Frictionless Banking: The new way to think about the way you bank

No one likes friction; no one likes it when your pant legs stick to your socks.  It’s certainly not something you want between you and your bank.

Frictionless Banking means to eliminate the pain points for clients to handle their banking needs, including not having to go into a branch.  It is getting pretty rare to stand in a teller line to make a deposit or cash a check.  Consumers are now able to bank with ease and immediacy.  This challenges financial institutions to find secure, convenient ways for their clients to bank in this age of digital banking.

Technological advances are making it possible for clients to deposit significant sums of money from their cell phone, or for businesses to make daily deposits to their bank accounts, without leaving the safety of their offices.  As long as the client has checks to deposit, there is technology to help ease that previous pain point of having to find the time to drive to a physical branch location.

Most banks have already adopted ways to help their clients with these digital options and 2020 sped up that requirement for financial institutions across the board.  According to Steve Morgan of Fin Extra, there is a thought in the fintech world that soon clients will be able to use Alexa, if they choose, to check account balances or have Alexa check different banks for rates on certain products.  We’ve already seen the shift from face-to-face account opening, or applying for a loan, to all of it being online through a bank website.

Banks are clearly rethinking their branch strategies.   Some are adding locations, but most are reducing them.  This reduces the cost to the banks, allowing them to be more competitive on rates and fees.  Physical buildings are considered strategic marketing.  Banks today look for a great site, on heavily traveled roads, versus the convenience of having multiple locations.  Making sure their technology accommodates the user, and eliminates all of their pain points, is what matters to clients today.

Even with a touch-free and frictionless financial system, the one thing that consumers still look for is convenience and consistency.    This is vitally important to the banking client.  No longer should bankers expect the traditional 9 to 5 accessibility to work.  Bankers must be available to their clients when the client is looking for a trusted advisor.  Being able to reach their bankers when they need to receive a quick response is one friction point that remains basic to solve.   Bankers need to act more like the entrepreneurs they serve.

Susan Maurer is the Tampa Bay Market President for Axiom Bank. At Axiom, we pride ourselves in our concierge service levels; we bring banking to you. From cutting edge deposit and mobile products to a commercial suite of lending services designed for businesses of all sizes and in all stages of company life cycles, Axiom is all about maximizing your potential.  By providing high-touch value and convenience to our consumer and business clients alike, we live up to our tagline: We Make Life Easier.

You May Also Like

What to know about economic fundamentals for good decision-making                                

By John Silvia, CEO and Founder, Dynamic Economic Strategy Five fundamentals provide a basis for good executive and investment decision-making; Expectations for economic growth, inflation, interest rates, the dollar and

How to Raise Financially Literate Children

I vividly remember being a teenager, and some of the things I believed back then, frankly, many more years ago than I like to admit.  One of the things that

How to Raise Financially Literate Children
Avoid These 4 Common Investing Mistakes People Make in a Slow Economy

You probably remember hearing all about the Titanic in great detail during history class. You might remember how this ship was described as the epitome of luxury and had been

Avoid These 4 Common Investing Mistakes People Make in a Slow Economy by Dr. David Phelps
Where ‘Smart’ Money Is Going As the Economy Declines

Despite most TV pundits loudly proclaiming over the last few years that the US economy is strong, inflation is just transitory, and capital is plentiful, they’ve finally started to admit

Where ‘Smart’ Money Is Going As the Economy Declines - Dr. David Phelps

Other Posts

Healthcare by Becker’s hospital review honors Tampa General Hospital as a top place to work

By J.C. Barrott Tampa General Hospital is among the top places in the U.S. to work in healthcare, according to Becker’s Hospital Review’s 2024 “150+ Top Places to Work in

St. Pete-Clearwater International adds new, Allegiant non-stop flight destinations to Evansville, IN & McAllen, TX

By J.C. Barrott New routes to St. Pete-Clearwater International Airport (PIE) in Florida, includes Evansville, Indiana via Evansville Regional Airport (EVV), and McAllen, Texas via McAllen International Airport (MFE). St.

USF Foundation Board of Directors adds eight new members

By J.C. Barrott The USF Foundation Board of Directors recently added eight new members, to further their vision of inspiring philanthropy and administering resources that support USF’s pursuit of excellence.

Habitat for Humanity to celebrate 900th home dedication

Habitat for Humanity of Pinellas and West Pasco Counties is reaching a significant milestone this month, with the 900th dedication of a home built in the Pinellas County and West