A new study provides a benchmark for FIs to judge the progress they are making in their digital banking transformation
FREMONT, CA: The report draws on Alkami's survey of executives at 152 financial institutions (FIs) to learn about their digital transformation efforts and what trends they were encountering. "FIs are adopting new technologies and processes at breakneck speed," said Allison Cerra, Chief Marketing Officer of Alkami. "This rapid digitization is driving true innovation. Our survey uncovered five main trends that FIs should know as they strive to position themselves and plan for their successful digital future."
"Five Trends Driving the Digital Banking Landscape" is the new report from Alkami Technology, one of the leading providers of cloud-based digital banking solutions for banks and credit unions. It is an opportunity for banks and credit unions to use technology to improve the customer experience, increase digital engagement, become true partners to their customers regarding their financial well-being, and become true financial partners with the banks and credit unions.
In the near future, contactless payments and cashless transactions will become the norm. There is slow but steady adoption of cryptocurrencies in the world today. The banking industry is in direct competition with fintechs and partnering with them. Micro-personalization offers many opportunities that are yet to be explored. Data can help enhance the customer experience. The additional insights include the three key strategic priorities for digital transformation that need to be addressed. It is important to understand financial institutions' challenges and how they can overcome them.
There is a lot of research on the features members, and customers are most likely to request, the ability to open an account digitally and begin a loan.
"FIs need to develop a robust end-to-end digital experience to keep pace with advances in technology and from nonbank innovators that are competing for their customers and members," added Cerra. "Those FIs who work to futureproof and evolve their organizations now will be best positioned for growth, engagement and higher return on equity and assets in the long run."
