The Mobile Challenge for Banks
Episode Description
Technology is disrupting the banking industry in several ways. For instance, customers today interact with their banks via mobile devices more often than they visit a bank branch. Jay Sidhu, chairman and CEO of Customers Bank and BankMobile, believes that within five years mobile banking will become the norm. đź“‚ Finance & Accounting
Brief Summary
AR JC and Loveleen Sidhu discuss digital banking trends, customer acquisition, and Bank Mobile's growth strategy in the U.S.
Key points
- The Rise of Digital Banking. Bank Mobile launched as a completely digital bank, aiming to attract customers without branches.
- Customer Engagement Strategies. Discussion on how banks can better engage with Millennials and the importance of customer experience.
- Future of Bank Branches. Predictions on the reduction of bank branches and the evolution of banking services.
- Financial Inclusion Importance. Discussing the significance of financial inclusion for millions of Americans.
- The Future of Banking. Exploring the disruptive changes in consumer banking and the role of technology.
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Episode highlights
- The Rise of Digital BankingBank Mobile launched as a completely digital bank, aiming to attract customers without branches.“We said if we won’t disrupt ourselves then somebody else will.”1:50Jan 4, 2018
- Customer Engagement StrategiesDiscussion on how banks can better engage with Millennials and the importance of customer experience.“Banks are much better at customer acquisition because of the stickiness of direct deposit.”7:45Jan 4, 2018
- Future of Bank BranchesPredictions on the reduction of bank branches and the evolution of banking services.“Within five years, you’ll see a 50 to 75% reduction in the number of bank branches.”16:53Jan 4, 2018
- Financial Inclusion ImportanceDiscussing the significance of financial inclusion for millions of Americans.“There's millions of Americans that are really locked out of the banking system”21:30Jan 4, 2018
- The Future of BankingExploring the disruptive changes in consumer banking and the role of technology.“Consumer banking is going to go through a very disruptive change.”26:14Jan 4, 2018
Tension
40/ 100Low tension
