Banks that can successfully defend or capture lower cost funding will better weather current industry pressures – outperforming and even thriving in a tough environment.
Facing conflicting pressures to reduce network expenses while maintaining reassuring local presence, banks will need to emphasize branch visibility, or “billboard value.”
Novantas research shows that distinctive brand attributes are a significant driver of checking purchase rates, now that immediate branch proximity is falling in importance.
By learning to tap priority millennial customer segments that generate incremental returns today, a more solid footing is gained for further market inroads.
Facing structural limits on origination capacity, lenders often pull the price lever, but with blunt results; better pricing analytics and technology can improve spreads.
In the emerging customer engagement model, the emphasis is on streamlined and effective multi-channel interaction, guided by market and customer analytics.
Banks need to clarify their deposit needs over the next few years and overhaul the metrics, skills and strategies used to drive deposit gathering.
Retail banks must start preparing now for local branch sales in a digitally-eroded environment, which will require new standards for staffing analytics and planning.