Has your financial institution’s strategy changed as we moved forward through the Covid-19 virus outbreak?
Digital banking has leveled the playing field in financial services. Regardless of the location of your branch network, digital banking capabilities have enabled competitors to entice more of your customers to move various components of their financial lives away from their primary bank or credit union.
Social distancing and quarantines have only accelerated this shift as consumers were forced to move their financial activity to mobile and online apps, and quickly discovered other financial technology that made their lives easier or solved a specific need. The move in this direction had already begun before the outbreak of the virus.
While competition from purely digital banks and traditional banks with enhanced digital capabilities continues, financial technology provided by non-banks has also attracted consumers looking for a solution to a specific need.
One example is the Apple Card; a credit card provided by Apple and Goldman Sachs. It seems like ages ago, but Apple and Goldman Sachs launched the Apple Card in August of 2019 with great fanfare. The credit card has many unique features, including the cashback rewards being instantly added to the user’s Apple Cash account, and the ability to make payments towards the balance at any time easily. The card can be used for contactless payments, which is another sought-after feature in our COVID-19 virus environment. Insight Financial Marketing has observed that consumers have engaged with the Apple Card at a very rapid pace from the time the card was launched.
The Apple Card is not the only new financial technology that has been popular with consumers. Many consumers have engaged more with the slick user interfaces and app functionalities that other technology firms have developed, like Acorns, Chime, Dave, Cash App, and Venmo.
- Is your financial institution aware of recent consumer behavior trends that are percolating within your customer base?
- What will be your strategy in the new digital world that we are rapidly transforming into, to keep and retain your customers?
- Which of your customers have engaged with the Apple Card?
Having keen insight into customer behavior and consumer trends is a competitive advantage that financial institutions must more fully leverage to retain and grow your customer base and deepen engagement.
Insight Financial Marketing’s solutions will enable your financial institution to leverage near real-time customer insights and detect and identify rapidly changing consumer behavior. We would look forward to communicating with you further, regarding additional information about our capabilities, and a free consultation and analysis.
More information on the impact of digital services can be found in this video from IFM.
Rob Reale is an Associate Partner and National Sales Manager responsible for business development and sales at Insight Financial Marketing. Rob began working in the Mortgage Banking industry in 1990 and currently helps the financial service industry leverage unique and innovative solutions.