Today, almost all businesses in every sector are expected to offer some form of digital service.
The expectation for banks and credit unions to do so has become even higher. Providing users with just a mobile app is no longer enough, and many financial institutions are failing to realize that keeping up with digital transformations takes consistent innovation, which often leads to higher profit margins. In fact, 84% of companies that consistently work to improve their customer experience, while breaking old bad habits report an increase in revenue.
What Keeps Banks Behind in the Technology Race?
A Fixation on the Traditional: Just because a business model or system may have worked in the past doesn’t guarantee its future success and longevity. The problem that arises when banks and credit unions stick to their bad habits and don’t see a need for the new is they fail to provide customers with a fintech solution that addresses and solves their concerns.
Risk Aversion: For many banks and credit unions, taking UX-based risks or discovering new methods through trial and error is often frowned upon. As a result, many do not leap toward total digital innovation. However, the risk can be well worth the pay-off as companies that have embraced digital transformation are 26% more profitable than their peers.
Faulty Measures of Success: Oftentimes, when banks measure the success of their UX professionals it is by the number of features shipped to customers. This may have a negative impact because though they are providing more, that doesn’t mean they’re providing what’s necessary. In fact, 81% of companies view customer experience as a competitive differentiator, therefore, banks and credit unions narrowing their focus into how they provide customers with the experience they need can have far greater impacts.
How Verivend Raced Ahead
Before launching Verivend, co-founder Aaron Santarosa noticed the way his businesses were doing business wasn’t working efficiently enough for him. He saw an opportunity emerge to create a completely digital platform that would allow businesses to spend less time getting paid and eliminate hefty paper trails — two of his own particularly problematic pain points. As a result, Verivend has taken off in the financial marketplace as the fastest and most secure way for businesses to pay and get paid.
Increasing customer retention, attracting new customers, and adding revenue opportunities have never been as easy as with Verivend. Now, we want to partner with banks to help them break their old habits and evolve as their customer’s needs do. Which involves making the most out of each business opportunity through our completely digital platform, giving SMBs immediate control over their cashflow, and more. Visit verivend.com/banking today to learn more.