Digital banking: From cost center to profit center
By 2028, the global digital banking market size is estimated to surpass $10.3 trillion—an omnipresence that regional banks and credit unions cannot afford to ignore. Financial institutions (FIs) need to step up their digital game now if they want to meet account holder expectations and simultaneously grow revenue.
Today’s consumers have been conditioned to expect a seamless digital experience, regardless of whether they are ordering something from Amazon, banking at a $100B mega bank or dealing with their local credit union. They want convenience, and they expect a sophisticated digital banking solution that supports everything from depositing funds to making payments and managing their wealth portfolios. The message is clear: FIs need to offer not only a digital banking solution, but one that also meets the high expectations of account holders.
The good news is, as Cornerstone Advisors’ 2022 What’s Going On in Banking study reports, 75% of banks and credit unions have launched digital transformation initiatives, and another 15% plan to do so this year. But what does true digital transformation mean and what does it look like for FIs?
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