55 min listen
Episode 493: It’s All About Relationships!
FromBreaking Banks
ratings:
Length:
58 minutes
Released:
May 11, 2023
Format:
Podcast episode
Description
In This Episode
Relationships are important, in all aspects of life. The nature of relationships is changing -- trust is a big factor in any relationship. Just like with partnerships one needs to be reliable, consistent, relatable, and credible, and there needs to be interest from all parties. In this episode, Brennan Andrews, Marketing Director, Dart Bank and James White, General Manager, Banking, Total Expert speak with Jason Henrichs about relationships in banking. They touch upon how during this downturn banks may need to rely on things like relationship lending & pricing to keep customers loyal. What is old is new again. Banks need to get back to building strong relationships with their customers, a solid relationship can be a competitive advantage and knowing your customer makes it easier to provide personalized financial wellness. It's time to be proactive and predictive, unlocking the power of data to rethink value and how best to deliver it. It's back to basics and competing on more than just rate. Personalization, if wrong can be worse than doing nothing, it all comes down to solid relationships!
Then, vendors can be great partners, an opportunity for financial institutions is the optimization of these relationships. In our second half, Jason connects with Cyrene Wilke, Horicon Bank's CIO and Patricks Sells, True Digital Co-Founder on the topic of vendor selection and partnerships. You may be surprised to hear that success is not always about picking the right partner, sometimes it's as simple as progress over perfection as no one benefits from analysis paralysis. Traction is good. Risk and compliance do of course factor into vendor selection. Banks need to be innovative, but aware of the rules. You can do great things but need to do it in a safe manner. The number of vendors banks work with, transactionally and symbiotically, adds to complexity, but the network effect can be beneficial as banks aim for best in breed and look to approach things from different perspectives. Relationships are key and banks also need to collaborate and learn from each other. It's a delicate dance.
Relationships are important, in all aspects of life. The nature of relationships is changing -- trust is a big factor in any relationship. Just like with partnerships one needs to be reliable, consistent, relatable, and credible, and there needs to be interest from all parties. In this episode, Brennan Andrews, Marketing Director, Dart Bank and James White, General Manager, Banking, Total Expert speak with Jason Henrichs about relationships in banking. They touch upon how during this downturn banks may need to rely on things like relationship lending & pricing to keep customers loyal. What is old is new again. Banks need to get back to building strong relationships with their customers, a solid relationship can be a competitive advantage and knowing your customer makes it easier to provide personalized financial wellness. It's time to be proactive and predictive, unlocking the power of data to rethink value and how best to deliver it. It's back to basics and competing on more than just rate. Personalization, if wrong can be worse than doing nothing, it all comes down to solid relationships!
Then, vendors can be great partners, an opportunity for financial institutions is the optimization of these relationships. In our second half, Jason connects with Cyrene Wilke, Horicon Bank's CIO and Patricks Sells, True Digital Co-Founder on the topic of vendor selection and partnerships. You may be surprised to hear that success is not always about picking the right partner, sometimes it's as simple as progress over perfection as no one benefits from analysis paralysis. Traction is good. Risk and compliance do of course factor into vendor selection. Banks need to be innovative, but aware of the rules. You can do great things but need to do it in a safe manner. The number of vendors banks work with, transactionally and symbiotically, adds to complexity, but the network effect can be beneficial as banks aim for best in breed and look to approach things from different perspectives. Relationships are key and banks also need to collaborate and learn from each other. It's a delicate dance.
Released:
May 11, 2023
Format:
Podcast episode
Titles in the series (100)
Episode 450: Neobanks: End of an Era? Not So Fast: Techcrunch reports fintech accounted for 21% of all venture capital dollars raised in 2021. When things go up, they also have a Newtonian way of coming down. The same article says that 10% of all layoffs in Q2 came from the fintech sector. by Breaking Banks