The temptation for banks these days is to digitize as much as possible, but that generally results in spending a lot and doing nothing really well. Picking one of these three business models can help banks choose technology best suited to add value and thus get the most bang for their buck.
After recording a $35.9 million quarterly loss, the online small-business lender said that it plans to reduce its annual expenses by $20 million, cut 11% of its staff and more than double its loan-loss provision from a year earlier.
The risk, complexity and psychological biases related to financial products make them ill-suited for push-based selling tactics. Instead, banks should use their digital channels to help customers decide what they want.
EQ Bank, BankMobile and solarisBank offer insights to how they built their digital-only banks with design thinking, new products and money management tools.
