latest targeted sign-up campaign on social. They clicked the ad. They filled out the form. They opened an account. They committed.

But new relationships are also fragile. According to the banking consultancy, Novantas, approximately 50 percent of all retail banking customers leave within the first 90 days.

In addition, a recent Deloitte survey cites that consumers who found their onboarding experience lacking were less likely to purchase additional products or services at the bank, and less enthusiastic about recommending the institution to family and friends.

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Thought Leadership

Millennials: They're not who you think they are

If you think of millennials as lazy job-hoppers who complain about never owning a home while dining on $15 avocado toast, you’re not alone. Do a quick Google search and you’ll find countless articles typecasting this generation—including that there’s nothing a millennial hates more than being stereotyped.

There is no denying that this is a lucrative group for marketers, with every industry trying to figure out how to tap into the millennial consumer. They’re one of the most buzzed-about generations, but how well do marketers really know them?

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Thought Leadership

The bot in the branch and the future of retail banking

According to a recent survey from The Financial Brand, 2018 will be all about customer-centricity for financial institutions. The panel includes bankers, credit union executives, industry analysts, advisors, and fintech leaders.

The report’s top findings for both trends and strategic priorities in retail banking centered around improving the customer experience, supported by the use of big data, AI, advanced analytics, and cognitive computing. Respondents cited “removing friction from the customer journey” as the most important trend for 2018.

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