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How Digital Has Changed These 7 Banking Roles

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We surveyed 200+ employees in financial services. This is what we found... See results and suggestions that can help you improve your job at your bank or credit union.

Published in: Economy & Finance

How Digital Has Changed These 7 Banking Roles

  1. 1. Digital Has Changed These 7 Banking Roles
  2. 2. We surveyed 200+ employees in financial services This is what we found…
  3. 3. 70% of respondents said that the biggest shift in job responsibilities have occurred in marketing and technology roles
  4. 4. of executives said their biggest challenges are compliance and organizational structure 53%
  5. 5. 63% of tech employees said that their success depends on providing new, cutting-edge products
  6. 6. of marketers said that learning to adapt in a digital environment represents the biggest shift in their day-to-day responsibilities. 51%
  7. 7. 01 EXECUTIVE “I have two main challenges: regulation and competition.” - CEO
  8. 8. 68% of global banking CEOs believe the speed of tech changes threatens growth. This is up from 57% last year. - Source: PwC
  9. 9. “We have less lobby traffic, but more phone calls. We have to spend more time educating the staff on how our digital products and services work so they can inform our members.” - Chief Executive Officer
  10. 10. SUGGESTIONS FOR EXECUTIVES • Accept that branch traffic is consistently decreasing and plan accordingly. • Contrast your digital product offerings with those from new fintech competitors. Ask yourself if you’re exceeding consumer expectations on this front. • Double down on hiring developers, graphic designers, and data analysts — or partner with the right fintech providers to compensate for a lack in these areas.
  11. 11. 02 MARKETER “Our biggest challenge is to integrate the IT side (programming, security) and the marketing side (branding an experience).” – AVP of Interactive Marketing
  12. 12. “Banks that use analytics to understand customer attrition have a 12 percentage point lead in market share over those that do not.” - Source: Aberdeen Group
  13. 13. “We can access real-time information on customer behavior. As customers engage digitally, we can capture information and try to help make their experience better.” - VP of Market Research
  14. 14. SUGGESTIONS FOR MARKETERS • Switch from an advertisement-based mentality to an advice- based mentality. Gain account holder trust by giving them advice they legitimately value • Split test a variety of advice-based digital offers to find what resonates the most with your account holders • Automate your marketing analytics and targeted offers by developing your own solutions or finding a fintech partner that can do it for you
  15. 15. 03 OPERATIONS “There is less paperwork but more training needed to help employees understand changes in technology.” - Director of Business Development
  16. 16. “The biggest challenge financial institutions face is that they’re totally content with the status quo. They do not realize the need to adopt technology and are moving very slowly.” - Director of Business Development
  17. 17. SUGGESTIONS FOR OPERATIONS • Become experts in the industry by staying current on all trends in banking and fintech • Demo a variety of fintech products across the industry to understand the full range of available partnerships • Be quick to pivot when your research or analytics show that something isn’t aligned with a long-term growth model
  18. 18. 04 The BRANCH “Our member service reps have transitioned from a service role to a teaching role.” - Operations Manager
  19. 19. “The transformational shift in banking is driving more routine transactions to self-service options. This shift is shining a light on the gap in expertise of employee skillset needed to deliver on more knowledgeable consumers.” - Head of Retail Branches
  20. 20. SUGGESTIONS FOR BRANCH MANAGERS • Advocate for account holders by offering legitimate advice, even if it doesn’t immediately help the bottom line. • Become a financial expert. Consider getting formal training on the topic so you can offer account holders the best advice possible. • Be wary of having a merely transactional role. You will be replaced.
  21. 21. 05 CONTACT CENTER “New technology allows us to connect to members on the channel, device, and time that works for them. It also has resulted in growing our department.” - Director of Call Center
  22. 22. “Our digital support teams take more calls, open more accounts, and support more transactions through the digital channels than most of our branches collectively.” - VP of eSolutions
  23. 23. SUGGESTIONS FOR CONTACT CENTERS • Develop both spoken and written communication skills. Both are essential in the new economy. • Master the range of possible support questions, including technical questions about digital product offerings. • Focus on gaining trust. If all contact center employees increase account holder trust with each point of contact, your institution will experience long-term growth.
  24. 24. 05 TECH “The way we bring solutions to market has totally shifted. We no longer plan 18 months in advance. Everything is dynamic.” - Head of Payments Innovation
  25. 25. “I have three major challenges: outdated technology, not enough streamlined data insight, and silos between business groups. To fix these problems we’ve expanded the User Experience team and implemented rapid prototyping within the business group, moving to much more agile methods of implementing solutions.” - Senior Manager of Customer Experience
  26. 26. SUGGESTIONS FOR TECH • Collaborate with developers in fintech to fine-tune the integration process. • Specialize in the latest API protocols so any integration with a fintech partner will be as seamless as possible. • Keep pace with industry trends, especially those that relate to mobile banking.
  27. 27. “Face-to-face applications are less frequent. Members tend to apply online more, which sometimes makes it harder to develop the relationship.” - Loan Officer 05 LENDING
  28. 28. “More and more applications are coming in digitally, and members expect to complete transactions with little to no interaction with a live person.” - Loan Officer
  29. 29. SUGGESTIONS FOR LENDING • Accept that the rate of online loan applications will only continue to increase. • Study peer-to-peer (P2P) lenders to get ideas on how your institution can streamline the online application process. • Collaborate with other lenders in the industry to see how traditional institutions can safeguard against P2P lender startups
  30. 30. To learn more details about each persona and see a list of suggestions for each, download the free eBook: go.mx.com/7-banking-roles-ebook For more information, email us at sales@mx.com or call: 801.669.5500

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