Grasshopper’s new conference schedule has officially kicked off as our senior leadership team traveled to Pheonix, Arizona for Bank Director’s Acquire or Be Acquired conference (AOBA) to explore financial growth opportunities, strategic initiatives and business partnerships. Our team was not only pleased to attend, but also honored to have been given the opportunity to take the stage with other thought leaders and technology innovators in the space.
The Untapped Big Revenue Opportunity: Winning the Battle for Business Deposits
The financial industry’s premier M&A event kicked off on Sunday, January 29th with a wide variety of panels and sessions addressing the state of the industry, shifts in technology and more. During the afternoon breakout sessions, Chris Tremont, Chief Digital Officer joined Nikhil Lakhanpal, Co-Founder of Narmi and Taylor Cembalisty, General Manager of Narmi to discuss the battle for business deposits and how banks can balance their KYC and KYB compliance requirements while still providing a first-class digital experience.
Key takeaways from the panel include:
- Community & regional banks are uniquely positioned to win. Bureaucratic processes often inhibit risk taking, stifle creativity and hinder an organization’s ability to effectively communicate with its customers, which is why smaller financial institutions have the most potential to win business deposits. Today’s business owners are skilled and tech savvy, so communication, personalization, and versatility are crucial in winning them over.
- Tech-driven innovation drives business deposits. Competitive advantage comes from innovation, and by embracing new technologies, financial institutions can differentiate itself in a crowded marketplace. Investments in digital business banking experiences have lagged behind, which is why banks like Grasshopper seek out partnerships with industry-leading fintechs to offer better tools and resources to help small- and medium-sized businesses (SMBs) manage their finances and stay on top of cash flow.
- You don’t have to sacrifice quality service. Keeping customers regularly updated and informed on the latest product releases and/or enhancements goes a long way. By pursuing fintech partnerships, leveraging technology and establishing best practices, financial institutions can protect their digital platform and their customers without diminishing quality service or convenience.
The Story of How Grasshopper Bank and Radius Bank Redefined Banking Innovation
On the final day of AOBA, attendees had the opportunity to gain valuable insights on various approaches to banking, customer engagement and digital strategies, as well as leave with actionable steps to accelerate growth. During the general session on Tuesday, January 31st, our President & CEO Mike Butler sat down with Nikhil Lakhanpal, Co-Founder of Narmi to break down how he led a digital-first change across an entire organization, obstacles he faced and the resulting transformative impact.
Key takeaways from the session include:
- It starts with client experience. Many financial institutions think in terms of product, but digital banks like Grasshopper think in terms of experience. A lot of companies may say that, but you have to be committed. In order for a new digital experience to improve profitability, you need to improve customer service, which leads to higher levels of retention.
- People are key. Great people create great companies, and the people make the company more than technology does. It’s more about the culture and people running the product, which requires openness, especially in the partnership realm. You cannot build a lasting product/experience if you are repeatedly being pulled in a different direction. Companies need leaders, not just technology.
- You have to have a digital mindset. Everyone is accustomed to an Amazon-like experience. Whether or not you want to have a branch, why not give your customers a self service kiosk with industry experts there to help when they need it.
To discover what events our team will be attending this year, check out our events calendar.
By Brana Webb in Events
