Today is the first day of the Consumer Electronics Show (CES) in Las Vegas, Nevada and I’m excited to see all of the latest gadgets and hear about what’s on the horizon for technology. Some predictions are already being made about what trends we can expect to dominate – think, robots, voice assistance, and self-driving cars. It’s exciting to see what some of the world’s most talented technologists are working on and it makes me wonder about the practical implications we’ll have here in our day-to-day world.
This reminded me of a blog we published last Spring that discussed how community banks were faced with re-evaluating technology’s role in serving their customers. And while new technology can complement how individuals interact with their banks and credit unions, it’s can’t replace the in-person, relationship-driven business model. Or can it?
More and more customers are utilizing digital tools to complete their banking transactions online. And because customers are doing everything on their own, many staff positions are no longer necessary. So perhaps the business model for community banks is shifting as a result of more technology.
Community banking represents a more traditional approach that is focused on customer relationships, however, those relationships are being continually reshaped by new technologies. Electronic and mobile banking offer new avenues for community banks to interact with their customers and to cut costs. As millennial generation customers become a more important part of the customer base, community banks cannot choose to simply opt out from technological changes—they must find ways to incorporate them into their business model.It’s all about adapting to a changing industry.
One way community banks and credit unions can incorporate technology into their efforts is to use online surveys to collect feedback from their members. There are a variety of survey topics and the data that is collected can aid financial institutions in making future business decisions.
If you’re interested in learning more, visit our Financial Services page or send us a message. In the meantime, I’ll be tuning in to see all of the buzz at the Consumer Electronics Show and dreaming up ways of putting my companion robot to work!
