A Summary of a 200+ Person Survey

EXECUTIVE SUMMARY
For this survey we asked a series of open-ended questions so we could get an accurate pulse on the state
of the industry. We collected all the answers in a spreadsheet and analyzed responses across different job titles.
Here are some of our key findings:

47+53+G
53% of executives said their biggest 63% of tech employees said that their
challenges are compliance and success depends on providing new,

53% organizational structure, while

only 16% mentioned that they’re
worried about keeping up with
changes in technology.
63% cutting-edge products, while 52%
said that their biggest challenges are
dealing with limited budget and keeping
up with technological changes.

36+64+G
of respondents said that the

70% biggest shift in job responsibilities

have occurred in marketing and
technology roles
64% of branch employees said that
their success hinges on helping
account holders, but 55% said that

49+51+G
the biggest shift in their day-to-day

51% of marketers said that learning 64% responsibilities is dealing with

diminishing branch traffic, making
to adapt in a digital environment
it harder for them to help these
represents the biggest shift in their
account holders.
day-to-day responsibilities. 33% said
51% they are concerned about limited
time and budget, making this their
primary worry.

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INTRODUCTION
If you were born before digital banking became a mainstay of the financial services
industry, your first banking experience likely occurred inside a branch. Perhaps
your parents took you to meet with a customer service representative who
helped you set up your account and then gave you a paper ledger to keep
track of your expenses.

The upcoming generation will typically have a different first experience with their
financial institution. Today’s parents can sign in and set up an account for their
kids through digital channels, without ever setting foot inside a branch.

The shift in account holder preferences has forced employees at banks and
credit unions to consider how their job roles will change in the future. To
understand these changes, we surveyed more than 200 employees at banks
and credit unions and asked about their biggest challenges, how their roles have
changed, how they measure success, and so on. In this publication we look at the
results of the survey as well as research from across the web to present a clear
picture of the trends the financial industry can expect to see.

NOTE: Because we promised our survey respondents that we would keep their personal information
anonymous, we simply refer to them by job title here. Any quote that has a name associated with it either
came from outside sources or through direct conversation.

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 01 EXECUTIVE
JOB TITLES
CEO | COO | CFO | CMO | EVPs

ROLE
To succeed in their role, the executive team
must inspire employees, deliver positive
earnings, meet regulatory expectations, and
keep account holders satisfied.

HOW THE ROLE HAS CHANGED

“I have two main challenges:
regulation and competition.”
- CEO
While digital technology has made many executive
processes more efficient, it has also brought on
new complications. Fintech competitors are
chomping at the fringes of the industry,
regulations are causing additional headaches,
and consumer demands for digital experiences
are changing the core ways people bank. All
of this amplifies the urgency for executives to
view their institution as a digital player rather
than a strictly local entity.

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68%
57%
68% of global banking CEOs believe
the speed of tech changes threatens
growth. This is up from 57% last year.
2014 2015 Source: PwC
“WE HAVE LESS LOBBY TRAFFIC, BUT MORE
PHONE CALLS. WE HAVE TO SPEND MORE
TIME EDUCATING THE STAFF ON HOW OUR
DIGITAL PRODUCTS AND SERVICES WORK SO
THEY CAN INFORM OUR MEMBERS.”
- Chief Executive Officer
“WE ARE GOING TO HAVE TO BUILD A DIGITAL
RELATIONSHIP THAT WOWS THE CUSTOMER,
AND THAT’S SOMETHING WE’VE NOT REALLY
DONE BEFORE.”
- David I. McKay, RBC CEO
“I HAVE THIS SAYING THAT IF YOU DON’T LIKE CHANGE, YOU’RE GOING
TO HATE EXTINCTION. WE HAVE TO ALMOST DISRUPT OURSELVES TO
UNDERSTAND WHAT SOME OF THE NON-BANK COMPETITORS ARE GOING
TO DO TO CREATE CONVENIENCE AND OFFERINGS FOR OUR CLIENTS.”
- Beth Mooney, KeyCorp CEO
SUGGESTIONS FOR EXECUTIVES
• A ccept that branch traffic is consistently decreasing
and plan accordingly.
• Contrast your digital product offerings with those
from new fintech competitors. Ask yourself if you’re
exceeding consumer expectations on this front.
• Double down on hiring developers, graphic designers,
and data analysts — or partner with the right fintech
providers to compensate for a lack in these areas.
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 02 MARKETING
JOB TITLES
CMO | VP of Marketing | Social Media Manager
Head of Public Relations | Data Analyst

