16 Jul [INFOGRAPHIC] How Your Bank Can Turn Digital Solutions into Revenue
The banking industry is experiencing massive growth. Even with the economy stymied by COVID-19, worldwide banking revenue is expected to reach $5.4 trillion by 2022—a 75% increase in just nine years. If you’re a banking executive, now is the time to position your bank for growth. But increasingly, that growth is occurring on digital channels. Take a look at this infographic for 3 digital solutions for banks that will help increase sales AND revenue.
For a more in-depth look at this topic, click here to read the full blog post.
1. Digitize the customer journey. Digital onboarding solutions can streamline processes for banks and their customers. According to Boston Consulting Group, one of their bank clients was able to reduce overall costs by 30% when they digitized their credit lending journey, and another saved $200 million over four years.
2. Increase transaction revenue. Growing your share of the debit card transaction market will immediately boost revenue, but another digital solution is available for banks as well: merchant services. This can be a huge money-maker for your organization, so find a payment processing partner that will help you make the most of your program.
3. Inform sales efforts with data mining. Data mining is a digital solution for your bank that allows you to leverage an asset you already have: your existing customer base. An ACH mining report will reveal which customers are currently using your merchant services program. That’s an opportunity to cross-sell!
39% of banking executives reported a reduction in overhead with expanding technology. That’s why embracing digital solutions is a win-win situation. Going digital enhances the customer experience while growing your bank’s revenue.39% of banking executives report a reduction in overhead with expanding technology.Click To Tweet
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If your processor isn’t delivering top-notch customer service and strategies to help grow your merchant services revenue, please call BASYS Processing at (800) 386-0711 or enter some basic information in the form below. Let’s talk about creating a true business partnership that will help you meet and exceed your goals.