Digital bank grows account volumes by 420%
Listen as Fintel Connect CEO Nicky Senyard discusses how financial institutions can grow account volume, bring acquisition costs down and gain overall deposits.
As interest and investment in cryptocurrency spikes this year, banks and financial institutions (FIs) must decide whether and how to become involved, or potentially lose revenue and customers if they opt out.
This is the message from Lawrence Pruss, senior vice president at Memphis, Tenn.-based Strategic Resource Management (SRM) in this week's episode of "The Buzz" podcast. SRM is a consulting firm for FIs and others in areas such as digital transformation, operational efficiency and payment technology.
Banks and FIs can boost their revenue by offering crypto trading and custody services, among other services, Pruss tells Bank Automation News. "The opportunity isn't just defending their deposits, but there's opportunities to drive non-interest income in terms of trading revenue," he says.
There is also potential to attract new customers and increase customer engagement, Pruss notes, as well as help to retain existing clients. "That's an opportunity — when you've got those eyeballs on your mobile banking app — to be able to offer across all other sorts of products and services, maybe even education" on cryptocurrency, he tells BAN, which is still lacking in many cases.
Banks and FIs have been contacting SRM regarding its new service, Cryptocurrency and Blockchain for Financial Services, which advises on the use cases of crypto and blockchain technology and how to set them up, to be sure they're not written out of the script, Pruss says. Decentralized finance, which has sprung out of cryptocurrency and its underpinning blockchain technology, connects lenders and borrowers while facilitating other financial transactions, all without the involvement of a bank.
"We've got some real concern from our clients in terms of being disintermediated," Pruss says. "All of a sudden, you realize it's a very competitive environment."
Listen as Fintel Connect CEO Nicky Senyard discusses how financial institutions can grow account volume, bring acquisition costs down and gain overall deposits.
Listen as Citizen's Jo Wyper discusses how to approach generative AI and new innovations the commercial bank is working on for 2024.
Listen as Jack Henry's Greg Adelson discusses his transition into the role of CEO.
Listen as Savana COO Emily Steele discusses how banks can use technology to create efficient and consistent processes throughout their operations.
Listen as Fiserv's Dudley White discusses the digital experiences financial institutions are developing to meet client expectations.
Listen as Chargebacks911 CEO Monica Eaton shares what tech she is watching in 2024.
Listen as Episode Six CEO John Mitchell addresses how FIs can best approach modernization, the 2024 tech trends to monitor, and the recent evolution of technology in the financial services industry.
Listen as WorkFusion's Adam Famularo shares how financial institutions can leverage digital workers and AI to drive efficiency within the organization.
Listen as Zest AI CEO Mike de Vere tells how credit unions are improving the underwriting process with AI.
Softserve's Rishi Chohan discusses the opportunities that digital wallets present to FIs.
Stay up to date
For any inquiries, please email us at hello@podcastworld.io