Nicole Turner, M.S.

The purpose of the branch is shifting from transactional to consultative. As banks and credit unions look at transforming their branch networks, they must find ways to balance savings and growth. Retail delivery should support both renewed purpose for consumers, and at the same time, provide value for banks.

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Three-quarters of retail banks believe they need to modernize their legacy systems to meet new industry-standards around customer service and payment. Learn about how technical debt is making it difficult for banks to meet ever-advancing customer experience expectations. https://lnkd.in/dsTE4wTy #legacymodernization #cloudreadiness #digitalrevolution

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In a recent Forbes article, Jess Turner, Executive Vice President, Global Open Banking and API at Mastercard, deep dives into how open banking and AI can help transform financial planning:   “Open banking—the technology that enables people to securely share their data with third parties—is putting more people and businesses in control. It's allowing them to consent to securely share their dynamic data to activate innovative experiences, including seamlessly receiving a loan, opening a new account online using identity verification or getting access to more flexible ways to pay, whether that’s via a card, account-to-account or installments. Open banking is also accelerating the evolution of customized financial planning. But it’s when we layer AI on top of open banking capabilities that I believe the revolution in financial management will really take hold.”   Read the full piece here and explore how open banking can help cut through the noise: https://lnkd.in/d6vmpryw   #MastercardOpenBanking

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IN CASE YOU MISSED IT: Galileo Financial Technologies' '24 Consumer Banking Report sheds light on how FIs can drive better customer & member ROIs. It’s all about driving engagement. Here’s the scoop: The report focuses on where consumers primarily conduct their banking activities, recognizing that most people deal with multiple providers. DIGITAL BANKS WIN ACCOUNTS BUT TRAIL ON ENGAGEMENT As of April ‘24: • Top 20 traditional banks = 2.7B customers  • Top 20 digital banks= 3.8B customers 🏆 Sure, digital banks acquired 41% more customers, but they’ve struggled to engage them. In fact, they’re at the bottom: % of respondents that report having their PFI relationship at various FI types: • Big 4: 38% • Super regional bank: 19% • CU: 14% • Community bank: 13% • Regional bank: 7% • Digital bank: 6% 👈 • Other: 3% USAGE BENCHMARKS Direct deposit continues to be a good signal for primacy, with well over 80% reporting they make direct deposits with their PFI. Regular use of digital banking, ATMs, credit monitoring services, & digital wallets (in that order) are also solid indicators of PFI status. How often respondents use different channels: • Mobile banking: 58% weekly | 72% at least monthly  • Online banking: 44% weekly | 66% at least monthly • ATM: 25% weekly | 56% at least monthly • Visit a branch: 9% weekly | 33% at least monthly CUSTOMERS & MEMBERS ARE CHEATING ON THEIR FIs  “People are curating a suite of financial services within & outside their primary FI, & the PFI probably doesn’t even know it.” This really stings: “Customers (& members) use other FIs for key services even when their PFI offers that same service.” 😳 WINNING REQUIRES TIMELY, HYPER-PERSONALIZATION “Banks & CUs that can’t recognize a customer’s or member’s immediate need miss a big opportunity to meet that need before a competitor does” In the good ol’ days, you could wait for someone to visit a branch to discover what they need. Not anymore. “60% of people said they prefer to do everything without human interaction. Being at the point of need requires data that can be used to create nimble, timely, hyper-personalized experiences.” ATTRITION CAN FEEL INVISIBLE “Customers might not leave your FI, but they might stop adding value and complete most of their financial activities elsewhere. FIs must offer their customers highly curated offers at the point of need & at exactly the right time. Only data-driven strategies will enable this.” 💡 See the full report: https://lnkd.in/g8C_fpjd Data gathered via Datos Insights #communitybanks #creditunions #digitalbanking #bankinginnovation

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💡What is Radically Redefined Leadership?💡 ✨️Radically Redefined Leadership embraces the diverse lived experiences that shape how we lead. ➡️It’s about acknowledging that leadership isn’t one-size-fits-all—especially for women and people of color. ✅️By centering authenticity and cultural inclusion, we recognize that our personal journeys deeply influence how we show up as leaders. Are you ready to lead with purpose and authenticity? Let's connect! 🔗www.themckievergroup.com #leadership #LivedExperiences #blackleadhers #leadershiptips #culturalinclusion #leadershipdevelopment