ROLE
The marketing team’s goal is to position the
company in the best light to employees, account
holders, and the media.

HOW THE ROLE HAS CHANGED

“Marketing has changed.
The focus is no longer on
blanket advertising with
print, radio, TV, or billboards.”
- CMO
There’s an old joke that says that the marketing
team knows one half of their efforts are
effective but isn’t sure which half it is. This has
completely changed in the age of digital
marketing. Today, marketers can access data
and immediately see which digital campaigns
are performing well.

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“DIGITAL PUTS EVERYONE AT A SEEMINGLY LEVEL
PLAYING FIELD — SEEMINGLY BECAUSE ALTHOUGH
CREDIT UNIONS AND BANKS, BIG AND SMALL,
HAVE THE SAME ACCESS TO THE DIGITAL WORLD,
WE DO NOT ALL HAVE THE SAME BUDGET FOR
DEVELOPMENT AND DEPLOYMENT OF DIGITAL
TOOLS. WE CAN’T DO IT ALL, SO WE NEED TO
CHOOSE CAREFULLY WHAT WE’RE GOING TO DO,
AND THEN DO IT WELL.”
- AVP of Interactive Marketing
“Banks that use analytics to understand
+ 12%
LEAD IN MARKET
customer attrition have a 12 percentage
point lead in market share over those
that do not.”
SHARE
Source: Aberdeen Group
“MARKETING HAS CHANGED TREMENDOUSLY. THERE ARE PEOPLE
IN THE BANK (AND CUSTOMERS OF THE BANK) WHO HIT ON ALL
RANGES OF THE TECHNOLOGY COMFORT SCALE, AND IT’S MY
JOB TO APPEAL TO ALL OF THEM.”
- Retail Marketing Manager
“OUR BIGGEST CHALLENGE IS TO INTEGRATE THE
IT SIDE (PROGRAMMING, SECURITY) AND THE
MARKETING SIDE (BRANDING AND EXPERIENCE).”
- AVP of Interactive Marketing
“WE HAVE MORE CHANNELS THROUGH WHICH WE CAN COMMUNICATE
WITH OUR MEMBERS. THIS MEANS EVERY MESSAGE WE CREATE NOW HAS
TO BE OPTIMIZED FOR OUR BRANCH DIGITAL DISPLAYS, OUR WEBSITE,
MOBILE BANKING MESSAGE, ETC. ALSO, CONSUMERS WANT MESSAGES
ONLY WHEN THEY ARE RELEVANT, AND THEY WANT THEM TO BE
PERSONALIZED, BOTH OF WHICH ARE A CHALLENGE.”
- Director of Market Data
SUGGESTIONS FOR MARKETERS
• S witch from an advertisement-based mentality to an
advice-based mentality. Gain account holder trust by
giving them advice they legitimately value.
• Split test a variety of advice-based digital offers to find
what resonates the most with your account holders.
• Automate your marketing analytics and targeted
offers by developing your own solutions or finding a
fintech partner that can do it for you.
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03 OPERATIONS
JOB TITLES
COO | Head of Operations | Operations Manager
Director of Internal Operations | Director of
Retail Operations | Director of Human Resources

“We struggle to balance new
product implementation with
regulatory concerns.”
- Director of Business
Development
ROLE
The role of the operations team can vary
from institution to institution, but in most
instances they are primarily in charge of
making sure that employees and systems
run smoothly and efficiently.
HOW THE ROLE HAS CHANGED
Increasingly, the operations team must find
new and improved products that amplify
digital efforts within their institution.

