The Rapid Pace of Financial Technology for Banks and Credit Unions
Although each institution is different, they are offering new and different services to their customers. Some of those services include:
- Deposit checks using smartphones
- Device-agnostic internet banking products replacing tele-banking
- Changing core vendors
- Letting old products decline rather than just removing them completely
While new generations are demanding an increasing amount of tech resources from financial institutions, this trend for newness is not going to decline. Future generations may be even more reliant on financial technology, which means that technology will always keep moving.
The Shift to Cloud Technology for Financial Institutions
Cloud technology is changing data storage and the way society uses technology. With cloud-based implementation, cloud providers become responsible for services that banks used to control, including:
- Increasing core computing processing, mainframes and servers
- Recruiting and retaining IT professionals
- Offering competitive digital products and services
- Improving data security and defense against cyber attacks
Cloud-based applications can help financial institutions stay up-to-date and competitive in the technology environment. Cloud-based services help reduce the risk of failure, improve service, reduce the requirement for on-site technical support, and reduce the total cost of ownership.
Do You Have a Mobile Strategy?
Building a mobile strategy for your bank is different than providing quality customer service. It’s a system of products that can help your customers in multiple ways. To create a mobile strategy, follow these tips:
- Examine everything - Internet and mobile
- Real-time - Internet-based applications that only update overnight are a waste of time and money
- Integration – ensure your vendors are able to provide the functionality of mobile services
The Amazon Effect on Your Community Financial Institution
Amazon has clearly proven they innovate at the speed of light. By learning from the Amazon model, your community banking will gain an edge in servicing your customers.
- Make sure that your technology keeps your customers pleased and unwilling to consider additional options.
- Offer enough options so they can make their own choices
- Make it pointless to choose a different institution because you offer it all.
Amazon has used all of these considerations to become successful. When you combine these options with superior customer service, your institution will remain in business for years to come.
Keeping Your Community Bank or Credit Union Competitive
By learning from the success of other community banks and credit unions, you can gain an advantage for your financial institution. Some of the successful strategies include:
- Attracting, retaining and empowering young talent
- Acknowledging the importance of innovation and technology in customer’s expectations
- Accentuating what’s already working
When choosing a technology vendor, customer service remains a constant as well. Employees that are able to call a vendor for help and the vendor can relay the right information to customers is a big deal.
The Copper River Group
The Copper River Group are experts in the financial industry, helping community banks and credit unions with:
- Consulting Services
- Bank Technology Consulting
- Debit and Credit Card Portfolio Profitability
- Debit Card Brand Agreements
- On-Demand CIO Services
- Strategic Contract Negotiations
- Vendor Management
Contact us today for questions, or ask us for references. In the meantime, check out our blog.