When the pandemic hit last year, it brought the significance of digital banking to the forefront. Many banks were not prepared to service customers virtually due to antiquated systems that were unable to handle the demand.1 While the concept of banks going digital isn’t new, the pandemic has accelerated a phenomenon that was already taking place.
Last spring, we saw a significant influx of inquiries from community and regional banks looking to go digital. Though many made the move over the last year, this shift is not even close to being over. Beyond the COVID-19 crisis, banks will need to continue to adapt. The customer of the future is here now.
If you’re not already working with digital systems, here are some key benefits of making the switch:
- Nurture customer relationships and engagement efforts.
One of the greatest advantages as a bank is community connection. Banking customers often have multiple experiences and touch points at a branch, from depositing their first paycheck to taking out their first mortgage. This is why it’s critical to upgrade legacy systems with streamlined wealthtech to help retain and nurture relationships as customer expectations change. By providing a more seamless experience, banks can ensure customers keep coming back generation after generation. Finding differentiators like expanding client engagement efforts will be imperative for banks in the future.
- Prepare for the great wealth transfer.
We covered this topic in a recent blog post: Is Your Practice Ready for the Largest Wealth Transfer in History? As the transfer of wealth ramps up over the coming decade, wealthtech will play a significant role in assisting banks in cultivating the next generation of clients who are arguably more comfortable with technology than previous generations. With banks facing increased competition for wealth management clients, they should embrace new technology to ensure relevance to customers.
- Go paperless and consolidate accounts.
Any paperwork that requires a physical signature costs both time and money. Today’s consumers are increasingly reluctant to work with paper forms, which could cause delays in account setup and funding. There is an expectation that digital tools will be available. Going digital also allows banks to consolidate customer accounts into one place to make the experience seamless, not to mention, keep their information under the branch’s ownership.
Making the leap to digital can seem daunting, but with key customer relationships at stake, banks shouldn’t wait to embrace the change.
To learn how RobustWealth is expediting the move to digital, schedule a demo today and keep an eye out for our next post about the specific solutions we offer.
RobustWealth is a fully integrated, digital advice platform for advisors and institutions. The private label platform offers a variety of sophisticated investment solutions that streamline back-office inefficiencies and help financial professionals focus on building strong, long-lasting relationships with their clients.
Founded in 2015 by financial industry veterans, RobustWealth was designed with the advisor in mind. The firm is headquartered in Lambertville, New Jersey with remote employees located across the world.