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Should we hold politicians to the same standards as business leaders? You decide. Check out our latest op-ed in ROI-NJ and let me know what you think. https://lnkd.in/eVbJDnNp Ruchin Kansal Laurie Pine Seton Hall University ROI-NJ #election2024 #leadership #shu #KarenBoroff #Entrepreneurship

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As #Consensus2024 hosted by CoinDesk wraps up, MoneyGram Head of Fintech Strategy and Innovation Luther M. reflects on the insightful conversations and experiences held in Austin, Texas.   Learn more about how MoneyGram's platform of fintech solutions can open your company to the world's communities: business.moneygram.com

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Banks and Fintechs choose #FIS because NO ONE else has the capabilities that extend across the money lifecycle from core and digital banking, to payments and treasury systems, to trading and asset services and wealth and retirement.

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"Crafting a memorable bank slogan or tagline requires more than just catchy words. Learn the strategies behind creating phrases that resonate with customers, build trust, and accurately reflect a bank's brand identity while measuring the success of your bank's messaging." #ownersrepresentative #financialinstitution #creditunion #credituniondesign #bank #bankdesign #structurefirst

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ICYMI...two significant developments are expanding access to #InstantPayments for #creditunions. BankSocial has launched a groundbreaking instant payment service, leveraging technology from Google, IBM, and Hedera, offering seamless integration for credit unions to join the RTP® network. This is an exciting development that will enhance and expand access to the RTP network for credit unions and their customers. In parallel, Pidgin collaborates with Corelation, Inc. to grant credit unions access to multiple real-time payments networks, including #RTP. Discover how TCH remains at the forefront of driving innovation and accessibility in the financial sector: https://lnkd.in/gvRaTDPW

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⏳Watch now: How to Make Pay by Bank Easy.⏳    Join Radial and Link Money for the How to Make Pay by Bank Easy webinar. Eric Anderson and Brian Griffin discuss the value of pay by bank for consumers and merchants, what global adoption looks like, and how pay by bank helps merchants reduce risk and keep customers.     Watch now to learn more!      https://lnkd.in/gJbPfpHD    #Radial #PaymentSolutions #LinkMoney #PayByBank 

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A complex global economy requires financial technology that unlocks the opportunity the future holds. Discover how FIS brings harmony to how money is stored, moved, and put to work in our new brand campaign, “Unlocking financial technology. Bringing the world’s money into harmony.” Explore the next chapter in money, where FIS technology unlocks ease, speed, security, and efficiency within the #MoneyLifecycle: http://spr.ly/6042siEhj

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Our team has been working closely with Inclusiv to create technology solutions specifically designed to help small #CreditUnions navigate their risk and compliance obligations. Global CEO & CIO Ogie Sheehy spoke with CU Management (CUES) about this partnership and the benefits that participating credit unions are experiencing. Watch the full interview here: https://lnkd.in/gnSNtYg4 #FinTech #RegTech #RiskManagement #RegulatoryCompliance #ComplaintTracking #VendorManagement #Exams #AuditTracking

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At BankSpaces, financial industry guru 💯 Jim Marous dropped some truth bombs on the future of retail banking 💣 💥 Key insights: ⤵ ⤴ The challenge of declining branch use coupled with increasing digital adoption. 😊 The need to create meaningful experiences across all channels, including branches. 🤖 👬 AI and digital twins are going to be game-changers. But even in the face of increased digitization, branches aren't dead – they're evolving 🦋 Click the link below to learn what transformation strategies Marous thinks banking leaders need to employ to create seamless, empathetic banking experiences in their branches. https://lnkd.in/eV_ie3mj

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Chase's use of customer data could set a new banking trend: https://lnkd.in/ee3ctg6q --- This article was originally featured in our Banking & Payments newsletter. Stay on top of digital transformation in banking, payments, fintech, and more: https://lnkd.in/eh_QDzyq #data #trend #banking #payments #fintech #newsletter

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While accessing data on workforce capabilities was once exceptionally challenging, a new generation of talent marketplaces and skills intelligence tools promise to put these insights at executives' fingertips. Check out our latest blog to learn how leaders at Mastercard, Standard Chartered Bank, and Novartis use these innovations to accelerate their transformations: https://bit.ly/3QnofrO

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Traditional banks must adapt their card issuing practices to compete with fintech disruptors and meet evolving consumer demands. Legacy systems, regulatory hurdles, and budget limitations slow progress. Learn how a CMS Gateway can help banks innovate and stay relevant. Read more in our article: https://lnkd.in/eZQ6yEX9 via Seamless Xtra

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