Heading into 2018, Service Fee Income, Digital Solutions and Deposit Growth will be high priorities for financial institutions according to a recent BSG Financial Group poll of bank and credit union executives. Further, 90 percent of the respondents say they plan to embark upon the process of budgeting and planning for these strategic initiatives within the next 30-60 days.
Is your institution on track to identify areas of profitability and growth before year end?
BSG Financial Group's "Revenue Strategies for 2018: A Video Series" introduces financial institutions to three proven income-building solutions, which incorporate innovative technology along with validated best practices and procedures.
Each 15-minute video in the series provides a brief overview of one solution that provides increased revenue and enhanced customer service–without taxing technology or compliance resources. See Strategy #1: Digital Lending below.
To watch the videos, go here.
Strategy #1: Digital Lending Technology
A study by MagnifyMoney states that financial institutions with the highest digital adoption scores grew their assets 16 times faster than those that do not adopt new digital technologies. It makes sense, considering 38% of consumers leave their financial institution because of a poor digital experience.
The imperative for financial institutions to "digitize" is not simply important, it is essential.
A digital lending solution allows consumers to apply and get approved for consumer loans <$35,000 and small business loans <$100,000 from their internet-enabled phone or desktop computer... anytime, any day. All in less than three minutes.
The automated technology streamlines the lending process, reducing the cost to underwrite and manage these loans from $2,500 to less than $250, including the cost to market the loans online. Efficiencies of this magnitude directly impact the bottom line, while positioning your institution as "digital" and consumer-minded.
To learn more, watch "Digital Lending 101," part of the "Revenue Strategies for 2018: A Video Series."
Join BSG Financial Group at these upcoming events as we help financial institutions generate more revenue:
- Oct 1-3 [TRADE SHOW]: Virginia Association of Community Bankers 40th Annual Convention & Trade Show; Jeff Harper in attendance
- Oct 9-11 [CONFERENCE]: CSI Customer Conference, Orlando FL; Jeff Harper in attendance; Bob Giltner to present, The $30 Billion Digital Lending Opportunity for Community FIs, 4:00 pm on Tues, Oct 10 and 11:00 am on Wed, Oct 11
- Oct 16-19 [CONFERENCE]: The 2017 Jack Henry Annual Conference (JAC); Gaylord Opryland, Nashville, TN; Jeff Harper and Trevor Knott in attendance
- Oct 19 [CONFERENCE] New Hampshire Bankers Association Retail Banking Conference, Concord, NH; Trevor Knott in attendance