Between cryptocurrency, Venmo and buy now, pay later (BNPL), community banks have their work cut out for them when it comes to educating their customers (and staff) on consumer finance developments.
With consumer expectations seeming to evolve faster every year, community banks could consider partnering with a fintech to keep up with technological innovation.
As social media platforms tinker with their algorithms, marketing experts say one trend is clear: Paid social campaigns are becoming increasingly necessary to cut through the noise and reach customers. They share tips for how community banks can get started.
Consumers are increasingly interested in buy now, pay later products, which are cutting into credit card usage. Here’s what community banks need to know about these products and how they can take advantage of this model.
Today’s tellers meet very different customer needs than they did just a decade ago. In the wake of trends like falling in-branch transactions and the rise of digital services, some community banks are filling the gap by retooling tellers with an array of new titles and skills.
Community banks use dozens or even hundreds of vendors—making it critical that they have an efficient way to stay compliant, track performance and more. Some banks are using a combination of software and internal personnel and systems to do just that.