Innovating Banking With a #PeopleFirst Mindset

Historically, the banking industry only had one purpose, to fulfill the customer’s desired transaction with 100% accuracy. Customers expect a high level of service, but little has been done to innovate the banking industry out of fear the solution won’t meet expectations. Fintech (Financial Technology) and BaaS (Banking as a Service) are leveraging technology to innovate the customer experience and disrupt the banking industry.

At Choice Fin, our #PeopleFirst mindset motivates us to continue challenging the banking industry’s status quo. That raises the question: How do we innovate without disrupting the customer experience?

Adapt and Test
Truly innovative solutions are tailored to the customer rather than making the customer fit our solution. Behind the scenes, we are testing and perfecting our technology to fit the customer’s needs. We only roll out new technologies after it is tried, tested and ready for the customer. Without thorough testing, we threaten the 100% accuracy customers expect. A customer’s trust is one of the most important aspects of maintaining a reputable business, and we can’t risk losing that trust by rolling out technology without thorough vetting.

Understanding the Customer
To meet customers’ needs, we must first fully understand them. While it can be easy for us to fall in love with technologies and systems, it’s important to focus on who the customer is. What is their expectation of our service? How can we make new systems, apps or programs easy to use and non-disruptive? We lean into our partnerships to understand the experience they are building for their customers.

A good example is getting your paycheck on Wednesday instead of Friday. Traditional banking sees one day of the week as “payday.” Apps such as Current, and a number of other Choice Fin partners, implement technology that delivers paychecks up to two days earlier. This feature, called early direct deposit, allows customers early access to their paychecks to help avoid late payments on their bills. Choice Fin promises a high standard of service while innovating the standard of banking.

Stay In Bounds
Compliance and regulations are a large part of what we do, and we owe it to our customers to stay within these boundaries. Our process is unique in that it includes collaborating and working with compliance when we are innovating. This ensures we can deliver quality solutions while maintaining regulations.

Innovation in sports is a great example of moving the game forward without changing it entirely. Take the introduction of the three-point line in basketball. Up until 1979, teams in the NBA relied on their “big men,” such as Kareem Abdul-Jabbar, for point scoring. A 7’2” player like Kareem could quickly drive through the lane past his defenders to make a basket. When the NBA introduced the three-point line in 1979, the game changed to even the playing field with several point-scoring opportunities. Today, teams rely heavily on athleticism and shooting accuracy, as innovated by Warriors guard Steph Curry, who made 402 three-pointers in the 2015-2016 season.

Like the three-point shot in basketball, Choice Fin strives to innovate and revolutionize how we’re delivering banking services to our customers, but we will never do it at the sacrifice of what we do best, putting people first. This principle guides our company culture and relationships with our clients, even in the fintech sphere.

Choice Fin is a division of Choice Financial Group.