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Industry Orientation is a Winning Strategy for Banks

Do the math—there are nearly 4,700 FDIC Insured banks, over 30MM small to midsize businesses and under 1,500 MCCs, not to mention the 300MM consumers in the United States. This positions banks to focus on the vertical experience and not just banking.

Vertical industry orientation in banking is being reinvented. While banks typically have a ‘healthcare or insurance’ specific team, the strategies are centered around reselling an industry product or solving an industry challenge. This strategy is changing, especially with open banking and FinTech companies that can accelerate revenue generation.

Let’s just say up front—every industry and company is unique and requires a specific market approach and messaging. What’s the same, however, is the desire to enhance revenue and deliver an amazing customer experience. That’s where banking fits in.

Every financial transaction requires a bank, meaning the bank has access to both sides of a transaction—payer and payee. Having a vertical strategy for all industries across your footprint will go a long way in speaking their language and driving revenue. Here are some ideas to approach this revenue opportunity:

  • Know Your Strength – Look at your current commercial client base and determine which industries you are strongest in. If you have a base of clients that are likely to partner, formalize around them.

  • Know How Money Moves – Understanding how money moves will help you identify opportunities and align your banking products. In healthcare, for example, monetizing payers – providers – patients money movement with complex billing and service locations, multiple products and claims is typically more complex than retail.

  • Win-Win—and WIN – Banks need to look at vertical relationships as a two way street—referrals and intros are a thing of the past. Two and sometimes even three way Zoom calls are the way to go—make meaningful progress on driving revenue and customer experience with focused vertical solutions…not generic ones.

  • No Friction – Focus on creating a complete experience for the vertical’s customer—not just the banking one. Make onboarding, service and payments all part of the experience, not a bolt on. The FinTech world is ripe with integration opportunities (like with XUP’s platform). Leverage it to rapidly integrate and ‘speak the language’ of everyone involved.

It’s time to turn your bank-focused vertical strategy into one that leverages the new capabilities available today. Being ‘multilingual’ in both banking and verticals such as healthcare, insurance and logistics can position everyone to deliver additional revenue and enhance the customer experience. Contact XUP to learn more about how we are doing just that—we’re happy to speak your language!

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