The Financial Brand Insights - Fall 2022

Niching Down Uncovering Banking’s Growth Opportunities

By Nymbus

At the nexus of responsive technology, data- driven decision-making and shifting customer expectations lies opportunity. Never has there been so much growth potential within reach for small and midsized banks. That is, if banking leaders are willing to make mindset and organizational shifts to empower a culture of innovation. The Covid-19 pandemic accelerated the adoption of digital technologies: • Wells Fargo’s remote deposits increased by 35%. • Online wire transfers gained even more steam, rising 50% over pre-pandemic levels. • Eight in ten consumers say they now prefer to bank online or on their mobile device, according to an Ipsos-Forbes Advisor survey. • A Kearney survey found 85% of those who increased their usage of digital channels expected to continue using them. People have spoken! Forward-thinking bankers will capitalize on data systems that provide real- time performance analytics on customer behavior. We asked five groundbreaking financial services leaders to help banks and credit unions lean into “niching down” for growth and discover how to embrace — and strategically lead — cultural change. Financial institutions can capitalize on niche market segments and unmet customer needs if they are willing to alter their mindset. Five financial services industry leaders offer bold ideas on how bank and credit union executives can position their institutions for the future by leaning into change.

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THE FINANCIAL BRAND INSIGHTS FALL 2022 THE FINANCIAL BRAND INSIGHTS FALL 2022

THE FINANCIAL BRAND INSIGHTS FALL 2022

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