Newsletter: JUNE

The Rise of Integrated Channels in Financial Services

Brought to you by Flybits

Breaking Down Barriers: The Rise of Integrated Channels in Financial Services - Flybits

Hello everyone! 

In this issue we’re focused on the latest news in user experience, AI developments, insights from recent reports, and where FIs should be focusing their efforts heading into 2025. 

We are bringing you a full recap of the McKinsey report on integrated channels & customer experience, a breakdown of financial use case spotlight, and notable events and insights from Flybits. 

This month’s highlights come from TEDx, McKinsey & Company, The Financial Brand, Members 1st Federal Credit Union, and Barclays Rise awards.

Perspective-Aware AI: Can AI help us understand others? | Hossein Rahnama | TEDxBoston

Flybit’s CEO Hossein Rahnama was invited to give a talk at TEDx in Boston about the experimental work he’s doing in AI.

Hossein Rahnama is shaping the future of artificial intelligence and its impact on our lives. As a Professor at both the prestigious MIT Media Lab and Toronto Metropolitan University, he’s at the forefront of cutting-edge research, exploring how humans and AI can work together to create a better world. 

Play Video about Hossein Rahnama speaks at TEDxBoston on perspective AI

Financial Use Case Spotlight 🚀

Identifying & Actioning Large Deposit Activity:

Situation – Rodrigo’s family wanted to support him in buying his first house and gifted him a sum of $125,000. Flybits enables automation to identify this deposit activity to trigger a savings goal. Flybits enables Financial Institutions (FIs) to deploy an always-on large deposit experience for customers in Rodrigo’s situation. An in-app notification prompts Rodrigo to determine how he would like to use his funds. He states the purpose (Home Fund), the amount ($50,000) and the account (FHSA), and is able to make a contribution to the chosen high interest saving account. 

Business value:
• Revenue enhancement by cross-selling
• Build loyalty and retention 
• Operational efficiency 
• Automated detection of triggering use case

Our team of solution experts collaborates closely with your marketing, customer experience, and data teams to elevate your digital enablement. We support and guide you through every stage, from activation and brainstorming use cases to deployment, ensuring support at each step of your journey. 

Large deposit use case

Notable Events & Insights 🔎

Key Finding from the Financial Brand Forum 2024

At the Financial Brand Forum 2024 in Las Vegas, speakers took the stage to discuss the biggest challenges, innovations, and trends occurring in the financial industry. Take a look at the latest findings and advice from the forum’s speakers including, Scott Galloway, Reggie Fils-Aimè, Mike Walsh, and Eric Fulwiler.

Flybits Proudly Supports Members 1st Credit Union Charity Golf Classic, Driving Support for Local Communities

Flybits was thrilled to participate in the 27th Annual Members 1st Charity Golf Classic, an event that embodies community spirit and philanthropy. Held at the Hershey Country Club in Pennsylvania, this year’s tournament was a record breaking success, raising significant funds to benefit local charitable organizations.

Flybits Shortlisted for Barclays’ Rise Fintech Company of the Year

We’re thrilled to share that Flybits has been shortlisted for the prestigious Rise Fintech Company of the Year award by Barclays! This recognition highlights our role as one of the most innovative and impactful fintech companies globally, honoring our cutting-edge work in contextual data and experience design in the financial services industry.

McKinsey Report on Integrated Channels and Customer Experience in the Financial Service Industry

1. Evolution from Omnichannel to Integrated Channels:

New Strategy: Financial Institutions (FIs) are shifting from traditional omnichannel models, where each channel operates independently, to integrated channels, offering a unified customer journey by connecting digital and physical touchpoints.

Seamless Experience: This approach resolves issues of fragmented experiences and disconnected service delivery, enabling a comprehensive view of customer profiles for a more cohesive and relevant interaction.

2. Smart Data Enablement:

AI and Data Analytics: Advanced technologies like AI and data analytics are essential for real-time personalization and decision-making. These tools allow FIs to quickly analyze customer behavior, predict needs, and deliver targeted solutions.

3. Enhanced Customer Engagement:

Timely Content: Integrated channels improve customer engagement by delivering relevant content and services at the right time through various platforms (emails, app notifications, in-branch interactions).

4. Customer-Centered Operating Model:

Streamlined Operations: Combining digital and physical channels streamlines operations, ensuring consistent service quality and reducing costs by sharing interaction history across all platforms.

5. Rethinking Human Interactions and Banker Roles:

Fusion of Digital and Human Touch: Despite the rise of digital banking, a segment of customers still values human interaction, especially for complex, high-value products.

These insights highlight the shift towards integrated channels as a pivotal strategy for FIs to enhance operational efficiency, customer engagement, and overall experience.

For more detailed information, refer to the full McKinsey report here.

What would you like to learn about in our next Newsletter series? What current challenges is your FI facing? Please feel free to comment on LinkedIn and our team will aim to include in the next release.

Want to learn more about data-powered user experience for your financial institution? Please feel free to book a call with the Flybits team.

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About Flybits

Flybits helps financial institutions scale digital value by mobilizing data as a strategic asset and creating enterprise-grade customer experiences that drive loyalty and business results. An Experience Design Platform for data-led banking, the company was founded in 2013 on the belief that data is the digital economy’s most valuable asset and can enhance people’s lives in powerful ways: helping them connect to loved ones, make better decisions, and filter out unwanted noise. Guided by this, Flybits helps complex enterprises to bring the power of data to life – transforming customer data into one-of-a-kind personalized experiences by launching predictive and contextual digital recommendations, at scale.