BANYAN’s Post

🏦 As part of our quick founder questions series – or #QFQ – we spoke to Adam Moulson, CCO at Griffin, about being a technology-focused #bank, #financial #products and #customerprofile. "Griffin is a #technology-focused bank that works with its #clients to create #innovative and contextual #financialproducts for their end #customers." "It can be excruciating to turn down #exciting #companies that want to #work with you, but it’s extremely important to adhere to the set #customer profile and iterate on this once you have proven product #market fit." https://lnkd.in/eQRRKb4n

Despite consumer uptake challenges in Financial Services, Open Banking is driving innovation in loyalty and retail, with Australian retailers leading the way. By leveraging this technology, they are enhancing customer experiences and streamlining operations. Leaders embracing the potential include: 🛒 Coles Flybuys: Coles has integrated Open Banking features into its Flybuys program. By partnering with various financial institutions, Coles can offer personalized rewards and discounts based on customers’ spending patterns across different categories. 🛍 Myer One: Myer has enhanced its MYER One loyalty program by integrating with financial services like American Express and Commonwealth Bank. This integration allows Myer to offer more tailored rewards and promotions based on customers’ financial data. 💳 Loyalty Now: This platform provides an open ecosystem for card-linked loyalty programs in Australia. Retailers using Loyalty Now can offer seamless rewards and cashback offers without the need for additional loyalty cards or apps. This approach simplifies the process for customers and increases engagement Coles Flybuys, Myer One, and Loyalty Now are prime examples of how Open Banking is reshaping business-customer interactions, offering personalized rewards, and simplifying loyalty programs. This transformative approach is boosting customer satisfaction and retention in the retail sector. Sarah E. Richardson Claire Mula #OpenBanking #RetailInnovation #CustomerExperience https://lnkd.in/gzdQtysp

One of the less-discussed challenges banks and credit unions face as they battle with fintechs and other online rivals concerns their relative weakness at leveraging customer behavioral data. Digital-native companies have better in-built customer lifecycle management capabilities, because they’ve typically embedded customer retention in every aspect of their customer journeys, from product design through to upsell. But traditional banking companies do have at least one distinctive edge. The Automated Clearing House (ACH) — a technology platform of much older vintage — gives them a powerful first-party data advantage over nonbanks and new entrants. ACH, and by extension the data it generates, is something only banks have access to that uniquely offers a detailed and nearly comprehensive record of money movements into and out of an institution’s accounts. https://lnkd.in/gBQme7D4

From digital maturity to regulatory threats, check out our top articles covering the biggest trends in banking and fintech. Stay informed! 🌟💡 #2024Highlights #CCGCatalyst #BankingResearch Highlights From the First Half of 2024: Tyler Brown https://lnkd.in/gEahm8-G

From digital maturity to regulatory threats, check out our top articles covering the biggest trends in banking and fintech. Stay informed! 🌟💡 #2024Highlights #CCGCatalyst #BankingResearch Highlights From the First Half of 2024: Tyler Brown https://lnkd.in/gEahm8-G

Our research has shown dozens of banks estimate they could lose as much as 10% market share if they don’t act quickly to meet demands for cross-border instant payments. In an interview with PYMNTS, my colleagues Bis Chatterjee and Debo Sen explained how other banks are taking a co-creator approach with Citi to meet these demands and keep client loyalty: https://lnkd.in/eSV8DwX2

New (2024) research shows 72% of under-35s prioritize mobile-first banking experiences, compared to just 24% of over-55s. It's just one of the reasons why eSIM mobile data bundles make fintech brands more relevant to their banking-as-a-service consumers. Find out more in our latest post 👉 https://vist.ly/35eb6

How is 2024 shaping up for retail banks? 🏦 We are back again with our annual Retail Banking Trends report to explore the most important developments to look out for. 📈 This year, we believe that the strength of your customer service experience will be the defining factor – specifically when it comes to embracing AI-powered capabilities, investing in mobile channels, and innovating with phygital experiences. Want access to the full report? Read it here! 👉 https://lnkd.in/gEfhS_nK

Citi's research has found that banks risk losing up to 10% of their market share if they don't keep up with the growing demand for cross-border instant payments. For those working with enterprise clients, prioritizing choice, speed, and transparency is key. Hear from my Citi colleagues Biswarup Chatterjee and Debopama Sen on how co-creation can help meet these demands and retain client loyalty. Check out their insights here: https://lnkd.in/eSV8DwX2.

Despite the rise of digital payments, cash remains vital for many, especially vulnerable groups. As banks reduce branches and ATMs, the FCA's new Access to Cash policy highlights the need for accessible cash services. My colleague, Daniel Mayo, Senior Analyst on Celent's banking team, explores the importance of cash and the role banks play in supporting all customers, particularly the vulnerable, in this digital age: https://bit.ly/3MC5cYO #AccessToCash #FinancialInclusion #DigitalBanking