New tech platforms hold the key to retail banking’s future
Banks and credit unions can wave goodbye to 'bank-in-a-box' solutions. Three modern technology options enable traditional institutions to offer competitive data-driven products and services at 'fintech speed.' New and traditional vendors are both vying to help the industry use these new approaches.
Almost all traditional banks and credit unions have been hampered by legacy technology that has made it difficult for them to compete with new tech-driven competitors. But options are now available — and being used, in a few cases — that free up institutions to compete in a far more agile, consumer-focused manner.
The change could be liberating — but only if banks and credit unions embrace it and make the necessary staff and cultural adjustments to take advantage of more modern technology platforms.
Other than the largest financial institutions, to date very few banks and credit unions have deployed advanced technologies such as artificial intelligence, according to Cornerstone Advisors research.
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