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BID Newsletters
Apr 8, 2022
Around $90B was withdrawn from over 200K independent ATMs across the country in 2020. As financial institutions continue to merge, close branches, and remove ATMs, these independent ATMs, found in convenience stores among others, are a lifeline to many consumers where banks have closed branches. They are also a revenue generator for many small businesses. Is this an opportunity for community financial institutions?
Jan 2, 2024
As CFIs strive to make branches and in-person experiences for customers more appealing, the importance of the sensory experience should not be overlooked. We discuss why factoring in those experiences makes good sense.
Dec 26, 2023
This week, we will revisit the top BIDs of the year as we say goodbye to 2023. Our first stop down memory lane brings us to this article from Feb 15: Americans are using cash less frequently and making payments more often by credit card or through payment apps. CFIs will need to provide both advanced digital capabilities and a willingness to handle cash banking as well.
Dec 21, 2023
Offering financial services to unbanked and underbanked consumers can help CFIs grow their customer bases and strengthen their communities. We discuss the most common groups who are not utilizing banking services, the factors behind their financial decisions, and how you can reach them as customers.
Nov 8, 2023
Using the power of online platforms to offer banking services to customers remotely, video banking can help CFIs retain their competitive advantage and meet customer expectations. We discuss some of the key benefits for CFIs.
Nov 7, 2023
One of the top retail banking trends in 2023 is the evolution of branches. It’s not enough for branches to be spaces in which customers complete transactions. Smart branches integrate with digital offerings and attract current and potential customers in new ways.
Oct 26, 2023
Autorenewals and hidden language within contracts aren’t just a headache for consumers — they exist within the third-party relationships that CFIs have as well. Taking the time to review outdated contracts and redundancies within all aspects of your organization can lead to significant savings and a better overall service experience for your customers.
Oct 10, 2023
More than half of tech executives say the chip shortage should be over early next year; some say it has already waned. We review the microchip shortage’s impact on financial institutions and how quickly the changes are expected.
Aug 22, 2023
Despite lower foot traffic since the pandemic, there is a renewed focus on branches as FIs find that customers still want human interaction for more complex operations. To complement the digital services they offer, CFIs should focus on transforming their branches from transaction-based sites to advice centers.
Jul 25, 2023
For small businesses that don’t need a loan, mobile banking is one of the most valuable tools a CFI can provide. It lets customers bank where they want, whenever they want. In addition to providing customer convenience, mobile banking can also help your institution to increase loans and deposits, and sell other business services.
Jul 13, 2023
Taking steps to make your CFI more user-friendly for persons with disabilities can also translate to greater customer satisfaction. With heightened ADA rules pending, auditing your ADA friendliness is a smart thing to do.
Jun 15, 2023
Digital banks are known for superior customer service, as well as easier and faster digital capabilities. CFIs can combat this by enhancing their own digital channels. We detail some best practices on how to accomplish that.
Jun 14, 2023
The Internet of Things is growing by leaps and bounds. CFIs need to keep abreast of developments within this area, as non-traditional lenders are actively using IoT-based offerings to differentiate themselves and attract customers. We discuss unique ways the financial industry is already using this technology to enhance offerings to customers and protect their institutions.
Mar 22, 2023
Cybercriminals are continuously finding new ways to break through financial institutions’ defenses. We look at the increasingly important role of multimodal biometrics in a CFI’s security solution as well as the benefits and challenges of using biometrics for authentication.
Mar 8, 2023
Branches-on-wheels are not just for disaster recovery anymore. More CFIs are using them for a whole host of purposes — including serving “bank deserts” in both rural and urban areas, hosting financial literacy classes, and marketing their brand along the way. We discuss how to use these mobile branches effectively.
Feb 15, 2023
Americans are using cash less frequently and making payments more often by credit card or through payment apps. Yet, many CFI customers still like having cash as an option. To compete with fintechs in a future where less cash changes hands, CFIs will need to provide both advanced digital capabilities and a willingness to handle cash banking as well.
Jan 18, 2023
While many daily tasks are beginning to resemble pre-Covid life, some habits picked up during the pandemic are likely to continue, including the use and expectations of contactless digital payments. We explore how to embrace this perpetual payment trend as it continues into 2023.
Dec 12, 2022
Individuals with disabilities comprise a large portion of the population. CFIs that don’t take steps to tailor services and the customer service experience for this demographic could lose these customers to organizations that do.
Oct 27, 2022
Mobile banking use increased dramatically during the pandemic and its growth is projected to continue for years to come. CFIs need to respond to the evolving mobile needs and wants of customers and small businesses. We cover current trends in mobile banking that customers are looking for.
Oct 19, 2022
Apple is launching even more financial services features within its Apple Wallet. The tech giant is on its way to becoming a fintech, or possibly one day an actual bank. Industry insiders have varying opinions on why that is, along with what it could mean for the banking industry.