Burn the Box: Sparking a CX Revolution for Community Banks

A clarion call echoes through the halls of credit unions and community banks:

It's time to move beyond incremental evolution and embrace a full-scale revolution in how you serve your customers.

For too long, we've accepted the notion that navigating the labyrinth of financial services is an inherently arduous process, fraught with frustration and inefficiency.?

We've grown accustomed to the metaphorical "box".

That ever-present repository of paperwork and documentation that we must painstakingly sift through every quarter, every year, whenever we seek to acquire, maintain, or adjust the financial services that power our lives and businesses.

Disorganized & Frustrating

As business owners and entrepreneurs, we've all experienced the misery of gathering and organizing a seemingly endless array of documents for investor due diligence, loan applications, or government funding programs. It's a process that can feel endless, with each new request for information restarting the cycle of frustration and wasted time.

I vividly recall the agony of financing rounds for my own startup, where we were forced to provide every conceivable document—from insurance policies to bank statements—to satisfy the understandably thorough appetite of potential investors. And just when we thought the ordeal was over, another request would arrive, demanding that we re-download and re-submit the same documentation, ad nauseam.

The pain of disorganization is not limited to the business world; it permeates every aspect of our financial lives.

Whether it's applying for a mortgage, seeking insurance coverage, or simply trying to manage our personal finances, we've all felt the misery of having to produce the same information time and time again, even for the same service provider.

The Promise of a Seamless Future

But what if I told you that this pain, this constant struggle with disorganization and inefficiency, is no longer necessary?

What if there was a way to metaphorically burn that box in your backyard, never again having to endure the tedious process of gathering and submitting documentation?

This is the promise of a revolutionary new approach to customer experience—the CX—one that leverages the power of data and technology to create a seamless, personalized, and empowering journey for every individual and business.

Imagine a world where your credit union or community bank acts as a centralized data layer, a secure and comprehensive repository of your financial information.

With your permission, this data layer would provide efficient access to your consolidated customer information, enabling a wide range of service providers—from banks and insurance companies to lawyers and accountants—to securely access the relevant details they need to underwrite and approve the services you require.

The Empowerment of Single Sign-On

At the heart of this revolution lies the concept of single sign-on (SSO) for financial services. Just as we can securely access a multitude of websites and applications using our Google or Microsoft account credentials, this data layer would empower you to metaphorically "sign in" to a vast array of financial service providers, granting them access to your up-to-date and accurate information for underwriting and approval purposes.

No more digging through dusty boxes or scouring digital archives for the latest set of statements.

With this centralized, real-time data layer, your credit union or community bank would handle the secure and efficient provision of your relevant commercial information, enabling service providers to seamlessly access what they need, when they need it.

But this revolution goes far beyond mere convenience; it's about putting the power back into the hands of the customer.

You would be in control, empowered to provide only the specific data required for the service you seek, while your bank translates and presents that information in the most efficient format for the provider to process and utilize.

A Future of Empowerment and Growth

The implications of this revolutionary approach are profound, both for customers and the institutions that serve them. For credit unions and community banks, embracing this data-layer solution represents a pivotal opportunity to future-proof their operations and solidify their position in an increasingly competitive landscape.?

Further still, Forrester found that improving customer experience goes straight to the bottom line.?

For a direct bank, a 1-point improvement in its CX Index score can lead to an incremental $92 million in revenue. Additionally, the effect of CX changes on business outcomes for US banks is exponential—revenue growth from better CX gets progressively larger, where US banks have the highest gains from improving already good or excellent experiences.

By offering this seamless, personalized experience, these institutions can transcend their role as mere conduits for financial services and evolve into trusted advisors, deeply attuned to the unique needs and aspirations of each customer. With real-time visibility into their customers' financial positions, they can proactively recommend tailored services and offerings that enhance profitability, success, and overall quality of life.

Moreover, this revolution in customer experience equips credit unions and community banks with a potent weapon in the battle for customer retention and growth. In an era where consumer expectations have been reshaped by the slick interfaces and frictionless experiences of tech giants, these institutions can now compete on equal footing, offering a level of ease and accessibility that meets—and even exceeds—the highest standards.

The Call to Action

The urgency for credit unions and community banks to embrace this revolution has never been greater. Failure to act now risks being left behind, relegated to the sidelines as more agile competitors seize the opportunity to redefine the customer experience.

To the leaders of these institutions, I issue a call to action:?

Seize this moment, and let it be the catalyst for a transformative shift in your approach to customer service.?

Evolve from a mindset of incremental change to one that embraces the full potential of this revolutionary data-layer solution.

Empower your customers to burn that metaphorical box, freeing them from the misery of inefficiency and disorganization.?

Offer them the gift of seamless access to the financial services they need, when they need them, without the unnecessary hurdles and frustrations that have become all too familiar.

In doing so, you will not only strengthen your bond with your customers but also position yourselves as pioneers in a new era of financial services—one where empowerment, accessibility, and personalization are the cornerstones of success.

The revolution is upon us, and the choice is clear:

Retain legacy operations and be outflanked by larger players and fintechs.

Or, embrace the data-layer revolution to become indispensable hubs for unified financial empowerment in your communities.

The opportunity has never been greater to burn that dusty box of documents for good.?

All that's required is the willingness to revolutionize—not just evolve—your customer experience.