The concept of retirement has undergone a profound transformation in recent years, reshaping the landscape for consumers worldwide. As people are living longer, the traditional retirement age is being redefined, and individuals are faced with new challenges and opportunities in…
Following the pandemic, individuals are increasingly seeking various ways to protect themselves financially in times of need. One avenue that is gaining popularity with consumers is supplemental insurance. However, amidst the growing interest, consumers still have misconceptions surrounding this type…
While your consumers may typically have insurance coverage in some areas, they often may not have enough coverage to help safeguard their finances. As a financial institution, offering solutions for this can help your consumers—and improve loyalty. Two products that…
Customer experience is a competitive differentiator. Taking the time to evaluate your entire customer journey can help drive improvement and create happier customers. Is Customer Experience really that important? The short answer is yes. Why? Well, “56% of consumers feel…
Core values are crucial for a company’s success. These values set the tone for the company’s culture, guiding decision-making and behavior at all levels of the organization. Most well-established financial institutions and insurance companies already have a list of values…
Banks use a lot of different third-party vendors to help fulfill the services and products they provide for customers. However, the compliance and security standards required for these vendors have increased exponentially since the beginning of Know Your Vendor regulation—and…
It is more important than ever for banks to get customers more engaged to retain them. Having a healthy bank account does not equate to loyalty or retention. Even dissatisfied customers may stay, simply because it’s too cumbersome to change…
The past few years have been an unbridled time in the banking industry. Many indicators are demonstrating that banks are facing a time of considerable change yet in the future. Historical fee-based income opportunities are going away, resulting in millions…
Non-Interest vs. Interest Income Non-interest income (NII) is revenue that does not involve collecting loan interest from a consumer as well as collecting revenue from account related charges such as monthly fees or overdraft. NII typically stems from fee-based earnings,…
In times of recession and challenge, consumers have often sought stability and flocked to products like insurance. During the unprecedented times of the past year, that was no different. Franklin Madison wanted to know more about these behaviors, so we…