Last month, Wells Fargo announced that they will be closing hundreds of its bank branches as a result of the increasing trend of online banking and digital banking transactions. The use of online and digital banking is rising at a double-digit pace. As a result, the need to physically go to a bank branch is becoming more obsolete, especially in areas with smaller populations.
This is a trend that we have been blogging about since 2014, as we’ve seen the popularity of virtual, online, and digital banking methods increase dramatically.
As banking methods change, here are some steps you can take to stay in step with—or ahead of—these trends:
First, banking RFP templates from five or ten years ago are obsolete. Developing forward-looking RFPs is essential in order to capture all the services and technology needed today as well as those you’ll need in the future.
Second, with fewer bank branches in rural areas, you should consider using banks with a “virtual presence.” Those you serve are already doing just that.
Third, educate yourself and your staff on the new types of technology that are being used—and preferred—by those you are serving.
Fourth, adapt to the changes in how payments will be received and made, both online and at the counter.
Fifth, develop an electronic payment policy and update it annually. This policy should apply both to your organization and the banks you do business with; it should also include steps that enhance fraud protection.
Technology is evolving at a rapid pace, and that’s changing the traditional way the nation does its banking.
At three+one we can help you navigate this changing landscape. We can also assist in the development and evaluation of a banking RFP and electronic policies that include new and upcoming technologies.
Staying in step or ahead of these banking trends will be appreciated by your entity, its employees, and the clientele it serves.