(Money Matters) Banking in the new age-Interview with Paul Reilly

Kasfia Rashid - “Money Matters with Kash the Bookkeeper”

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Introduction: 
Hello! Welcome to Money Matters, the accounting show with no numbers. 

This season we are bringing guests on to the broadcast for a live Q&A on the hottest topics in this new normal of business. We are going back to the basics- plot TWIST- the basics have changed! At the core of business is one simple understanding. You have something, someone wants that thing you have and is willing to exchange something they have to get it, usually cold hard CASH! 

So, Kash… where do we put all this cash that we have coming in? Great question! Let’s ask Paul Reilly of Atlantic Union Bank what he thinks. Paul is the Vice President of a regional bank here in the states and today he is going to give us a glimpse of what the post-pandemic possibilities are for the largest businesses in the world….banks! 

The pandemic has caused several businesses to close their doors, some for good, others for safety purposes. This was a major disruption for the traditional brick and mortar banks, like Atlantic Union, where business was conducted at the bank. Deals were closed. Companies were bought and sold. You get the idea. Banking is changing with the times and an increase in digital / online banking is just the beginning! What will the bank of the future look like? Will it be one we can even walk into or will all our banking options live in the world wide web? 

I dunno. Let’s see what Paul thinks! -=) 


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Show Objectives - The Why

As technology develops, the banking industry changes forever. There are unprecedented companies that have achieved outstanding results in the banking and fintech industry. The growing demand for digital banking services has led to the widespread adoption of many revolutionary technologies, like artificial intelligence and machine learning. As the industry changes, it becomes especially important to keep up with the latest digital payment trends so that you do not lag behind your competitors.

The pandemic has rapidly accelerated the adoption of digital across all aspects of customer engagement, from selling to onboarding to servicing.

Early on, with branches shut and banks struggling to cope with call center volumes, it became obvious how essential digital self-service is, such as being able to request a payment holiday.

Nearly all the banks we surveyed in 2020 told us that enhancing digital self-service capabilities was their top IT strategy priority. This was followed closely, 77 percent, by the desire to improve digital product origination and onboarding. The goal is to design a frictionless, yet secure customer onboarding experience across all products.

An orchestration engine that intelligently determines the optimum next steps based on context (e.g., customer and product risk) can help automate the process for simple products while embedding collaboration, communication, and document exchange tools to enhance the experience for more complex ones.

The leading banks are also deploying machine learning models to identify the next best offer or conversation with the customer and equipping their employees with tools to help selling.

What You Need to Know - The What
When we look at the major customer experience trends for 2021, clearly the pandemic impacted expectations. It is also clear that the importance of positive customer experiences has never been greater. While some of the trends for 2021 are extensions of what we have seen in the past, others are new expectations caused by the combination of digital, economic and social changes we have seen in the past 12 months.

Speed and Simplicity Rule. Customers will no longer base their experience perceptions solely on price, product or convenience. Instead, expectations will be based on digital speed, simplicity and contextuality.

Channel Uniformity Assumed. More than ever, consumers will expect a consistent experience across all channels and platforms, in real-time.

Design Matters. Consumers will make a decision whether a website or mobile app is right for them in milliseconds based on the design alone.

Proactive Personalization Required. The importance of personalization and proactive recommendations has increased significantly as consumers have become used to the experiences of digital tech firms like Amazon, Netflix, Google, and numerous new fintech players.

Sustainability Increases in Importance. Consumers will expand their evaluation of experience with financial institutions to include social components that include community investment, gender and racial equality and other sustainability issues.

Technology as an Enabler. While consumers want the impact of what advanced digital technology can provide, they will mostly want things to work … quickly and without friction.

Customer Impatience Grows. The impact of a poor customer experience will be faster and more dramatic than ever … and often undetectable initially.

What You Need to Do​​ - The How

The digital bank is not a novelty anymore. Many traditional banks have already launched their mobile application or online banking services. At the same time, digital financial services appear here and there, making digital banking mainstream.

Online banking offers tons of convenience. From opening an account to managing your accounts, you never have to step foot in a bank. 

But like with any banking option, you do need to think about what your business needs from a bank. For example, do you want a full-service bank that can give you all types of banking accounts, plus credit cards and merchant services? Or do you just need a simple, low-cost checking account? 

Figuring out what kind of features you’re looking for will help you narrow down your choices.

And speaking of features, we need to talk about cash deposits in particular. Different online banks handle cash in different ways. Some don’t accept cash at all, while others may allow you (reluctantly) to mail a cash deposit in, and still others let you make cash deposits at your local convenience store. 

So think about your business’s cash habits as you choose your online bank account―and keep in mind that really cash-heavy businesses will probably prefer traditional brick-and-mortar banks. (If that describes your business, check out our list of the best banks for businesses in each state.

Source Articles:

1. https://www.business.org/finance/banking/best-online-bank-for-small-business/
2. https://cloudblogs.microsoft.com/industry-blog/financial-services/2021/02/16/top-priorities-and-trends-in-banking-in-2021/ 
3. https://www.planetcompliance.com/digital-banking-trends-2021-ux-is-the-fuel-for-fintech-disruption/ 

Additional Resources 

1. Check out Kash’s Youtube Playlist: Bookkeeping basics for small business owners. 
2. Get this affordable guide to reconciling any account quickly and accurately! Click here: https://kashthebookkeeper.com/paid-resources/ and scroll down to Reconcile any business or personal account in 4 easy steps!! On Sale now! 
3. Want more KASH? Sign up for the free newsletter! 

Shows: 
Previous: Creating multiple streams of income- with Chris Meekins!
Next: Advertising dollars at work in the digital world - with Lynne Holloman! 

​Written by Kash the bookkeeper  
Check out the last QuickBooks Online Tutorial you will never need here! 

You can connect with Kash on any of her seriously social platforms under the handle @Kashthebookkeeper
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