Independent Banker - December 2021 - 28

the
big idea
a constant feedback loop where consumer
sentiment in�luences change is a powerful way
to solidify consumer relationships.
7 Pay attention to the new breed
of competitors.
In addition to other banks, �intechs are now
your competitors, and they are far more
disruptive and aggressive than your traditional
competition.
To eff ectively compete with �intechs, banks
must capitalize on the holistic nature of the
banker-consumer relationship. Traditional banks
have one major competitive advantage and that
is the power of the number of products utilized
by the average consumer. They need to work
hard in order to better encompass a holistic
consumer relationship in their go-to-market
strategies and contrast that value proposition
against providers that off er only a small subset
of those services.
While we live in a global society now,
community banks can underestimate the bond
they have to the local community. What your
brand means to the local community can be
very powerful and should be utilized to attract
and engage your target market.
8 Communicate and communicate often.
We live in a society that is moving fast and at
times can be overwhelming. We acquire so
much information on a daily basis that if it's
not memorable, it's quickly forgotten. So, how
do you make your message and your value
proposition more memorable?
Communicate and communicate often!
Fintechs are extremely good at helping
consumers visualize rewards. The value of
those rewards may be the same as what a
consumer could get at a community bank, but
the presentation is very diff erent. Studies show
that the human brain processes information
diff erently when it's a picture.
So, �ind ways to communicate visually so
people can better appreciate the value that
you're off ering.
Everything you do, day in and out, needs to be
managed and assessed through the lens of your
overarching loyalty strategy. We will continue
to see more market disruption in coming years.
Today we are seeing a rise in cryptocurrency
and buy now pay later adoption. As new
products are emerging in the market, banks
should evaluate how loyalty strategy can be
utilized to solidify optimal response to it. Let
us know how we can help. FIS stays ahead of
how the world is evolving to power businesses
across merchants, banking and capital markets,
to outpace today's fast-changing competitive
landscape and help our clients run and grow.
We have been focusing on this for decades and
serve community banks across the country.
FIS is a global leader in financial services
technology, with a focus on retail and institutional
banking, payments, asset and wealth management,
risk and compliance, consulting and outsourcing
solutions. Through the depth and breadth of
our solutions portfolio, global capabilities and
domain expertise, FIS serves more than 20,000
clients in over 130 countries. Headquartered in
Jacksonville, Fla., FIS employs more than 55,000
people worldwide and holds leadership positions
in payment processing, financial software and
banking solutions. Providing software, services and
outsourcing of the technology that empowers the
financial world, FIS is a Fortune 500 company and
is a member of Standard & Poor's 500® Index. For
more information about FIS, visit fisglobal.com.
http://www.fisglobal.com
Independent Banker - December 2021

Table of Contents for the Digital Edition of Independent Banker - December 2021
