Capturing and Retaining Consumer Deposits in the Next Three Years

Posted inRetail
The assumption that massive investments in technology are essential for our banks to remain successful and retain customers has been with us for decades now. “It’s table stakes”, we were told. We started with perceived core system upgrades and moved onto efficiency plays, followed by database management tools crowned by Salesforce, etc. etc.  The very same assumption, which focused in RPAs and upgrading human production to more value-add activities, is now followed by AI tools…

THE IMPORTANCE OF CUSTOMER EXPERIENCE PART II

Posted inGeneral Management, Retail
This article is a perfect follow up to my recent article on the importance of customer experience and perception. It is a summary of an interview conducted by David Martin of Julie Mayrant, the dynamic, ever-vivacious leader of Woodforest’s consumer bank. Woodforest’s roots are in consumer banking. It has over 740 branches in 17 states, mostly located inside Walmart and catering primarily to America’s working class. While much has been written about the importance of…

Chase’s Vision For Solving For Optimizing The Retail Model

Posted inRetail
Banks have expressed wariness of the success of FinTechs in gathering deposits in recent years.  These organizations appear to be growing faster than our industry, building share and “eyeballs”, and yet, none has shown meaningful profits.  In fact, even many of those that have been acquitted by larger banks, such as Simple and BBVA, ended up sunsetting.  Fintechs traditionally focused on a narrowly defined product line and consumer segment. That, coupled with their never-ending quest for…