3PR Digital Trends - Local Effort, Global Implications

It is all about the User Experience (UX) and User Interface (UI).  Chris Maher, President & CEO of OceanFirst Bank, commented (paraphrase) on SiriusXM Business Radio that if a new customer cannot open an account at your bank, online, and in less than 10 minutes, you have lost.  Have a look at OceanFirst’s UX, UI.  Have you stopped to understand that a Fintech challenger can launch a service in the U.S. and gain hundreds of thousands of customers in just a few months? Those same challengers are raising multiples of what De Novo banks raise…and they are doing it in each successive capital raises.


Nothing has brought banking and its weaknesses to the limelight like the ongoing SBA PPP loan program.  The recent plea for COBOL engineers to upgrade 40-year-old platforms is telling.  If you were a nimble, forward leaning community bank, you were noted towards the end of round one PPP funding and got hefty business from round two.


Customers or would be customers are younger and much smarter than you might know.  In a recent article appearing on Techcrunch the following quote tells a story of a would be customer seeking a PPP loan:


“My CTO wrote a snippet of code that extracted the data for each lender within 100 miles of our location, excluding banks we had already contacted. This gave us a list of 2,000 options we split between myself and the CFO.

We reached out to 100-150 banks and credit unions per day: 80% told us we needed to have an existing account to apply, 10% told us we could create a new account and apply but that it’d take a couple of days to do so and the remaining 10% were either wrong numbers, out of business or continual busy signals.” 

Nobody knows what the other side of this pandemic will look like. People do seem to agree that the opportunity is immense. Is your playbook prepared for America 2.0?  

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