How the right banking vendor strategy can speed digital transformation

Technology modernization can be long and complex, forcing banks and credit unions to make difficult and sometimes expensive tradeoffs. A non-traditional approach to vendor selection – relying on interoperability and synergy – can increase speed (and reduce cost) of digital deployment.

Banks and credit unions are more eager than ever to leverage the latest technologies to boost efficiencies, improve the customer experience and enhance their brand. From instant account opening and marketing automation, digital capabilities enable banking providers to capture both profits and market share while developing relevant, one-to-one digital relationships with consumers.

While these capabilities were once nice to have, they’re now a necessary component just to survive. According to the Digital Banking Report, the lack of digital maturity now threatens the survival of many banks and credit unions, and more than half of those with assets under $10 billion say they haven’t made substantial progress toward their goals.

The Complex Journey to Digital Transformation

Many financial institutions are still working with siloed legacy systems that lack data functionality and can’t support modern data needs, digital channels, or marketing automation. As a result, financial institutions aren’t always using their consumer data like they need to if they’re to meet their consumers growing expectations. 80% of COOs believe their organization’s existence is threatened if they don’t update their technology to support rapid innovation, according to Accenture.

 

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