Is the world more connected today than it was 12 months ago? We’ve adopted Zoom calls and digital services at a rate many times faster than any previous year. Yet, most of us haven’t seen our extended family in months, much less the friendly people who staff our financial institution.
Consumers remain connected to their institution through technology. Personal connection — the kind created by face-to-face service — might seem unobtainable. Financial institutions, though, are finding just the opposite. Personalization can enrich the digital experience, both preserving and deepening the financial relationship.
Creating connection in the digital experience also uncovers challenges and opportunities facing the financial industry. Black swan events, such as the Paycheck Protection Program (PPP) and the onset of social distancing, stirred the pot for commercial and consumer relationships with financial institutions. Commercial borrowers were moving their entire relationships to the financial institution that gave them the most help securing PPP funding.
Many depositors looked for platforms with the most efficient remote banking tools. And the mortgage business — fueled by low-rates, low-inventory, and high-demand — has been in overdrive as borrowers seek lenders to help them refinance or purchase a home.
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