Modern banking is changing thanks to technology. In a recent article by New Orleans City Business, Loan Evaluations co-owner Kyle Waters discusses how this impacts banks’ efforts to keep customers engaged.
Some customers like only face-to-face interaction with their bank, while others never want to step foot into one if they can help it. Many do only online banking or mobile banking – the rest prefer the ability to do both.
Technology is changing the industry, so banks are watching customers’ patterns closely and making decisions accordingly, with options such as remote banking, mobile banking, ATMs and remote deposit of checks for businesses.
Chase is also working on giving their customers the ability to make mortgage and credit card payments at the ATMs.
New ways to shift toward more cost-efficient technology will likely continue, said Kyle Waters, owner and manager of Metairie-based Loan Evaluation Services.
“Having a branch network is very expensive given the personnel and real estate costs,” Waters said. “And banks are under pressure to lower expenses in this low-rate environment.”
Larger banks like Chase, Capital One and Regions have led the way for mid-size banks like Whitney and Iberia as well as community banks like Gulf Coast Bank and Trust and Metairie Bank.
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