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 “TODAY MORE TIME IS SPENT PLANNING WEBSITES,
EXPLORING NEW TECHNOLOGY, AND SPLITTING
A Wave of Mobile and Online Users THE MARKETING BUDGET TO ONLINE VERSUS
% of channel users per age segment
TRADITIONAL CHANNELS. SINCE DIGITAL BANKING
35%
Mobile
IS NOT BRICK AND MORTAR, THE LOOK, FEELING,
Online
30% AND ENGAGEMENT MUST BE UPDATED REGULARLY.”
25%
- Chief Operations Officers
20%

15%

10%
“The biggest challenge financial institutions face is
that they’re totally content with the status quo.
5%

0%
18-24 25-34 35-44 45-54 55-64 65-74 75+
They do not realize the need to adopt technology
Source: U.S. Bank Data
and are moving very slowly.”
- Director of Business Development
“THERE IS LESS PAPERWORK BUT MORE TRAINING NEEDED TO HELP
EMPLOYEES UNDERSTAND CHANGES IN TECHNOLOGY.”
SUGGESTIONS FOR OPERATIONS
- Director of Human Resources
• B ecome experts in the industry by staying current on
all trends in banking and fintech.
“MY BIGGEST CHALLENGE IS MAKING SURE WE • Demo a variety of fintech products across the industry
ARE UP TO DATE WITH ALL OF THE DIFFERENT to understand the full range of available partnerships.
• Be quick to pivot when your research or analytics
REGULATIONS AND PROGRAMS.”
show that something isn’t aligned with a long-term
- Business Systems Analyst growth model.

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 04 the BRANCH
JOB TITLES
Branch Manager | Head of Retail Branches
Operations Manager | Head Teller
Customer Service Rep
“We must stay up to
date and compliant ROLE
while still providing Branch employees establish and nurture
our members with relationships with account holders. Since these
access to traditional employees are the face of the institution, they
branches and are critical to maintaining its reputation.
live people.”
- Regional Branch HOW THE ROLE HAS CHANGED
Manager
As branch traffic continues to slow, the
responsibilities of branch employees expand.
Rather than merely processing transactions,
branch personnel must now be trained to succeed
in a variety of roles — including customer
service and loan origination.

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Mobile Deposit Has Caused In-branch
Transactions to Plummet
% of in-branch transactions, 2007 vs. 2014

100%

90%
90% “THE TRANSFORMATIONAL SHIFT IN BANKING
IS DRIVING MORE ROUTINE TRANSACTIONS TO
80%
SELF-SERVICE OPTIONS. THIS SHIFT IS SHINING A
70%
LIGHT ON THE GAP IN EXPERTISE OF EMPLOYEE
60%
SKILLSET NEEDED TO DELIVER ON MORE
50% 42% KNOWLEDGEABLE CONSUMERS.”
40% 2007
- Business Systems Analyst
30% 2014

20%

10%
2007 2014 SUGGESTIONS FOR BRANCH MANAGER
Source: JP Morgan Chase
• A dvocate for account holders by offering legitimate
advice, even if it doesn’t immediately help the bottom line.
“Our member service reps have gone
• Become a financial expert. Consider getting formal
from a service role to a teaching role. training on the topic so you can offer account holders the
They spend more time teaching our best advice possible.
members how to use the technology • Be wary of having a merely transactional role.
You will be replaced.
that is available to them than doing the
transactions for the members.”
- Operations Manager

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05 CONTACT CENTER
“New technology allows
us to connect to users on
the channel, device, and
time that works for them. It
also has resulted in growing
our department.”
- Director of Call Center
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JOB TITLES
Director of Member Services | Director of Call
Center | Customer Service Representative
Tech Support
ROLE
Contact center employees answer phone
calls, respond to emails, and help with
support requests.
HOW THE ROLE HAS CHANGED
The expertise needed to run the contact center
has risen precipitously in the past ten years.
Now each employee needs to understand the
details of digital products, video conferencing,
and online loan applications.
CALL CENTERS
Conversational drivers of sales and conversion “OUR DIGITAL SUPPORT TEAMS TAKE MORE CALLS, OPEN

