Category: Banking & Consumer Trends

  • Evolve your digital channel from a cost center to a profit center 

    Turn your channel into a growth engine Presented by Cornerstone Advisors, commissioned by Lumin Digital. Described as a $25 billion revenue opportunity, the digital channel has evolved into a strategic growth engine. With Ron Shevlin, Chief Research Officer at Cornerstone Advisors, we explore how financial institutions can, and should, transform their digital banking channels from…

  • The age of GenAI-powered fraud has arrived

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    By: Seth Ruden If you want to start getting your financial institution’s fraud team anxious about the future, you only have to say two letters: AI. Generative artificial intelligence (GenAI) is a – if not the – top-tier concern for most fraud team managers. Nearly all expect this new technology to massively disrupt their field.…

  • 2024 Credit Union Trends: What to Expect Looking Forward

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    The landscape within the banking industry is rapidly changing for credit unions in 2024. Traditionally hailed for their exceptional customer service, credit unions are facing increased competition from banks keen on expanding their services to maintain or enhance market share. The days of relying solely on a reputation for in-person service or serving as the…

  • Credit Union Membership Growth Strategies

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    Credit unions are member-owned financial cooperatives that provide a range of financial services to their members. These cooperatives focus on providing quality services at affordable rates to their members because, unlike traditional banks, they are not-for-profit organizations.  They operate on a principle of shared ownership, where each member has a stake in the union’s success.…

  • Go Beyond: The Power of Data + Analytics for Banks and Credit Unions

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    Today’s banks and credit unions have just survived the massive shift towards digital-first strategies. While this transition has undoubtedly solved many challenges, it has also created a new one: how to keep up with and use the data at their disposal. Even with the tools and technology available today, many financial institutions are still hamstrung…

  • Why Banks and Credit Unions Should Care About Sustainable Banking

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    by Marty Aquino Sustainable banking is an opportunity to strongly appeal to the largest, most populous generations. In 2019, according to the Pew Research Center, millennials outnumbered boomers. Further, according to the Brookings Institution, more than half of Americans are millennials or younger. Two of the unifying values that millennials and Gen Zers share are…

  • Why Customer Segmentation in Banking Is Crucial for Marketing and Service Offerings

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    Banks and credit unions have been using customer segmentation strategies forever. It’s also been a challenge to devise useful strategies. That’s because financial institutions were limited by clunky back-end legacy systems that made it difficult, if not impossible, to get reliable data. Even Citibank, led by tech visionary John Reed — the bank that introduced…

  • 6 Different Types of Cryptocurrency: A Quick Guide for Banks and Credit Unions

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    by Fred Decker Throughout most of its history, the banking sector has been a bastion of stability and slow, conservative change. That’s no longer the case, as competition from aggressive fintechs and pressure from a generation of impatient, digital-native consumers have forced financial institutions into a cycle of rapid adaptation.  Some of these challenges, like…

  • What Are Chatbots and How Can They Be Used in Digital Banking?

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    by Pamela Michaels Fay It’s likely that you’ve used a chatbot, whether you realized it or not. They’re pretty good at what they do. But what is that exactly? They deal with a wide range of user issues, and oftentimes the user inquiry is answered in real-time with no hassle. Say your user wants to…

  • What Is Personalized Banking and How Can It Improve Customer Satisfaction?

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    by Marty Aquino Personalized banking isn’t optional for financial institutions to survive in the digital age. With previously unknown startup fintech companies devouring once untouchable bank and credit union market share, it’s clear that end-users prefer more custom solutions. Accenture’s Banking Consumer Study, one of the largest of its kind, with 47,000 participants in 28…