3 Strategies for Navigating the New Banking Landscape

3 Strategies for Navigating the New Banking Landscape

The banking industry is in crisis. Three banks have collapsed in the first half of 2023, causing viral consumer panic that spreads faster than the industry can respond. A new digital bank-run era is here, and it’s reshaping the financial landscape.

Banking customers are more anxious—and empowered—than ever before as challenger and incumbent banks enter a critical opportunity in the ongoing battle for new customer deposits. So how can banks secure growth in a time of instability?

Key Takeaways

  • To gain ground, financial brawlers on the battleground for deposit accounts need to lean into their competitive values and strengthen their weaknesses
  • As applications swell, so will the target on your back for fraudsters. Evaluate the friction and application of your fraud prevention tools to streamline onboarding and grow efficiently.
  • Flex your native ability to meet your customer’s needs while focusing on the competitive boost of the conversion experience.

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