TRENDS
Solutions for Success:
Breathing New Life into Key Delivery Channels The Solutions for Success features timely issues and best practices from CBA Associate Members. CBA recently met with David Saylor, Founder of Genesys Technology Group, to ask a couple of questions on how banks can use their existing delivery channels to increase profitability and breathe new life into their brand. Regarding technology, what would you say is a single move that a CBA member institution can make to pay the most significant dividends? When you asked me that question, several things immediately came to mind, so this will be a multi-layered response. First, you have to change the way you think about spending money on your technology. Simply put, you have to spend money to get it right, and it will pay dividends. Your digital channels are an excellent investment that requires that you “tinker” with them to find what works. However, you are going to have to spend money to keep the pace. Second, you do not have to start an entirely new digital branded bank to stay current or attract your target clients. Your website is the first place you should start because it leaves a lasting impression. A website “refresh” is the easiest way to stay ahead of your competition and make a solid first impression. Money should be in the budget every year to keep your website fresh and ahead of the curve. Finally, do not be afraid to go outside of your core vendor relationship for online banking, business online banking, and other digital channels. Your digital strategy should include the players who best meet your needs, goals, and objectives. I believe that banks have to change their investment strategy in their delivery channels. You have to invest time and money into them, and yes, be OK with wasting some money to find the best way to be relevant in a digital world. What delivery channel represents the most significant opportunity for community banks to generate more revenue right now? My response is purely based on our clients’ experience and is strictly my opinion. That said, there is no contest. A bank’s debit card portfolio can generate more revenue as it usually is on autopilot. I encourage all CBA banks to look at three things to increase their debit card portfolio profitability immediately. First, your brand (front of card). Are you VISA, MasterCard, or Discover? They will all fight
Breathing New Life into Key Delivery Channels for your business, and you should partner with a brand that wants to invest in you. Second, your networks (back of card). Many banks have too many networks. Choosing the right network scheme can have an immediate financial impact on your card portfolio interchange income (and expense). Finally, you have to invest in marketing your debit card program. You want to be your customers’ first choice each time they pull out their wallets. With PINless debit, tokenization, and cardless cash, it is more important than ever for your card to be “top of wallet.” Since 2007, Genesys has been an advocate for community banks. The market is changing, and it is more important than ever for community banks to keep up. If you would like to learn more about how Genesys can help you get the most out of your delivery channels mentioned above, feel free to reach out to David directly at 770-729-4139 or david@genesystg.com
GENESYS TECHNOLOGY GROUP
David Saylor
Founder Genesys Technology Group
N ove m b e r / D e c e m b e r 2 0 2 0 | G e or g i a C om m un i ti es F i rs t | 31
