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How The Consumer's Connected Lifestyle Is Impacting Banking

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Digital technology is expanding the impact of online commerce far beyond just the retail industry. As the lines between retail and banking blur, financial marketers need to respond to consumers' expectations and become part of their overall digital lifestyle. Subscribe to The Financial Brand via email for FREE!The buying process and demands of the banking consumer are being impacted more than ever by forces outside of financial services. While smaller fintech competitors are combining the power of data, analytics and digital technology to build more personalized experiences in banking, large non-banking players like Amazon, Facebook, Walmart, Apple and Google are impacting every aspect of the how a consumer manages their daily life. As brands find new ways to engage consumers beyond traditional commerce interactions, consumers are beginning to embrace new technologies like voice-activated devices, purchasing from search results, and using mobile devices for all stages of the buying process.


How The Consumer's Connected Lifestyle Is Impacting Banking

#artificialintelligence

The buying process and demands of the banking consumer are being impacted more than ever by forces outside of financial services. While smaller fintech competitors are combining the power of data, analytics and digital technology to build more personalized experiences in banking, large non-banking players like Amazon, Facebook, Walmart, Apple and Google are impacting every aspect of the how a consumer manages their daily life. As brands find new ways to engage consumers beyond traditional commerce interactions, consumers are beginning to embrace new technologies like voice-activated devices, purchasing from search results, and using mobile devices for all stages of the buying process. While these new activities are initially taking hold in the retail industry, they are impacting all industries, as consumers are becoming educated in the benefits of a connected lifestyle. In addition to becoming accustomed to new ways to connect through voice-activated devices and mobile phones, the consumer is increasingly expecting seamless interactions that result in close to immediate satisfaction.


How Digital Banking Can Protect Against Big Tech Invasion

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Retail banking is being attacked by both small fintech firms as well as the big tech giants like Google, Amazon, Facebook, Apple and others. The best defense that traditional financial institutions can use against this invasion is a strong, personalized digital banking offense.


Digital Banking Transformation: Where Should You Start?

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Many organizations are overwhelmed by the scope of change required to become a "digital bank." Instead of being stuck in neutral, here are some ideas that can be implemented relatively easily, increasing revenue, decreasing costs and improving the customer experience. Subscribe to The Financial Brand via email for FREE!Bank and credit union executives are bombarded daily with messages warning of the demise of banking as we know it if major actions aren't taken immediately. From replacing legacy systems to implementing artificial intelligence, there are more priorities than any organization can handle at once. As a result, many financial institutions end up doing nothing or focusing on initiatives that don't move the needle on revenue, cost containment, customer experience or market value.


The Rise of the Digital-Only Banking Customer

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Are banks and credit unions keeping up with consumer demands when it comes to digital banking offerings? With 46% of consumers using only digital channels for their banking, expectations are outpacing experiences at most organizations.