By Ron Jennings, Executive Vice President
Amazon did it when they went from shipping books and CDs to offering digital devices, downloads and home automation. Netflix did it when they branched out from renting DVDs by mail to streaming entertainment of all types and developing original content. And Apple was doing it long before the first iPhone ever hit the market.
They’ve all continued to evolve with the times to stay at the forefront of tech innovations and consumer demands.
All businesses should follow their lead and pivot, adjust or realign to stay relevant in today’s competitive marketplace.
For community banks and credit unions, one way to do so is to examine the overdraft solution they’re offering by asking:
If you aren’t regularly evaluating your overdraft program, it’s likely outdated. In contrast, an overdraft solution that continually evolves can be a boon for both your account holders and your bottom line.
Not all overdraft programs evolve
Some overdraft programs simply meet the status quo, while others challenge it by pushing forward, innovating and delivering a true service for both the financial institution and the consumer. These businesses that continually evolve are leaders in the industry, just like Amazon, Netflix and Apple.
Research shared at the Adobe Summit 2019 reiterates this point: business-to-business (B2B) experiences are becoming ever more similar to business-to-consumer (B2C) experiences. As Forbes elaborates, B2B buyers expect vendors to know what they want and deliver more than just supplier value.
Does your overdraft program vendor deliver more, including 100% compliance assurance, training opportunities, advanced reporting tools and measurable results? In short, are you getting a modernized program that continues to evolve with the times so you can deliver the same level of advancement to your account holders?
Many banks and credit unions have discovered the difference a modern, continually evolving overdraft service can make:
The next generation in overdraft
Just like many other consumer products, the overdraft service experience has evolved. You can provide superior financial peace of mind for your account holders and growth opportunities. Here are a few important aspects to keep in mind:
A fresh look never hurts
The moral of the story? If your overdraft program isn’t intuitive for you or your account holders, if it doesn’t produce consistent and measurable results, and/or if you’re constantly worried about compliance violations related to its use, it probably hasn’t kept pace with the times. Taking a fresh look at the overdraft solutions available isn’t just a good idea—it could end up completely revitalizing your financial institution.
ABOUT JOHN M. FLOYD & ASSOCIATES (JMFA)
JMFA is one of the most trusted names in the industry. Whether it’s recovering lost revenue, uncovering new savings with vendor contract negotiations, creating more value, serving account holders better or delivering a 100% compliant overdraft service—JMFA can help you deliver measurable results with proven solutions. To learn more, please contact your local representative or call us at (800) 809-2307.