While most banks think they need a new digital account opening process, the reality is that most banks need a new digital onboarding process. Despite all of our technological progress, it’s the analog process where the most massive failures are. To this point, we just mystery shopped two renowned banks, Umpqua and Citibank, and in both cases, we were met with adjunct failure. Here at CenterState, we are relooking at our digital onboarding process in hopes of getting it right.
Tag: Digital Banking
There is an idea that has been going around for the past couple years that community banks should start a digital-only bank under a separate brand similar to what Goldman Sachs has done with Marcus or Chase has done with Finn. In fact, we are at the Financial Brands Forum this week and the topic is still garnering a deep buzz. Since Marcus, several community banks have done this as well and many others are thinking about following suit. In this article, we look into this strategy to see if the idea holds merit and break down when to consider the strategy.
After our first round of head-to-head competition, we were sorry to see some digital banking solution providers go. Similar to the NCAA Men’s and Women’s teams (We are still heartbroken over UCF), some of these solution providers were good, it just wasn’t their time. Many of the banking platforms didn’t make it as they were not true cloud-based, didn’t have our desired architecture or had little in the way to support business banking.
Not only are the NCAA Basketball brackets set, but we have finalized our digital banking competition as well. While our criteria stood the test for a couple of hundred banks that commented on it or we had interviews with, we have had to expand our brackets from 18 to 24 contenders as it seems that we left several off.
Our (Semi) Final Criteria
It’s March, so that means tournament time – the Zags, Cavs, Blue Devils, KCats, Heels and, of course, our dark horse, FL State. Along with college basketball, it also means we update our strategy on bank delivery transformation. This year, we focus on taking a look at all available digital banking platforms to see which fits what type of bank. We will do this in an NCAA college basketball format (‘Tis the season) with the goal of choosing the best platform given a set of predefined criteria.
Years ago we discovered that most bank customers don’t specifically need a physical branch they just want the comfort of knowing they CAN go to a branch. The difference is subtle but important for banks looking to evolve their channel delivery. Over the past eight months, we have learned from focus groups and experiments that what customers want above all else, is a private banker.