Editor's Note: Many have said that technology makes our lives easier. When it comes to digital banking, we believe that there is some truth to that statement. As Thanksgiving wraps up, we take a moment to reflect on some of the digital banking technology that we're thankful for.
Editor's Note: The D3 Banking team recently attended the Small Business Banking Conferenc in Palm Beach Florida. In this blog, we review the show and discuss our biggest takeaways. Overall, we felt that the show was fairly successful and we will for sure be attending again in 2017!
Editor's Note: In this blog, we discuss baroque architecture and what it means for Digital Banking. Forrester analyst, Jost Hoppermann uses this analogy when discussing his "Trends in Digital Banking Applications for 2017". We examine the brief in more detail as well as how it relates to a previous report, also by Jost, where he introduces Digital Core Banking!
Editor's Note: Forrester analyst, Jost Hoppermann, recently published a report entitled "An Introduction to Digital Core Banking." In this blog, we break down the report and discuss what a digital banking core renewal means for financial institutions.
Editor's Note: In this blog we take a look at small businesses and the pain that many of them face with their online banking solutions. Small businesses are opening and evolving at an extremely rapid rate. However, the banking solutions that are available for small businesses simply aren't keeping up. Many small business owners are forced to use corporate solutions, or manage their finances in a consumer account. If financial institutions want to properly serve their small business customers, they need to provide a solution sized appropriately.
Editors Note: Although behind industries such as retailing, financial institutions are starting to take the steps necessary to realize the digital transformations required to better serve their customers. Many banks and credit unions are walking a tightrope trying to keep current users happy, satisfying their understandable need to manage risk, while still advancing their digital banking offerings. For many executives at these institutions, the decision is between getting stop gap functionality from the providers of their legacy systems, or looking to emerging platforms built specifically to accommodate the demands of the increasing number of digitrazzi in their customer base. Stessa Cohen discusses this and more in her latest report.
Editor's Note: As the role financial institutions play in their customer's lives changes, it's crucial that they make changes or run the risk of being forgotten. On September 27th at 10:00 CT, Peter Wannemacher will present a webinar on "Reinventing Bank Brands" where he will focus on this critical decision for banks and credit unions.
Editor's Note: Much has been written about the "Platformification of Banking" by Jim Marous, Ron Shevlin, and others. With the long-awaited football season finally here, we decided to have some fun by breaking down the components of a digital banking platform into positions to bring you the ultimate Fintech Football Team.
4 Reasons to Get Engaged in Data Driven Digital Relationships with Your Customers
Few organization hold more data about their customers than financial institutions. Banks and credit unions know where their customers and members live, how much money they make, what their net worth is, who they do business with and what their financial needs are. However, most bankers will admit that this data is under utilized when it comes to building a trusted, value-added relationship with consumers.
This infographic presents data on how consumers interact with their financial institutions and what they want and expect when it comes to these interactions. It is imperative that banks and credit unions begin to develop a strategy for accessing and converting the data they hold about their customers and members to actionable information that can be used to personalize products and services.
To build a successful strategy for leveraging customer data in their digital channels, financial institutions will need to replace the disparate, legacy systems they currently use to deliver their digital services. This need is currently driving a number of early replacement projects at banks such as Arvest and First Tennessee. These replacement efforts are the largest of their kind in the industry in more than a decade and they are being completed by emerging technology providers that offer modern tech stacks that are highly configurable, scalable, secure and proven.
Editors Note: In the 2nd blog of our series, we discuss the remaining three pitfalls that financial institutions encounter, as identified by Klaus Enzenhaufer. In the 1st Blog we discussed quality and speed. In today's blog we discuss User Experience, Control, and Running in Place.