How many FIs have a relatively high efficiency ratio? In other words, how much do they have to spend to make $1? Scott Fieber, chief strategy officer, said he was shocked to find out that "over 12 % of all institutions in the United States are over 90%." This means that these FIs had to spend more than 90 cents to make $1.

Fieber and Scott Smith, chief strategy officer at Cook Solutions Group, joined Bradley Cooper, editor of ATM Marketplace, to discuss this issue and how banks can reduce their ratios in this episode of the Bank Customer Experience Podcast.

Fieber and Smith emphasized the importance of starting small with this issue, as even reducing ratios by 2% could make a big difference to one's bottom line. That money saved can then be used for strategic initiatives.

"Instead of spending that money on inefficient practices and doubling down on bad purchases and bad protocols, now we've got some money. Let's free it up to do the fun stuff," Fieber said.

One way to improve this ratio, according to Smith and Fieber, is to take a look at one's vendor relationships and ask basic questions such as:

• Are we experiencing vendor creep?
• Are multiple departments using different vendors, where we could use one?
• Is there a vendor we could partner with to handle multiple aspects of our business?

When asked how FIs can begin addressing efficiency ratios, Fieber pointed to hosting a strategic workshop where banks can gain some "nuggets" that could start some ideas.

"Why is a strategic workshop so important? It's important for the FI individually, but it's also important for the FI to involve their partners so that they understand the strategic layout of what their partners are doing too. Hey, what's on your roadmap? Does it align with ours? I think those are all conversations that sometimes get overlooked that are very, very valuable," Smith said.

Cook Solutions Group created a guide called A Strategic Guide for Banking Executives: 10 Questions for Banking Executives, which FIs can use during these workshops to jumpstart conversation.

Fieber said the guide can "at least get you started if you're kind of stuck on a home plate, not sure where to go."

Listen to the entire conversation above. Click here to download Cook Solutions Group's free guide.

When many banks were scoffing at the idea of online accounts, First Internet Bank was embracing the internet head on. Founded in 1999 as a branchless financial institution by CEO and chairman David B. Becker, the bank struggled through the early days of dial-up, but also maintained its vision.

In today's episode of the Bank Customer Experience podcast, Becker joined Bradley Cooper, editor of ATM Marketplace, to discuss the history of the bank and where it's headed in the age of AI.

Becker said the bank has often been criticized for not having the advantages of a branch, such as being able to go in and talk to a dedicated banker. However, First Internet Bank integrated a chat feature to allow customers to select a banker by name as their main point of contact. This reflects the bank's vision of still embracing technology without neglecting the human element.

He said this is the same principle as AI, as First Internet Bank uses AI, but remains dedicated to employees improving their work through AI, rather than replacing humans with AI agents.

During the discussion, Becker provided insights into several topics including:

• The founding of First Internet Bank.
• How it handled early internet pain points.
• The pros and cons of being branches.
• AI innovations.
• How fintech is evolving.

Listen to the full discussion above.

How many customers can tell you the difference between two banks? The fact banks often do not clearly differentiate themselves leaves them vulnerable to competition, especially from neo-banks. Banks have opportunities to differentiate themselves through technology, optimized branches and other services. By doing so, they can also increase their revenue in a shrinking market.

Bradley Cooper, editor of ATM Marketplace, spoke with Kaitlyn Bridgers-Petrie, strategic solutions manager at Cook Solutions Group and Scott Fieber, chief strategy officer at Cook Solutions Group, to discuss bank differentiation and revenue growth opportunities in today's episode of the Bank Customer Experience podcast.

Fieber said during the podcast that those of us involved in the banking world can take for granted that customers don't have much knowledge of key banking differentiators. For example, how many customers "know the difference between a credit union and a bank?" Many couldn't tell you.

As a result, banks need to have "clearer differentiators that customers can clearly communicate," whether that's ITM access, convenient branch locations or great customer service.

During the podcast, Fiber and Bridgers-Petrie discussed the following topics:

• Alternative tactics to boost deposits.
• Technology to increase revenue.
• What's your risk tolerance for branch expansions?
• How to reduce efficiency ratios.
• How to avoid vendor creep.

Listen to the podcast in its entirety above.