NEW YORK - (01/06/06) Banks must focus on customerconvenience, value and service in order to distinguish themselvesin the increasingly competitive marketplace, according to a newstudy by Deloitte Consulting. Particularly in majormetropolitan markets, many banks are competing for the same groupof customers, said Toby Kilgore, principal with DeloitteConsulting LLP. To be successful, banks must differentiatethemselves from the pack by providing a distinctive customerexperience that captures customers hearts and minds.Convenience will help attract new customers, but banks need toprovide service and value in order to build loyalty, mittigateattrition and achieve significant top-line growth. Almosthald the respondents to a consumer survey cited location/access asthe primary reason they chose their bank, and slightly more thanhalf continue to interact mainly with the branch, despite theindustrys investments in other channels. Four out fiverespondents (80%) said they visit their branch at least once amonth and 43 % do so once a week. Twenty-percent said their mainchannel of use is the Internet and another 20% said theATM.
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As AI and digital assets become mainstream, banks are spotting new opportunities to integrate payments with other activities.
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House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
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A new partnership with Google Cloud will let the Spanish bank offer Gemini to all staff after a successful ChatGPT deployment.
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Atlanta-based CoastalSouth's initial public offering prices at $21.50 a share; Valley National Bancorp announces Lyndsey Sloan will succeed Gary Michael as general counsel; Webster Financial Corporation taps a new chief risk officer and appoints a new board member; and more in this week's banking news roundup.
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Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
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In a rare move for a credit union, the Seattle institution has snapped up the 13-member team that created EarnUp's AI Advisor product.
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