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Banking on Digital Growth Podcast

Running an SMB Is Hard Work - Banking Shouldn’t Be (with Derek Corcoran)

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Brief Summary of Episode #145

It’s the proverbial bullseye of the business dartboard:

Delight the customer.

Well, what happens when you’re providing something as mundane as banking?

You make it efficient.

You delight the customer by making the boring but necessary aspects of their lives go by faster.

When your customer is a small business owner, who works an average of 60 hours a week, you really don’t want to offer an inefficient experience, no matter how delightful it may be.

Derek Corcoran, Chief Strategy Officer (CSO) at Numerated, recently explored this subject on Banking on Digital Growth, sharing that most banks are so far off the mark that they don’t even offer digital versions of their services at all.

Think about it.

How many times have you gone online, run a search for something specific, like a business loan, and then see a search result that looks perfect…

You get to the landing page but then it all goes downhill.

There are ten different steps, document uploads, a phone call, three OTPs and an incantation to an Internet virtuoso from lands afar… all of which you must complete before repeating the process when you visit the branch in person.

There must be a better way.


Key Insights and Takeaways

  • The two types of customer experience
  • The value of convenience and simplicity for SMBs 
  • The goodwill community banks fostered in the pandemic (and how to avoid squandering it)

How to Connect With Derek Cocoran

LinkedIn | X.com | Website