78% of Americans prefer to use digital tools to engage with financial institutions, according to an Ipsos-Forbes Advisor U.S. Weekly Consumer Confidence Survey from March. The need for financial services organizations to respond quickly to change is no longer a benefit but a requirement to remain competitive and attract and retain customers. According to Jim Perry, banks have “[significant] customer attrition and churn because consumers realized during the [COVID-19] pandemic that they actually have more choices than they were aware of.”
In a recent webinar, Jim Perry, Senior Strategist at Market Insights, Inc. and recently named one of the 20 leaders in modern banking, talked with Jeff Ward, Decisions Director of Innovation, Financial Services, about Growing Your Banking Customer Base: Faster and Smarter Loan Origination.
Is making this change crucial?
How crucial is the ability to respond to change immediately? Jim says a lot of his clients missed opportunities by not having technological ability to answer change quickly: “Clients decided they couldn't participate in the PPP program because they didn't have the staff to process all the paperwork. They didn't have the time, energy or effort to be able to do that. [Other banks]…had all hands on deck, every employee was at a computer doing all that data entry and realizing [the cost and opportunity gap] so we've got to find ways to automate these systems so that we can be more efficient.”
How to approach digital transformation
