Digital banking experiences are driving more consumers to big banks – Here’s how you can compete
A recent Credit Union Times article reported that, according to a new Mobiquity research study, the largest number of respondents said they preferred to conduct business with a large, national bank.
The company concluded that “younger generations’ desire for robust and convenient digital banking tools plays a large role in why credit unions trail large, national banks in the race to become the financial institution of choice for consumers.”
As a local, community-driven institution, you have thrived for years based on personal service and helping your neighbors. You’ve probably already realized that you’re not gaining millennials and Gen Z members as you once welcomed Gen X and boomers to your credit union or community bank. You probably also know you need to upgrade and add digital services if you want to successfully compete.
So, what’s stopping you? There’s a variety of reasons, but cost and time are usually at the forefront. You just don’t have the resources to select, vet and negotiate with new, high-tech vendors. For many small- and medium-size credit unions and community banks, onboarding a new digital platform can be daunting and stressful.
But Maple Street is here to help. Our professional negotiators do this all day, every day. If you’re not certain where to start, we are, and it might not be where you think. We’ll begin with planning:
- What are your strategic goals and which vendors can meet your objectives?
- What is your capacity for change and your appetite for change?
- How will the new vendor work with current vendors’ products?
- How much and what work will you have to do to get the results you want?
Then, we’ll prepare and send RFPs focused on the results you want and ask vendor candidates to explain how they can help get the results you want to narrow the field, and consulting with you every step of the way.
We start negotiation even before you choose the. While you may not know best prices and terms, we do. We make sure you have the upper hand in terms and performance, and we will save you potentially millions of dollars in pricing and hidden fees. To date, we have saved our clients more than $220 million.
And here’s something else you might not be aware of. It costs you nothing to hire Maple Street to negotiate your contract! Until we win in negotiation, you pay nothing. And, when we win, we guarantee you will save more than you spend, so it’s a win-win for both of us.
Don’t let lack of time or money hold you back. Skip the stress and reach out to Maple Street instead. Give us a call at 800-513-6839 or email firstname.lastname@example.org. To learn more, visit www.maplestreetinc.com/free-negotiation.
Background for this article was provided by Credit Union Times reporting on a survey about digital experiences.