Today we can do so many things online
that only a few places actually require
our physical presence.
Somewhere in the past five to 10 years,
going to the bank fell off that list.
The question is: What are banks doing
to remain relevant even when they're no longer
a stop in the middle of our day?
The banks that are affected by this mostly are
the midsize institutions.
The regional and community banks.
Can they replicate the offline
personalized services that they are known for?
Midsize banks are still competing with large banks,
but their direct competition is with fintech startups.
Platforms that they're instant, they're relevant,
they're personalized, and they're human.
This is where midsize banks should focus.
Banks that are at the forefront of innovation
can do much more than just go digital.
They will take whatever is possible with 5G
to deliver a service that's fast and frictionless.
They'll need to build innovative, personalized
online services and use primary data
as opposed to just secondary data.
It's important to understand that
whoever owns the primary data
owns the customer relationship.
When a bank has full visibility into its network,
then with edge-to-edge intelligence,
it can process data points securely in near-real time.
As a midsize bank, you might be aware
of your business client's growth.
Their revenue is increasing, team expanding.
You can cross-reference these data points
to build a more accurate
and insightful picture about them.
For example, giving them a loan
to invest in more property,
and then they'll connect you to
a whole range of partners
for renovation, for construction,
for legal services.
So playing a much bigger role in their customers' lives.
No matter where digital experiences will take us,
personal banking will stay personal.
This way, no matter where the bank's customers are,
they'll feel as if they're interacting
with a trusted adviser.
Someone who knows them, who provides them with
what they need without having to go into a bank.