Banco Popular de Puerto Rico

Economic, regulatory, technological, and competitive pressures have drastically altered the financial services industry, particularly in businesses that touch the American consumer. An analysis by American Banker/ SourceMedia Research shows that the transformation is far from over. Based on surveys of more than 200 financial services executives, this report offers insight into what banks have done to adapt their businesses, and what they’re likely to do next.

Almost all banks have deployed at least a basic smartphone application, but mobile’s transformational impact on the industry is still skin-deep in many corners. Theoretically, customers could do almost all their banking on a smartphone, but a very small minority even come close to doing so. How banks are planning to tackle that next challenge.

Mobile offerings have now become nearly universal across the industry, and that banks are increasing budgets to rapidly build out features as new technology emerges. At the same time, unease is evident among executives over the deployment of an ever wider array of services that do not directly generate revenue, although a rough consensus of sorts is forming around what kinds of metrics constitute an appropriate assessment of ROI in this space.

Lured by the promise of better insight into consumer needs as well as the potential for cross-sale opportunities, many bank executives are poised to add personal financial management to their consumer offerings.

Banks and credit unions understand the benefits of boosting their digital capabilities as well as the pitfalls of lagging behind.

In today's competitive banking industry, customer-centric institutions are gaining an edge in attracting and retaining customers. But what does it mean and what does it take to get there?

Banks looking to grow customer relationships can't be complacent about investing in the digital products and dedicated service that ignite positive brand loyalty.

Financial institutions must adopt a tech mindset that aligns with – and promotes – broader enterprise goals.

Meaningful progress on DEI initiatives has a real effect on the workforce. We examine the dynamics that drive this conclusion and what it means for companies.

Small business clients are important to financial institutions and expected to drive growth. But to achieve that, banks must teach them to be stronger consumers.