Today we can do so many things online
that only a few places actually require
our physical presence.
Somewhere in the past five to 10 years,
going to the bank fell off that list.
The question is: What are banks doing
to remain relevant even
when they're no longer
a stop in the middle of our day?
The banks that are
affected by this mostly are
the midsize institutions.
The regional and community banks.
Can they replicate the offline
personalized services
that they are known for?
Midsize banks are still
competing with large banks,
but their direct competition
is with fintech startups.
Platforms that they're
instant, they're relevant,
they're personalized, and they're human.
This is where midsize banks should focus.
Banks that are at the
forefront of innovation
can do much more than just go digital.
They will take whatever
is possible with 5G
to deliver a service that's
fast and frictionless.
They'll need to build
innovative, personalized
online services and use primary data
as opposed to just secondary data.
It's important to understand that
whoever owns the primary data
owns the customer relationship.
When a bank has full
visibility into its network,
then with edge-to-edge intelligence,
it can process data points
securely in near-real time.
As a midsize bank, you might be aware
of your business client's growth.
Their revenue is
increasing, team expanding.
You can cross-reference these data points
to build a more accurate
and insightful picture about them.
For example, giving them a loan
to invest in more property,
and then they'll connect you to
a whole range of partners
for renovation, for construction,
for legal services.
So playing a much bigger role
in their customers' lives.
No matter where digital
experiences will take us,
personal banking will stay personal.
This way, no matter where
the bank's customers are,
they'll feel as if they're interacting
with a trusted adviser.
Someone who knows them,
who provides them with
what they need without
having to go into a bank.
