Small and medium-sized financial institutions (FIs) with less than $ 100 billion in assets do not want to compete directly with the quality of the digital user experience (UX) offered by the largest US banks due to their low technology budgets. .. As of May 2020, the nine largest US banks accounted for 60% of the total IT / technical costs of banks, according to 2020 eMarketer data.
Improving the customer experience is the primary goal of community-based banks and credit unions.Insider intelligence
And as the coronavirus pandemic eventually forces banks of all sizes to reduce face-to-face services and digitize, FI faces strong pressure to meet the demands of digitalization. Despite the obstacles that small FIs may face with respect to digital transformation, there are many benefits and strategies available to be successful and stay competitive in this area.
How can a small FI take advantage of digital?
Small and medium-sized FIs may be underfunded as large FIs are, but tend to be more consumer-trusted than large US banks. This trust can offset some of their delayed innovations. In addition, deeper customer relationships allow us to develop more finely-tuned and personalized products.
Smaller FIs can offer more competitive rates for financial products than large and huge banks and can be combined with a convenient application process to deepen customer loyalty.
Small and medium FI innovation strategy
Despite the economic and digital obstacles faced by small and medium-sized FIs, there are important strategies available. The following are some of the strategies that Insider Intelligence outlines in Small and Medium FI Report Strategies.
Partners: Working with FinTech or software vendors to leverage existing products or shape new product designs has been opened to smaller FIs due to cost efficiency and faster time to market. Often the best option. Build: Build Digital Products and Services-House from scratch with no or minimal vendor input usually costs exorbitant for small FIs, but significantly adapts off-the-shelf products Some companies have customized this approach by doing so. Exchange: Ideally, you should join a consortium to pool resources and exchange best practices. It fits into smaller FIs and allows them to be achieved more collectively than independent FIs in terms of digital user experience. Want to know more?
Insider Intelligence’s Small and Medium FI Innovation Strategy Report describes the unique challenges and benefits faced by small and medium FIs in relation to digital innovation. We will give them an overview of their open innovation strategies and their strengths and weaknesses. And here are some real-world examples of these strategies.
Interested in getting a complete report? Here’s how to access it:
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