What made community banks and credit unions successful in the past simply doesn’t cut it anymore.
Once the go-to destination for relationship banking, financial institutions have become bloated, outdated, ego-driven, know-it-all, do-it-all, whiny, tired, over-regulated, customer experience nightmares – but, that’s the easy part to fix. The days when community institutions could purposefully stay behind the curve and still come out on top are gone. Cutting-edge fintech companies are winning the hearts and minds of early adopters and everyday Americans alike by providing fresh new banking solutions that address consumer needs before they even have to ask.
Welcome to the bankruption: a turning point when community banks and credit unions must realize that doing business the way they’ve always done it is actually the riskiest move for the fate of their enterprise. The bankruption requires leadership of traditional FI’s to shed their ingrained thinking, invest in tools that improve efficiency and increase scale, discuss uncomfortable changes to strategy, and simply try new methods.
To compete and flourish in the new fintech world order, it’s all about shifting your mindset – and, perhaps, aspects of your strategy.
Get listed on the Bankruption Index and discover if your FI and your leadership team have what it takes to transition to the new world, or if you’ll get left behind in the pile of bankers stuck in their old ways. Along with your results, you’ll receive insight for how to improve your strategy to survive and thrive in the fintech revolution. The only thing holding you back is inaction – let’s get started!