5 fundamentals of a digital banking experience
Many credit unions are slow to admit how wide the disconnects in digital banking channels has become. Here's how to overcome that gap.
The banking industry is at an inflection point, with traditional institutions competing not only with each other, but also fintech challengers. In this hyper-dynamic environment, the ability to operate a traditional banking model has become more difficult than even many financial institutions are willing to admit.
For instance, 74% of banking executives in a KPMG survey believe that their digital capabilities are “above average,” and yet 57% of respondents said their institutions were only either in the evaluation or planning stage of upgrading or replacing their legacy IT systems.
Contrast this with the fact that 53% of Millennials in the same KPMG study say their current banks’ offerings are identical to other providers, and 73% say they would consider banking with tech companies like Google or Apple. Nevertheless, three in five banking executives don’t view fintech forces as threatening. Go figure.
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