Tech lessons from a financial crisis

[...]while that's true, there are certainly some aspects of the SVB failure that apply to banking across the board. Bloomberg reported that Bank of America ended up with $15 billion in new deposits. Don't give potential customers a reason to leave your bank's website simply because th...

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Bibliographic Details
Published inBankBeat Vol. 208; no. 5; p. 30
Main Author Yang, Anna Burgess
Format Trade Publication Article
LanguageEnglish
Published Minneapolis NFR Communications Inc 01.05.2023
Subjects
Banking industry
Banks
Brand loyalty
Communication
Customers
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Summary:[...]while that's true, there are certainly some aspects of the SVB failure that apply to banking across the board. Bloomberg reported that Bank of America ended up with $15 billion in new deposits. Don't give potential customers a reason to leave your bank's website simply because the account opening process is clunky (or worse - nonexistent). Not every SVB customer was the size of Roku or Etsy - many could be perfectly sized for a community bank offering exceptional customer service.