How to ignite organic growth and drive customer value in banking

In this podcast, Nikhil Lele, Julie Bateman and Teron Douglas discuss the EY NextWave of Consumer Financial Services report and data-driven organic growth.

Financial services companies understand the value of organic growth. Expanding the range of products and services provided to existing customers drives growth more efficiently than acquiring new customers.

Today, organic growth strategies are not an exact science. While data can be the key to unlocking successful organic growth, robust data sets are hard to come by. Too often, organic growth initiatives are the products of hunches about customer needs or stale reiterations of products that worked in the past.

To address the need for data and provide a path for overcoming the widespread trust deficit in the banking sector, EY released the NextWave of Consumer Financial Services, a report based on thousands of survey responses and rigorous economic analysis that identifies the products and services consumers want. In this podcast, Nikhil Lele (EY), Julie Bateman (Citizens Financial Group) and Teron Douglas (Bank of America) discuss the main findings and organic growth strategies and insights from the NextWave of Consumer Financial Services report and how those results can inform strategies that propel robust organic growth. In addition, the conversation explores how each organization approaches organic growth through data and the exciting new frontiers for technologies like generative AI.

Key takeaways:

• The banks ranked highest on the EY report’s trust premium had higher profitability and fee income growth over multiple years compared to their peers.
• FinTechs are leaders in social media, gaming and interactive platforms agenda innovation, but banks have a window of opportunity to get it right.
• Generative AI has the potential to transform the banking industry, but regulatory standards and policy and industry alignment necessitate cautious adoption.

Guest speakers:

• Julie Bateman (Citizens Financial Group)
• Teron Douglas (Bank of America)