Took into account all of your other financial products and services
MORE ACCOUNTS, AND SUPPORT MORE TRANSACTIONS
when discussing your needs
THROUGH THE DIGITAL CHANNELS THAN MOST OF OUR
31%
BRANCHES COLLECTIVELY.”
Was interested in improving your financial well-being
- VP of eSolutions
28%
Provided solutions that aligned with your current financial needs

28%
Discussed how the products and services might fit within your
overall lifestyle, not just your financial…
28%
Ensured they knew what your overall financial goals were before
discussing any specific products
“I now spend more time training our staff and clients
rather than just troubleshooting support. When I started
in this position, I primarily completed back office duties.
Now with the shifts in technology, I work more and more

23% onsite with our customers and front staff.”

Source: Gallup - Business & eBanking Product Specialist

“THE PHONE CENTER REPRESENTATIVE SUGGESTIONS FOR CONTACT CENTER

POSITION CONTINUES TO EVOLVE. THE CALLS
• D evelop both spoken and written communication skills.
ARE BECOMING MORE AND MORE COMPLEX
Both are essential in the new economy.
AS MEMBERS SEEK HELP WITH EMV CARDS, • Master the range of possible support questions, including
REMOTE DEPOSIT CAPTURE, ONLINE BILL technical questions about digital product offerings.
PAYMENT, MOBILE BANKING, ETC.” • Focus on gaining trust. If all contact center employees
increase account holder trust with each point of contact,
- Director of Member Services
your institution will experience long-term growth.

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 06 TECH
“Our biggest challenge
lies in adapting to the
rapid consumerization of
technology while ensuring
the security and reliability
of technology systems.”
- Director of IT
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JOB TITLES
CTO | Director of Digital Services | Director of IT
IT Manager | Digital Product Manager
ROLE
Tech employees must integrate with third
party vendors and develop new competitive
products. In addition, they are at the forefront
of digital security.
HOW THE ROLE HAS CHANGED
Most tech positions are relatively new, and all
of them require a complex range of knowledge
— mainly because banking is rife with
varying components and legacy systems.
 $196.7
TOTAL IT SPENDING IN 2015

“I have three major challenges: outdated technology, not enough

streamlined data insight, and silos between business groups. To
fix these problems we’ve expanded the User Experience team and
implemented rapid prototyping within the business group, moving
BILLION
to much more agile methods of implementing solutions.”

- Senior Manager of Customer Experience

+4.6% OVER 2014

Source: Celent

Top IT Projects at U.S. Banks

“I DON’T KNOW HOW ANY BANK DOESN’T THINK
U.S. bank CIOs were asked where they plan to focus tech
investment in the next 18 months OF ITSELF AS A FINTECH COMPANY. IT’S HARD TO
MOBILE BANKING TELL IF TECHNOLOGY IS OUR BUSINESS OR THE
44.86% BUSINESS OF TECHNOLOGY.”
ONLINE BANKING - Cathy Bessant, Chief Operations and
29.9% Technology Officer at Bank of America

PRODUCT DEVELOPMENT

26.17%
SUGGESTIONS FOR TECH
CONTACT CENTERS
• C ollaborate with developers in fintech to fine-tune
24.3%
the integration process.
OPERATIONS (e.g. account opening, loan origination)
• Specialize in the latest API protocols so any integration
23.36% with a fintech partner will be as seamless as possible.
• Keep pace with industry trends, especially those that
Source: Ovum: ICT Enterprise Insights Survey 2014 relate to mobile banking.

