Open banking might be the death of many banks,

But there is 1 major exception….

Banks that serve the middle market commercial customers.

These banks that serve these customers in the middle market are sophisticated—even beyond the level of banks that serve publicly traded companies.

These banks handle a lot of high ticket customers.

High ticket loans aren’t the type that can be processed instantly by an algorithm…

They need humans.

Humans that can understand the situation holistically while building a strong relationship with the customer.

It can’t be automated now and I don’t believe it ever will be fully automated.

But where many LOCAL banks go wrong is thinking that because they are relationship-oriented—like these middle market banks—they need to steer clear of automation in order to show their customers they care.

That’s completely backwards.

If you want to care better for your customers, then you DEFINITELY should be automating everywhere that makes sense.

Take the time your employees were doing rote work and give it back to them to continue building those valuable relationships.

I promise…
None of your customers will be upset about it.

Less time paper pushing and doing menial manual tasks means more time for relationship building.

Automation and APIs have a place in every bank.

You just have to find how it fits best in yours.

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Digging deep on banks is what I do.

🔔 Follow Brian on Linkedin: Brian Pillmore

#banking

 #automation 

#relationships