Blockbuster or Bomb? Finding Banking Inspirations from the Movies

I nearly walked out of a movie recently. I had a great seat, a big tub of popcorn and was genuinely excited as the lights dimmed. But a few minutes in and I was already bored. Since I wasn’t alone I politely stayed, enjoying the dark, cool room for a nap instead. 

The movie failed to engage me up front and I very quickly checked out. The same is true for books, TV series and, frankly, for banking too. Credit unions and banks that don’t meet expectations right away risk quickly losing new members and customers — and the deposit growth they would have brought with them. 

For financial institutions, it’s not about entertainment. They need to deliver practical financial solutions, removing digital friction that adds complexity and confusion. In fact, Bain & Co. finds that 48% will ‘walk out’ once they experience digital friction and go to another financial institution. 

In all fairness, I did technically stay for the entire movie even if I wasn’t exactly watching it. Imagine if I had waited to stream the film from home instead. I’d have bolted within minutes, quickly finding something else to watch.

Which is also analogous to banking. Members and customers have little patience online and are quick to abandon when the digital experience is lackluster and takes too long. At the 5 minute mark, 60% seek out a better option according to The Financial Brand. 

This should cause credit unions and banks to reconsider their current digital banking offerings. Many have legacy digital solutions that — while offering online convenience — are clunky and time consuming. Focus on digital and mobile solutions that make banking simple, engaging customers by quickly helping them meet their financial needs. And in the process, you will maximize both your deposit and revenue growth potential. 

The alternative will only create a flop. There are too many other options out there for anyone to feel captive. Members will simply find another credit union, customers another bank just as easily as home viewers will switch to a better movie when they aren’t feeling this one.

Pay special attention to your account opening process. For most, this is your ‘opening scene’ so you really want to impress. There were a few times when I woke up in the cinema during a more exciting scene, but it wasn’t enough to draw me back into the story. The best way to keep members and customers happy is to never lose them in the first place. That means delivering a consistent digital experience that meets their ever-evolving expectations. To learn more about streamlining your digital offering, read our white paper: 3 Strategies for Frictionless Account Opening