One of the things that can keep you from going away is an openness to change.
— Doug McMillon, CEO & President of Walmart
Almost everywhere I turn, successful CEOs from a wide variety of fields are spouting the same advice: If your business or organization is going to survive, you’ve got to be willing to change.
That calls for innovation.
One of the biggest areas for change is the adoption of fintech —it’s also the place of the most resistance for many banks. And it needn’t be.
Three Good Reasons to Change
There are three reasons that fintech can propel an organization’s business in 2019.
1.) Fintech may increase your market share. As reported in the 2018 BAI Banking Outlook series, “More than 60 percent of consumers would use online channels to open a loan account, an investment account and a deposit account, if the process were easy. However, more than half of banks do not allow new customers to open their first accounts online.”
When banks prevent customers from banking with ease, the organization is essentially closing the door in the customer’s face. This gives the impression that “We really don’t care.” By allowing customers to have easy access to getting a loan or opening an account, you’re opening a channel of communication that could lead to offering and delivering other services to customers.
2.) Fintech may help you serve your current customers to a higher degree. Many retirees are loyal to their financial institutions. However, as they age and mobility becomes an issue, the ease at which they can do business with organizations diminishes. Unless the institution is willing to meet this customer where they are at, which is in all likelihood, at an assisted living facility, they might just lose business.
Remote tellers, such as those implemented by OceanFirst at first to serve customers in a retirement home, allow customers to have a hybrid experience, blending an element of online banking (aka independence) with the security of having a teller at the push of a button. Tellers who are likely miles and miles away are able to assist in a multitude of matters, which may include how to use the technology in the first place.
3.) Fintech also reduces overhead. While brick and mortar branches are not likely to disappear anytime soon, they are getting smaller. Smaller buildings reduce the number of employees and the costs of physical operations. That savings can then be used to implement new systems and procedures that might just propel an organization ahead of the pack.
So whether you’re organization is ready to open a cafe or remodel your locations so they double not only as teller stations but also conference rooms, embracing fintech will allow you to serve your customers to the highest degree possible, while also cutting unnecessary expenses.
Spread Your Wings
The winds of change are upon us, my friends, and you can either choose to spread your wings or be blown over in the storm.
I’d like to help you use your wings. Contact me and let’s have a discussion what that might look like.