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 07 LENDING
“Face-to-face applications
are less frequent. Members
tend to apply online more,
which sometimes makes
it harder to develop
the relationship.”
- Loan Officer
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JOB TITLES
VP of Lending | Chief Loan Officer
Loan Officer
ROLE
Loan officers must have a firm grasp on
compliance and underwriting as well as how to
build relationships with account holders.
HOW THE ROLE HAS CHANGED
As foot traffic continues to slow, digital loan
applications are on the rise. This means that a
wider range of employees need to understand
the concepts of compliance and underwriting.
 “MORE AND MORE APPLICATIONS ARE COMING IN
DIGITALLY, AND MEMBERS EXPECT TO COMPLETE BANKS FAIL TO PROPERLY TARGET CUSTOMERS
TRANSACTIONS WITH LITTLE TO NO INTERACTION How engaged customers responded to offers made by their bank

WITH A LIVE PERSON.” 66%

53%
- Loan Officer
41%

“One of our biggest challenges is to educate borrowers

on our loan products. Everyone wants to use rates as
a barometer, but rates are only one of eight features The offer was very general
and could have applied
The offer was annoying
or intrusive.
Already had the product
with the bank providing
of a loan product.” to anyone. the offer.
Source: Gallup

- Chief Executive Officer

SUGGESTIONS FOR LENDING

“OUR BIGGEST CHALLENGE IS SHORTENING THE
LOAN PROCESS. WE IMPLEMENTED A NEW LENDING
SYSTEM, BUT THE LOAN STILL HAS SEVERAL
BOUNCES BETWEEN STAFF. I WOULD LIKE TO
MOVE TOWARDS QUICKER APPROVALS AND
QUICKER CLOSINGS ON CONSUMER LOANS.”
• A ccept that the rate of online loan applications will
only continue to increase.
• Study peer-to-peer (P2P) lenders to get ideas on
how your institution can streamline the online
application process.
• Collaborate with other lenders in the industry to see
how traditional institutions can safeguard against
P2P lender startups.

- VP of Lending

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APPENDIX
Here is a sample of the 200+ survey results we gathered in preparation for this publication.
What does it mean to be
JOB TITLE
successful in your role?
HEAD OF RETAIL To be successful we must
BRANCHES, SENIOR deliver an exceptional
experience across all
VICE PRESIDENT channels. We must also
have highly skilled experts
to assist members on their
financial journey. As we
help them achieve their
goals we build a
broader fan-base.
VICE PRESIDENT, Exceed growth goals in
DEPOSIT BANKING number and balance of
deposit accounts, positively
support other areas within
the bank, develop direct and
indirect reports, and build
organizational culture.
BUSINESS Developing a vision
TRANSFORMATION and executing plans to
transform the physical branch
PROGRAM MANAGER network so it remains relevant
in the new environment of
branch banking.
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What are your biggest
challenges?
Leading our team through
the transformation by training
employees to become experts
in meeting the changing
demands of our members.
Limited time, money, and
human capital.
Historical biases, differentiated
physical branch models,
tenured staff.
How is the shift to
digital banking changing
your day-to-day
responsibilities?
The transformational shift
in banking is driving routine
transactions to self-service
options. This change is
shining a light on the gap in
employee expertise needed
to deliver value to more
knowledgeable consumers.
Forcing staff, including myself,
to learn more about all aspects
of digital – advertising, UI/UX,
consumer expectations, etc.
Evolving the vision to ensure
digital integration within the
branch is a key pillar.
As a result of this shift,
what role on your team
has changed the most,
and how has it changed?
The role of the branch
manager has dramatically
shifted. They now have a
greater responsibility to
build heightened employee
expertise, including training on
service-related transactions.
Marketing roles have changed
the most — web design for
online ads, analytics, and
digital advertising.
No change in roles, but the
priority to include digital in
staffing protocols has risen.

