PLANO, Texas–A research report has identified the “Five Trends Driving the Digital Banking Landscape.”
The report from Alkami Technology explores how banks and credit unions are leveraging technology to improve the customer/member experience, increase digital engagement and become true partners when it comes to their consumers’ financial well-being.
The report draws on a survey by Alkami of executives at 152 financial institutions (FIs) to learn about their digital transformation efforts and what trends they were encountering.
The Findings
According to Alkami, key findings in the report include:
- Cashless transactions and contactless payments are becoming the default.
- Cryptocurrency adoption is slow but growing.
- Banks are competing, and partnering, with fintechs.
- There are untapped opportunities in micropersonalization.
- Data can help enhance the customer experience.
Additional Findings
Additional insights in the full report include, according to Alkami:
- The top three strategic priorities for digital transformation
- Major challenges FIs are facing—and recommendations on how to overcome them
- ‘Insights into the features customers and members request most often, like digital account opening and digital loan origination.
‘Breakneck Speed’
“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.
“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.”
The full report can be found here.