The banking industry is evolving rapidly, and as more customers rely on technologies like mobile apps it is shifting how they view and interact with their financial institutions. These trends accelerated during the pandemic, as far fewer people visited brick and mortar branches in person and continue today. Further, with more consumers viewing banking as a transactional relationship, banks and credit unions are facing fierce competition to attract new customers, expand revenue from existing customers, and increase brand loyalty. Here are some simple steps financial institutions can follow to make sure they aren’t left behind. 

Invest in Financial Wellness 

Financial institutions know that financially educated consumers are better customers, with higher financial capability, more disposable income, and higher credit scores. More financially literate customers not only use more products from their financial institution, increasing wallet share, but are more likely to choose a bank or credit union in the first place. Banks and credit unions that invest in financial education can attract new customers, nurture long-term revenue-generating relationships through increased engagement, meet regulatory requirements, and provide a valuable resource that customers consistently engage with and appreciate.

Harness the Latest Tech Advances  

The rise of digital banking has led to fierce competition among financial institutions of all sizes and newer digitally native fintech companies, as they vie for customers nationwide, not just in specific communities. Technology can help enhance customer engagement, making it easier to attract and retain long-term customers, regardless of location. With EVERFI Achieve, banks and credit unions can deliver targeted financial education content in a personalized and contextualized manner, through their own mobile app or website. 

Grow an Engaged, Loyal Customer Base  

Today’s customers view banking as a transactional relationship: open an app, make a transfer or deposit, and move on. This has changed customer behaviors and expectations around banking. Using the latest technology, banks and credit unions can engage new and existing customers with tailored financial information, transforming mere transactions into personalized engagement. 

Want to learn more about how you can leverage digital innovations to grow your customer engagement in 2025? Download our white paper, “Achieving Community Financial Wellness: The Impact of Digital Education in Banking,” to explore how tools can engage your customers in their financial journeys and learn how BMO partnered with EVERFI to build a cost-free digital education platform and the positive impact it has had.