How banks can differentiate themselves

How many customers can tell you the difference between two banks? The fact banks often do not clearly differentiate themselves leaves them vulnerable to competition, especially from neo-banks. Banks have opportunities to differentiate themselves through technology, optimized branches and other services. By doing so, they can also increase their revenue in a shrinking market.Bradley Cooper, editor of ATM Marketplace, spoke with Kaitlyn Bridgers-Petrie, strategic solutions manager at Cook Solutions Group and Scott Fieber, chief strategy officer at Cook Solutions Group, to discuss bank differentiation and revenue growth opportunities in today's episode of the Bank Customer Experience podcast.Fieber said during the podcast that those of us involved in the banking world can take for granted that customers don't have much knowledge of key banking differentiators. For example, how many customers "know the difference between a credit union and a bank?" Many couldn't tell you.As a result, banks need to have "clearer differentiators that customers can clearly communicate," whether that's ITM access, convenient branch locations or great customer service.During the podcast, Fiber and Bridgers-Petrie discussed the following topics:Alternative tactics to boost deposits.Technology to increase revenue.What's your risk tolerance for branch expansions?How to reduce efficiency ratios.How to avoid vendor creep.Listen to the podcast in its entirety above.