Welcome to Innovating Payments Top 3 News Headlines for the week of July 24, 2022. This issue's top stories focus on how financial institutions can stay competitive in a rapidly evolving landscape. According to The Financial Brand, "To truly digitally transform their operations, banks and credit unions must address customer and employee experience together." Also top of mind for many financial institutions is how to provide a superior customer experience while remaining competitive with more new and emerging players. PaymentsJournal tells you how. Finally, data is playing an increasingly important role in nurturing banking relationships. But the trick says BAI, is knowing how to use that data for a competitive advantage.
Read on to learn more.
1. Transforming Digital Banking Experiences from the Inside Out (The Financial Brand)
Your customer experience (CX) and employee experience (EX) are the foundations of a comprehensive digital strategy. Providing the convenient, relevant, and personalized experience consumers expect and marrying it with a parallel employee process that attracts, trains and retains talent is important in driving success through your financial institution's digital transformation. (Read more.)
2. Three Ways to Manage Heightened Consumer Expectations While Driving Growth (PaymentsJournal)
With so many choices available to consumers, enabling the frictionless experience, digital engagement and access to credit consumers demand is essential to remaining competitive, especially with so many choices available to them. Financial institutions (FIs) are tasked with meeting these high consumer expectations for a superior customer experience as well as maintaining consumer information and privacy in an increasingly digital world. (Read more.)
3. Data's growing role in nurturing banking relationships (BAI)
There's seemingly no end to the data that banks and credit unions collect about their customers. The trick is refining that vast stockpile of raw material into a valuable asset to drive deeper relationships and other business opportunities. This can be a significant challenge for a variety of persistent reasons. (Read more.)
How is your financial institution addressing the customer and employee experience in the digital age? What is your financial institution doing to manage heightened consumer expectations while driving growth? Finally, how are you maximizing data's potential to drive deeper customer relationships and business opportunities?
Check back soon for our next issue, which will again highlight the industry's most pressing and need-to-know developments. Until then, visit us online at Innovating Payments.
AUTHOR: Joe Casali, AAP, NCP
Executive Vice President
As the EVP of Payments Innovation for NEACH, Joe focuses on exploring innovative solutions and technologies that will help position members for success, both now and in the future. Connect with Joe to read more of his blogs, articles, and posts.