VSoft Corporation’s Post

2024 is sure to be an exciting year for bank #innovation. Leading #banks Chase, Citi, and Wells Fargo are already setting the market 🔥 with some of the richest account opening offers we have ever seen. Read on to hear our #CMO Crystal Gopman review the state of bank customer acquisition and predict who will win the 2024 offer wars. #digitalmarketing https://lnkd.in/dx5h-VW3

Since the moment I started, I've appreciated and respected Crystal Gopman perspective on the industry. Check it out! Banks are competing for primacy with huge incentives, but often lack the process to automate and metrics to track success. Pinwheel automates conversion and provides insights into client/member utilization.

The future of the bank branch isn't about right sizing, but right purposing. I enjoyed speaking with John Engen of Bank Director about the accelerating shift in focus West Monroe is seeing in #branchbanking, and what that means for #retailbanking, #smallbusinessbanking and #commercialbanking. At the heart of this shift is a move away from locations designed first to efficiently handle transactional activities, and towards more effectively addressing customers' most complex servicing, sales, and advisory needs. Many banks have started on this journey, but the near-term opportunity to drive change remains high --- and surprising low cost. To learn more about how we are supporting our clients in realizing greater value from their branch transformations, check out our Digital 2 Branch offering: https://lnkd.in/gavAh6V3 or reach out to me, Kaila McDonnell, Nathan Porter, Siobhan Byrne, Chris Caulfield, Tom Collins, Brett Mastalli, Corey Coscioni or Dave Wexler.

https://lnkd.in/eAcKcaHE "In a startling wave of financial upheaval, 64 US bank branches, including giants like PNC Bank and JPMorgan Chase, have shockingly filed for closure within a mere seven days. This unprecedented move has sent shockwaves through the banking sector, leaving customers scrambling for answers and wondering if their trusted financial institutions are becoming casualties of a sinister trend. Brace yourselves for an exposé on the ominous surge of branch closures that is reshaping the landscape of American banking."

The reverse transition is interesting, but not surprising. UHNW/HNW customers and business clients would always lean towards a personalised banking experience considering the sensitivity of transactions. Digitalisation should not come at the cost of customer experience.

Digital and Physical are channels to extend services. In an era challenged by Metaverses and ubiquitous AI, the physical will never wither away. Banking is all about trust & Phygital (physical+digital) trust will surely stand all tests of time.

In light of recent news, it's evident that the banking landscape is undergoing significant changes. CHASE Bank has announced the closure of five more branches in the coming weeks. This move aligns with the trend we've seen in the past year, where JPMorgan Chase closed 144 branches. Their strategy is clear: ✳ They're focusing on having the "right branches" rather than the most branches. This is a strategic move to serve the financial needs of their customers more efficiently. ✳ The closures will predominantly impact California, Indiana, and Texas. For instance, two branches in California are set to close by the end of October. ✳ It's worth noting that over 3,000 banks have closed in 2022 alone. This trend isn't isolated to CHASE; the entire banking industry is seeing a shift. 💲 What does this mean for the future of banking? 💲 ◾ Digital Transformation: As physical branches close, there's a push towards digital banking solutions. Customers are now looking for convenience and 24/7 access. ◾ Localized Services: Banks might focus more on offering specialized services tailored to the needs of local communities. ◾ Investment Opportunities: With banks consolidating, there could be potential investment opportunities in the digital banking and fintech sectors. The banking landscape is rapidly evolving. With the rise of digital banking and changing consumer behaviors, physical branches might become a thing of the past. What do you think we would love to get some insight. The link to the original article below.. #RealEstateInvesting #FinancialEmpowerment #InvestSmart #FinancialGuidance https://lnkd.in/gg7jmcxU

Why are banks like Bank of America and JPMorgan Chase & Co. investing in opening new branches despite the trend of declining branches nationwide? Our Humanizing Brand Experience study revealed that customers want integrated, personalized, and value-driven banking experiences. While digital channels offer convenience, physical spaces are still crucial for meaningful human connection and tailored financial guidance. Bank branches can provide unique interpersonal and educational experiences that online banking cannot. Great read from The Financial Brand. Be sure to check out our study here: https://shorturl.at/lxJLW. #BankingExperience #BankBranchTransformation #brandexperience

Have you ever thought about switching your bank? Probably. Ever actually gone through with it? Probably not. On average, U.S. consumers keep the same checking account for over 17 years. But in the wake of Silicon Valley Bank’s failure earlier this year and a general wearing down of consumer trust over time, change might be coming. In this piece, VP Donato Casarella from our #Fintech practice takes a look at the current bank-to-customer relationship and how this dynamic is shifting, plus what the future of banking looks like as Gen Z takes center stage. Read more below. #banking #trustintech https://lnkd.in/ghMJxXWf

🏦 People love to hate their banks online - in fact, the Mission North #fintech team took a deeper look at the online conversation and found that traditional banks receive 572% more negative sentiment online than digital challenger banks, often tied to major bank incidents. But despite the chatter, most Americans have had the same checking account for 17 years+ (me included!). While it seems a lot would need to go wrong before customers switch banks, it's not the case with younger generations who are switching banks at double the rate of their older counterparts. So what does all this mean for #financial comms leaders? Check out this article by my colleague Donato Casarella that breaks down the research and considerations to attract and retain younger customers. What else would you add?