What Causes Profitability?

August 12, 2014
/   Spotlight

Digital Insight proves that digital bankers actually drive increase engagement and profitability with their financial institution.

Cause and Effect: If you build it, will they come?

July 23, 2014
/   Spotlight

Many financial institutions assume that digital banking is lucrative because the most valuable customers happen to bank online. While there is certainly a correlation between online bankers and higher profitability, quantitative evidence suggests that...

Cause and Effect: If you build it, will they come?

/   Spotlight

Many financial institutions assume that digital banking is lucrative because the most valuable customers happen to bank online. While there is certainly a correlation between online bankers and higher profitability, quantitative evidence suggests that...

Intuit 2020 Report: The Future of Financial Services

April 11, 2011
/   Insights

Today, Intuit released the latest edition of the Intuit 2020 report, Intuit 2020 Report: The Future of Financial Services, which identifies and examines four key trend areas that will  transform the financial services industry...

Platform Shift in the Making

February 13, 2013
/   Insights

What does the banking industry as a whole have to do with Amazon, Microsoft and Apple? Just about nothing—and down the road, it may turn into a major problem (if it isn’t already). Consider...

Infographic: How to Spot a Fake Check

March 8, 2013
/   Insights

The team over at TROY pulled together an infographic on how to spot a fraudulent check. With more consumers using remote deposit capture to upload and deposit checks through their smartphones, it’s important to...

Fast Facts: Student Loans

January 22, 2013
/   Insights

The Financial Services Roundtable recently released another iteration of its Fast Facts, reliable, bullet-point research about issues facing the financial services industry. Topics span TARP, Dodd-Frank, insurance, lending, retirement savings and more.  Below are some updated Fast...

The Top 10 Trends in the Digital Banking Industry

December 18, 2013
/   Spotlight

2014 is rapidly approaching and as the year wraps, the Digital Insight team has pulled together the top 10 trends in the digital banking industry based on data and trends from studying financial institutions....

Financial Literacy Month: How are you celebrating?

March 22, 2013
/   Insights

With April approaching, it’s almost time to kick off Financial Literacy Month! Strongly supported by the United States Congress and the Financial Literacy and Education Commission, Financial Literacy Month aims to promote the importance...

This post originally appeared as a Banking.com guest post on Sageworks’ Blog.

Source: TampaBayNewswire.com

Source: TampaBayNewswire.com

Everyone in our industry acknowledges banks need to be different, and we’ve explored numerous initiatives on Banking.com, from video transactions to teller pods and community rooms.  But how about serving up a cocktail with your account statement?

That’s one way to look at St. Petersburg, Fla.-based C1 Bank’s new branch in Miami’s Wynwood district. Sure, it’s got all the amenities every branch needs, but be prepared for the teller desk to become a bar, and a fully stocked kitchen ready to accommodate a sizeable party of movers and shakers. In fact, the location actually doubles as an event space.

The trendy art on the walls is kind of a giveaway too, as is the custom, rounded table near the entrance and safe-deposit boxes behind moveable bookshelves. It takes virtually no time for the entire setup to be transformed into a party room. And when the party’s over, a laser light show continues.

The investors say it’s a new kind of bank that’s designed for entrepreneurs by entrepreneurs. For the record, C1 Bank was recently named one of the five local companies to watch in 2014. The branch has also been the area’s first full-service provider for more than 20 years.

It’s easy to wish the establishment luck while privately seeing it as a novelty, but there’s another aspect that demands attention. Many banking industry analysts stress that in order to survive, new branches must reflect and serve their neighborhood’s tastes and needs, as this one surely does.

In the last few years, the Wynwood area in Miami has seen more than its share of ups and downs. However, like many urban areas, it has recently undergone major shifts leading to greater investment, and of course gentrification. What might have once been described as urban blight—personified by abandoned warehouses and buildings occupied by squatters—has been replaced by trendy cafes and art galleries. The textiles industry has been supplemented with fashion outlets.

In that sense, the new branch fits right in. It serves its purpose as a bank branch in the traditional sense, but it does more. And that might be the key to future success.

There’s no doubt that bank branches everywhere have been hit hard by changes in the business environment. Just recently, Minnesota-based TCF Bank announced that it isclosing eight branches in the Twin Cities area, all within the Cub Foods chain. The parent company closed many more late last year in the Chicago market.

The troubles confronting bank branches represent just one aspect—though a painfully visible one—of the many changes rocking the industry. The debate on what comes next continues to rage. There are even discussions on the nature and scope of the problem, let alone the solution. And it’s a good discussion to have.

Source: CommunityNewspapers.com

Source: CommunityNewspapers.com

In the meantime, however, innovations are surely welcome. Turning a sober financial services establishment into an event space with martinis and DJs probably isn’t for everyone. But every branch should probably be asking itself not only what kind of banking services it can provide to better serve the community, but what else it can do as well.

We live in a world of instant gratification, an international outlook and unprecedented mobile capabilities that radically alter consumer behavior. Having with a solid, dependable presence in the community and offering great customer service with a personal touch used to be enough. But in this business environment, at this time, we need to do more.

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Zachary Ehrlich

25-year-old writer, and as a native San Franciscan, I am unreasonably loyal to Bank of America, if only for their superhero-like origin story, involving the 1906 earthquake and Italian fruit vendors.

Brad Strothkamp

http://www.forrester.com/rb/analyst/brad_strothkamp

James W. Gabberty

Gabberty is a professor of information systems at Pace University in New York City. An alumnus of the Massachusetts Institute of Technology and New York University Polytechnic Institute, he has served as an expert witness in telecommunication and information security at the federal and state levels and holds numerous certifications from SANS & ISACA.

Marisa Mann

Marisa Mann brings over 15 years of experience in consulting and financial services industries to the Solstice team, working on large scale enterprise initiatives across many technologies, including specializing in the digital space – Internet and mobile. Mann is passionate about mobile and the endless possibilities for the enterprise, delivering business value through strong brand recognition and driving to excellence in the consumer experience. Prior to Solstice, Mann worked at JP Morgan Chase, Diamond Management and Technology Consultants, Washington Mutual, Inc, and Accenture.