AUSTIN, Texas–According to a new report, more than 60% of financial institutions see fintech partnerships as key to their growth strategy, but just 12% percent of the survey respondents said they have fintech partnerships and can add new ones quickly.
The findings were released by Q2 Holdings in its new report on bank innovation and digital evolution.
“This important new research bears out what our team has heard in numerous discussions with financial institutions. Banks and credit unions realize the need to leverage the ever-expanding fintech ecosystem to develop competitive advantages and deliver better customer experiences, but they find themselves challenged to address this imperative strategically and holistically,” Jonathan Price, EVP of emerging businesses and corporate & business development with Q2, said in a statement.
The Findings
According to Q2, the survey found:
- 73% of the financial institutions surveyed reported that their data is aggregated across all processes and systems, but less than half are using this data to personalize customer experiences.
- More than half of banks are providing separate digital experiences for their consumers and business customers, but only 10% said they are able to create a digital experience that aligns with each target with full mobile functionality. “This negatively impacts small business owners since they are not able to get a single view of their accounts across their personal and business,” Q2 said.
- A great deal of account opening (40% or more) still requires branch intervention or paper-based processes.
- Less than a third of the financial institutions surveyed say they can deliver new services to market in six months or less.
The full report can be downloaded here.
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