What does it mean to be
JOB TITLE
successful in your role?
SR MANAGER, Differentiation from competitors,
MOBILE ease of implementation, and
actually delivering value to
our customers.
DIRECTOR, GLOBAL Successful transformation of
DIGITAL STRATEGY the bank to embrace digital.
Specifically the bank needs to:
a) create products that appeal
and align with changing
customer expectations
b) effectively compete and
partner with disruptive digitally
enabled propositions
DIRECTOR OF I count myself successful if I
PROJECT can complete my projects on
time and on budget.
MANAGEMENT
What are your biggest
challenges?
It requires hundreds of
thousands of dollars to validate
something in-market. There are
also often huge integration and
licensing costs.
The biggest challenges are
internal. From legacy processes
to legacy systems, we are
prevented from being as
responsive and agile as we
need to be.
Advances in technology have
created many unknowns in
any given project. The biggest
challenge right now is the
impact of mobile and the fact
that we have to account for the
consumption of complicated
and highly sensitive data on
mobile devices.
How is the shift to
digital banking changing
your day-to-day
responsibilities?
The ability to innovate now
depends almost entirely
on vendors. Most banks lack
the internal resources and
capability to compete
in the digital sphere,
requiring partnerships and
alliances to deliver compelling
digital experiences.
My mandate is digital, so in
that sense my responsibilities
haven’t changed much.
However, I have seen the
bank transition from not
taking the disruptive forces
seriously to now engaging
to become an agile and
responsive organization.
The shift to digital has put
more focus on risk
management. It has also
required us to be fully
plugged in to changes in
both technology and
consumer behavior.
As a result of this shift,
what role on your team
has changed the most, and
how has it changed?
We spend more time scanning
the ecosystem for startups and
partners that we can put into
our stack.
The biggest change is that
responsibilities for digital have
moved out of IT and become
mainstream. An understanding
of digital, agile, and design
is now necessary across the
organization and not restricted
to technology teams.
The role of the designer
has changed the most. They
must now design for an
unprecedented range of
devices and situations.
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What does it mean to be
JOB TITLE
successful in your role?
CEO To have a staff that enjoys
coming to work everyday and
giving the best possible service
because they care about our
members’ financial well being.
SVP, RETAIL BANKING Continue to bring deposits
into the bank as well as cross-
sell to other departments
within the bank. Training retail
staff to be more diversified in
their roles.
VICE PRESIDENT, Turning data, insights, and
MARKET RESEARCH trends into actionable
information. Providing the kind
of information that can be
used strategically to increase
growth, customer satisfaction,
and long-term relationships
with our organization.
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What are your biggest
challenges?
Making a profit and staying
within budget. Technology is
expensive and yet we need
to offer features like mobile
banking and Apple Pay to stay
competitive in the market.
Rates that competitors are
offering, specifically credit
unions. Everyone is offering the
same products. Trying to figure
out what makes us different.
Ability to access information
faster. We’re trying to find better
ways to process data, but it
still comes back to multiple
data sources pumping massive
amounts of information that
can bog the process down and
keep us from acting faster.
How is the shift to
digital banking changing
your day-to-day
responsibilities?
There is a lot of change with
EMV, Apple Pay, and same-day
ACH. These changes take a lot
of time to explore and a lot of
cost to implement.
I feel as though we are falling
behind the curve when it
comes to digital. Everyone
wants simplicity. We have
a few people here who are
scared to pull the trigger on
some of the digital banking
options that are out there.
We can have real-time
information on customer
behavior. As they engage
digitally, we capture this
information to try to help make
their experience better.
As a result of this shift,
what role on your team
has changed the most, and
how has it changed?
We have less lobby traffic and
more phone calls. We have to
spend more time educating
our staff on how digital products
and services work.
Nobody comes to the bank
anymore — everything is done
via email. Our average
customer is a working father
and mother, and they are
running their kids to every
kind of activity imaginable.
We have to know how to help
them. Banking shouldn’t
be hard.
There hasn’t been role changes
per se, but there is more of a
spotlight on delivering better
information faster.
Figuring out how to make the transition to digital can
be daunting. MX provides financial institutions with a
range of products and services to make the process
(and your job) easier.

FOR MORE INFORMATION,

EMAIL US AT SALES@MX.COM
OR CALL:

801.669.5500

HOPE TO TALK TO YOU SOON!

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 mx.com

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