As a competent leader, you have most likely begun the process of equipping your financial institution with a content management system or other core services available via API. Partnering with the best financial processing software providers and using the most extensive arsenal of tools will help ensure survival in this highly competitive digital economy. Smaller financial institutions attract customers seeking more personalized banking relationships. However, merging that personal approach with customized branding, mobile banking solutions, and a content management system for banks will foster self-reliance and give you a competitive edge against larger institutions.
Transitioning to an internal content management system for banks eliminates reliance on an external vendor and encourages the development of your staff’s content management and critical thinking skills. Taking responsibility for your own CMS may seem overwhelming, but with the expertise of Internet banking service providers, you can reduce expenses by tapping into your own trusted employee resources via an easily accessible collaborative database. In addition, with your own content management system, you are in complete control of your financial institution’s operational flow, rather than dealing with frustrating lags in efficiency caused by lengthy wait times for vendor assistance.
To stay competitive, you need to keep up with the rapidly advancing technical tools other banks use. For example, as more financial institutions integrate artificial intelligence into their core banking solutions, customers have become accustomed to automated processes and self-driving banking. BBVA understood the importance of keeping up with the digital banking trend and has seen 18% of new Spanish customers and 38% in the U.S. joining the bank through a digital channel.
Implement a Content Management System for Banks to Survive the Digital Takeover
The ability to provide customers with secure digital banking processes through a responsive CMS design across multiple devices enhances customer experience. Lending banks have had success using digital credit to expedite credit decisions up to 80% faster, reduce costs by 40%, and cut decision-making time by 30-50%. These changes have led to greater profit due to better risk decisions and a more secure risk profile.
Surviving the digital takeover includes positioning your financial institution with custom branding and forms, impressive site pages, and helpful financial content and graphics. Creating an easy-to-navigate financial website with quality blog content and social media highlights will help distinguish you from competitors.
Safeguard the Future of Your Financial Institution with a Content Management System for Banks
Recognizing the importance of the digital banking trend and incorporating a content management system for banks will help safeguard your financial institution’s future. It’s always best to deal with a downward-spiraling trajectory before it reaches the point of no return. If you act now, you can stay viable in a market that is rapidly changing.
Institutions such as JPMorgan Chase and Bank of America have seen impressive growth due to their investments in digital banking.
JPMorgan Chase recognized the need to adapt to the changing market and created the mantra, “Mobile first, digital everything.” The result was JPMorgan grew to 48 million digital customers in the second quarter of 2018.
Bank of America increased digital capabilities and has seen record-breaking profits surpassing those earned before the recession. Bank of America made $28.1 billion in 2018 compared to $21.1 billion in 2006. There is no foreseen slowdown in digital investment and financial institutions are expending substantially on technology upgrades. BB&T has spent about $1 billion on a new data center, lending system, and mobile banking upgrades.
Smaller institutions are keeping up with the expectation of constant availability of bank services by partnering with the best banking software providers. Building on the technological foundation you have created for your financial institution with mobile and core system APIs, anticipating market shifts, and quickly adapting will lessen transitional stress. It is inevitable that digital innovations will continue to create unpredictability. In your position of leadership, it is crucial that you are cognizant of the latest resources for weathering these impending storms. Implementing a content management system for banks helps reduce the risk of falling behind your competitors.