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Sponsored Content Disclosure: This content was commissioned and paid for by the bank advertiser. CIT Bank is among the largest 50 U.S. banks and it also happens to be one of the biggest onlinebanks (based on domestic deposits). Yet, many consumers have never heard of the bank. CIT Bank Savings Builder.
This is by no means a small audience; according to the FDIC, some 10 million households have no contact with a bank at all, even of the digital variety. Similarly, online retailers requiring less infrastructure represent vicious competition. This time, there are other motives as well.
For a bank to thrive online, it has to create meaningful conversations with its customers about life’s big financial decisions. A lot of retail banks talk about how they’re ‘customer-friendly’, even though no friend would use the language we see in a typical mortgage application, bank statement, or credit card letter.
The rapid emergence of crowdfunding, alternative lending, and peer-to-peer transactions strongly indicates that small businesses are shifting away from the traditional banking environment. According to FDIC Data Calls as outlined in the Forbes , in the 4th Quarter of 2014, traditional banks’ commercial loan portfolios saw a 3.1%
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