The Future Of Banking’s Post

Bank branch closures are on the rise 📉, the U.S. saw a drop from 95,000 in 2009 to under 78,000 branches today. Driven by bank mergers, technological advancements, and a shift towards digital banking, this poses challenges and opportunities for customers 🌐. As the banking landscape continues to evolve, digital banking solutions are emerging at a fast pace📱. Here's how to adapt: -Embrace digital banking platforms 📲 for convenience. -Explore new banking options, including online banks and credit unions 🏦. -Plan ahead if your local branch closes, ensuring a smooth transition to digital or another physical branch ✅. The banks with the most branch closures from 2018 to 2022 include: -WellsFargo.com - 1,286 branch closures -Usbancorp Investment Inc (USB) - 963 branch closures -Truist - 795 branch closures Additionally, in the first seven months of 2023: -PNC Financial Services Group Inc. (PNC) - 201 branch closures -Usbancorp Investment Inc (USB) - 185 branch closures -Wells Fargo & Co. (WFC) - 160 branch closures Banking is evolving, but by staying informed and flexible, we can navigate these changes successfully. #DigitalBanking #BankBranchClosures #FinanceTrends

A bank in the UK has announced the closure of an additional 45 branches in the UK next year, totalling 123 bank branches to be closed in 2024 🏦 As more customers are using digital channels to manage their money, with 21 million choosing to bank online, branch visits have become less frequent, leading to closures. However, the bank is offering targeted banking support where a branch is closing. How will these continuing closures impact residents? Read more Which? 👉 https://bit.ly/3RnCG02 #OnlineBanking #BranchClosures #Banking

For consumers who prefer a completely digital experience or who have been disappointed with traditional banks in the past, neobanks can be appealing. However, there are some risks to neobanks you should be aware of before switching all your bank accounts.

"Lynn Yznaga, Senior Vice President at Broadway Bank, emphasized the importance of being present where your customers are to avoid missing potential opportunities. Embracing digital expansion is key to aligning with consumer needs. Discover how a bank with $5 billion in assets achieved significant enhancements in growth, efficiency, customer satisfaction, and risk management by integrating an effective strategy with suitable technology: https://gag.gl/jmf5Ti? #bank #banking #lending"

"Being absent from where your customers are could lead to missed opportunities," stated Lynn Yznaga, Senior Vice President at Broadway Bank. Embracing digital expansion is crucial for aligning with consumer needs. Dive into our blog to discover how a bank with $5 billion in assets achieved significant enhancements in growth, efficiency, customer satisfaction, and risk management through the integration of an effective strategy and advanced technology: https://gag.gl/jmf5Ti? #bank #banking #lending

In banking today, customers demand a seamless digital experience. It’s essential community banks align themselves with the industry's digital transformation. At AVANA Companies’ First State Bank of Abilene, we experienced firsthand how daunting that endeavor can be — but we push forward to successfully optimize the customer experience with technology. This ICBA article provides strategic, manageable tips for advancing your bank’s tech, including tips on how to fully embrace digital transformation. Here’s how we are taking steps along our digital transformation at First State Bank, Abilene Texas: 1. Start Small Yet Strategically: Community banks are often too lean to employ someone dedicated to digital innovation. Instead of tackling everything at once, pick one pain point and start there. We started with consumer lending and are taking steps to ensure a frictionless journey for the consumer while safeguarding risk and building the technology to achieve this. 2. Empower the Banking Team: Community banks can also focus on how these new systems make employees’ jobs easier. For example, we are creating data-driven dashboards that show the entire client relationship, allowing us to holistically serve the customer. If you’re a community banking leader, I encourage you to read the article for additional advice on adopting technology that will unquestionably advance your organization.    #DigitalBanking #CommunityBanking #Fintech #BankingTechnology #FinancialServices #Banking

UK challenger banks once again outshone incumbents in the latest annual banking satisfaction survey conducted by the Competition and Markets Authority. The survey is designed to show how personal and business account holders rate the quality of services across the broad range of banking offers such as online and mobile banking, overdrafts and in-branch experience. For small business customers, the quality of their relationship with their account manager and quality of those services is also covered. Overall, the top-ranked personal current accounts in Britain are Monzo Bank, Starling Bank and new entrant Chase. Bottom of the pile were the The Co-operative Bank plc, Virgin Money and Royal Bank of Scotland. Monzo and Starling also topped the rankings for best business accounts, with Tide coming in third. Some of the big beasts of the UK banking scene - Royal Bank of Scotland, the Co-operative, Barclays and HSBC - anchored the bottom of the list. The CMA requires banks and buildings societies to display the survey results prominently online and in-branch so that customers can see whether they can get a better experience elsewhere. The results of this do not surprise me. The Challenger banks saw a weakness in how the level of customer service in traditional banks has declined and stepped in to fill the gap. I do not bank with any traditional bank for HTF Group See more news like this at https://lnkd.in/eHszY5qH #digital #challenger #fintech

"Lynn Yznaga, Senior Vice President at Broadway Bank, highlighted the importance of being present where your customers are to avoid missing opportunities. The journey towards digital expansion is critical for engaging consumers effectively. Discover how a bank with $5 billion in assets achieved significant improvements in growth, efficiency, customer satisfaction, and risk management by integrating an appropriate strategy with advanced technology: https://gag.gl/jmf5Ti? #bank #banking #lending"

Interesting insights shared here! Are we experiencing the same level of trust and satisfaction when comparing traditional banks to challenger banks in Africa? FinTech companies in the region are disrupting the financial services space by offering more convenience and improved user experience. However, is user experience the sole factor consumers consider when choosing their financial partner? Food for thought. #FinTech #Banking #Finance #UserExperience

Trust In Banking Begins To Level Out After An 8 Year High, As New Index Finds Challenger Banks Are Most Trusted By Consumers James Daley, Managing Director at Fairer Finance, the consumer group and ratings provider, commented: “Trust in the banking sector has been on a slow road to recovery over the last 15 years. Mis-selling scandals and the credit crunch drove trust in the sector to all time lows in the early part of the millennium. But better regulation and a more competitive sector has seen a steady improvement in recent years. https://lnkd.in/ebSCDxe5 Tim Hogg Anjali Ladwa Oliver Crawford Richard Robinson #FFNews #Fintech #FintechMagazine #FintechFinance #Paytech #PaytechMagazine #Insurtech #InsurtechMagazine #KYC #Lendtech #Regtech