The importance of the digital channel to banks and credit unions is critical in these unusual times. To supply financial institutions a dependable cadence of industry knowledge, Q2 provides regular, relevant blog posts. We’re revisiting these timely, “can’t-miss” entries from the month of September.
Cybersecurity has always been a leading priority for Q2. With the accelerated importance of the digital channel in providing seamless service for account holders, this priority is only magnified. Fraudsters are continuously looking for new ways to steal information from unsuspecting account holders, and they have recently added a new plan of attack – impersonating Covid-19 contact tracers.
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Digital banking is banking now. In the fallout of the COVID-19 pandemic, many financial institutions (FIs) are scrambling to provide comprehensive digital services for their account holders. Offerings that may have been considered “nice to have” less than a year ago are now table stakes – making it more critical than ever to compete in the digital channel.
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Recent BANKINGHUB research reports that almost 90 percent of banks have a defined strategy for their network of physical branches; roughly three-fourths also have a well-defined digital/online strategy. However, fewer than half have a specific, defined omnichannel strategy to orchestrate communications in multiple channels.
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As a concept, the idea of a “channel” has been very useful – especially to technology marketers. As new ways to reach out to customers, account holders, and prospects have emerged, it’s been helpful, even necessary, to have a means for labeling and measuring these points of contact. However, it may be time to retire the idea of the “channel” as the force driving customer contact.
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Since last year, we’ve been hearing about Google entering the financial industry through partnerships with select banks—BBVA, BankMobile, BMO Harris, Coastal Community Bank, Citigroup, Stanford Federal Credit Union, State Employees Federal Credit Union, and First Independence Bank—so it can begin to offer banking services like checking accounts via Google Pay.
Given that the entire financial services universe has been waiting for a tech titan to truly enter the space, what should we make of this news?
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Please continue to visit the Q2 blog for relevant resources to help FIs continue to provide seamless support to account holders during these remarkable times.