Financial Institutions & Digital Capabilities
Financial Institutions have moved swiftly to enable more digital functionality. This effort has taken on many different paths. For some, the move has been to offer a combination of the following: BaaS, Open Banking, digital loan applications, a stand-alone digital bank, faster payments, access to cryptocurrencies, P2P functionality, electronic signatures, PFM, online and mobile app B2B capabilities. All this has been occurring, while at the same time, Big Tech, FinTech, and DeFi, have been launching new capabilities that target specific needs of consumers and businesses. Many traditional financial institutions have also developed partnerships and strategic alliances with Big Tech and FinTech firms or have invested in them directly.
COVID is Driving A Shift In Behavior
The COVID crisis further amplified the need for consumers and businesses to conduct more of their financial lives online and through mobile apps. In many ways, the changes in our industry were a direct result of a shift in consumer and business preferences that have been a long time coming; a need to move money faster and with a delightfully easy experience. While consumers’ lives and business operations have not yet returned to “normal,” we have learned how to adapt to life with a deadly virus around us. This includes being more comfortable with conducting more of our financial lives virtually rather than in person.
What comes next?
From IFM’s view, we see changes in consumer and business behavior daily. As a result of more digital functionality, the amount of data has grown exponentially. Some FI’s have seen their digital transaction volumes grow more than 2x-3x faster than previous years. IFM works with many of the largest banks in the U.S. and smaller FI’s that have a critical role in their communities, and all are impacted by changes in consumer and business behavior.
The movement of money has never been faster and will only become faster still. To be competitive, FI’s must be at the top of their game when utilizing data insights and predicting future customer behavior. IFM has an industry-leading customer intelligence solution to help your FI communicate more efficiently, with direct personalized content, and keep you and your enterprise informed of future behavioral changes.
Contact us today to take advantage of our free, no-obligation evaluation offer to get a first-hand view of your consumer and business customers. To learn more, visit us on our website at www.infimark.com.
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.