Strike Out Your Competition with These 3 Digital Banking Plays
By: Bob Sterner, National Account Manager
Baseball season is in full swing—and just like a World Series-winning team, your financial institution needs a strategic game plan to stay ahead.
Here are three plays to help your team strike out the competition and win big in today’s digital banking game.
Play 1: Find your financial institution’s sweet spot
Every great hitter knows their sweet spot—that part of the bat delivering maximum power and precision. Your financial institution has a sweet spot, too: where your strengths match your account holders’ needs.For community banks and credit unions, this means delivering highly personalized, relationship-driven service. In the digital era, that’s more than just knowing account holder names—it’s using data to build unique profiles so you send custom communications that deepen connections and drive growth. This includes:
- Welcoming new members with personalized financial messaging.
- Identifying current and upcoming life events, offering the right financial products to meet those needs.
- Analyzing spending behaviors to recommend timely, relevant products and services.
Consumers are increasingly open to these tailored approaches. A recent survey found that two-thirds of consumers across generations are comfortable with their financial institutions using personal data (and even AI) to provide more relevant services.
Play 2: Hire the right coaching staff
No team steps onto the field without an experienced manager leading them. Your digital banking strategy could benefit from a similar “coach,” someone who understands the retail banking playbook and can guide your financial institution with winning strategies and a strong game plan.
A 2024 BNY Mellon survey highlights the importance of having a digital expert at the helm. It showed that while 90% of U.S. community banks are ready for tech-driven change, only 20% consider themselves data analytics experts.
A trusted partner can make all the difference. From implementation to ongoing management, they’ll help your team get to—and stay at—the top of the leaderboard.
Play 3: Step up to the plate
It’s not enough to sit in the stands and watch the game unfold. Real winners step up to the plate and take action. If your financial institution is serious about boosting its account growth and digital engagement, it’s time to get in the batter’s box.
Cost of technology holding you back? You’re not alone. Cost is an “extremely important” or “very important” external risk to 81% of surveyed bankers. However, a trusted tech partner who guarantees ROI can ease those concerns and help you swing confidently.
Research your options, contact industry peers and connect with proven digital banking experts. From increasing account openings to raising engagement and debit card activity, stepping up now puts you in the best position to avoid a shutout.
Velocity helps you strike out the competition
Just like in baseball, winning in retail banking is about knowing your strengths, trusting the right experts and having the confidence to get in the game.
Turn your data and automation into winning plays that drive account growth, engagement and loyalty. Contact a Velocity representative today to learn how the Retail Performance Engine™ delivers a grand slam of strategies: acquisition, onboarding, engagement and retention.