Change can be hard, especially within the banking industry. With so many different options, learn where to begin and what makes the most sense for your institution’s business model.
While there are many benefits to creating a niche, standalone experience, there are some pitfalls to watch out for that can wreak havoc on your success.
These themes will likely have an increased sense of urgency that will drive banks and credit unions to take action in the year ahead.
For banks and credit unions looking to quickly acquire new deposits and revenue through a digital-only brand, outsourcing the tools and broader operations is now a viable option.
For nearly 90 years, Surety Bank has served the Lake Mary, Deland and Daytona Beach, Fla. communities. Read about their journey with NYMBUS to replace antiquated systems from legacy vendors and digitally transform their banking operations.
The challenge to innovate while maintaining status quo urges financial institution leaders to consider alternative strategies in order to survive. Here are the top reasons more are beginning to launch separate online-only bank brands as part of their digital transformation strategy.
Consider an entire bank built and tailored to a single affinity group. Pre-Internet, this would have been impractical and nearly impossible. By launching an online experience, financial institutions can now reach new markets outside of their footprint and appeal to a wider range of targeted demographics.
As an alternative to going through a full conversion, today’s financial institutions are exploring new digital partnerships that can help accelerate transformation, and in some cases, at a fraction of the cost.
If you’re looking to capture the attention of this generation, you’ll need to understand what they truly want in their banking experience.