In a tech-driven industry, success hinges on embracing innovative solutions
As the banking customer experience tilts further toward interaction through digital channels, financial institutions face critical challenges when delivering their differentiated brand through this lens. The digital era demands experiences that are data-enabled, authentic to brand, technologically advanced, and capable of integrating the digital and in-person experience—none of which can be readily achieved with standard off-the-shelf digital banking solutions.
Institutions that hope to compete and attract new deposits, lending relationships, and treasury management clients need to make a strategic investment in a digital banking platform that will accelerate them into a modern digital feel—all while allowing them the freedom to create the experience that fits their brand and speaks to their target customers.
In our view, financial institutions that fail to modernize their operations and systems risk losing relevance in an increasingly fragmented market.
Digital banking platforms are often the primary interface for customers. Market trends and consumer sentiment continue to press for a seamless, modern, and comprehensive online banking experience as essential to customer satisfaction.
While legacy platform providers provide requisite capabilities, they lack in their ability to flex and provide the level of customization required by today’s commercial and retail banking customers. Digital banking platforms offer flexibility and scalability to retail and commercial financial institutions, empowering them to modernize their online banking customer experience with a level of co-creation not widely available in the traditional landscape. The result is a better customer and member experience, operational efficiencies, and the ability to bring products to market quickly.
Without an effective digital platform—that can grow and flex with an institution’s roadmap and strategy—banks will not be able to keep and expand needed customer bases on both the commercial and consumer sides.
These platforms are characterized by key features and differentiators from legacy solutions:
Built to leverage the scalability, flexibility, and cost-effectiveness of cloud computing.
Designed with open APIs that facilitate seamless integration with third-party services and enable open banking initiatives.
Equipped with powerful data processing and analysis tools to derive actionable insights from vast amounts of customer data.
As banks contemplate this critical step toward modernization, many are finding themselves in a delicate balancing act—fully understanding the investments and urgency required in keeping pace while recognizing their internal limitations in available skillets and resources to deliver a modern experience. For many, the rapid adoption of digital technologies is outpacing financial institutions' ability to keep up.
Banks contemplating an upgrade to a digital banking platform are likely after some combination of the following benefits:
The shift to new digital banking platforms is no longer optional for banks that wish to thrive in the digital era. While the transition presents challenges, the long-term benefits in terms of cost reduction, improved customer experience, and new growth opportunities far outweigh the initial investment.
Banks that fail to embrace this digital imperative risk falling behind more agile competitors and losing relevance in an increasingly digital financial ecosystem. By leveraging modern digital banking platforms, banks can not only survive but thrive in the face of disruption.