How to bring back neighborly banking in 2024
I’m calling it now: the most successful loan officers of 2024 will be those who make the best efforts to bring back what I call “neighborly banking.” Yes, that’s pretty much what it sounds like. But for you to really understand what I’m saying, we need to start with some stats.
Four out of five credit union members would rather do their banking online than in person, and Accenture reports that about four out of five also say they see their relationship with their financial institution as purely transactional. However, EY notes that 40% say they’d be more likely to stay with their provider if it offered more personalized service.
That’s the data. Now here’s the insight.
Digital transformation in banking has brought a revolution in convenience that’s been highly valuable to members. They can take care of their financial needs on the go without needing to schedule an appointment at their branch or wait in a long line. The digital transformation has been helpful for financial institutions too. The digital fingerprints left behind by members have allowed institutions to get even more data about the members they serve, with the ability to reach them more regularly, and, in theory, with more relevant offers.
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