By Chris Cox, Apiture COO
What is the recipe for success in today’s banking environment? A recent BAI study found that close to half of consumers would change their financial institution for a better mobile app or digital experience. That’s quite a statistic — and the numbers are even more extreme for Gen Z and Millennials, where 60% and 63%, respectively, said a better experience would drive them to switch.
The message to banks and credit unions is clear: Deliver an intuitive, fully featured online and mobile banking solution or risk losing account holders to financial institutions that do.
As you evaluate the strength of your current digital banking presence, ask yourself: Is digital banking a priority for my solution provider, or is it one of many products offered – and one that may not receive significant investment? In an industry experiencing ongoing disruption, is my provider considering strategic alternatives that could negatively impact my own business?
The strength of your digital banking solution starts with having a solution provider that gives digital banking the attention it deserves. The biggest U.S. banks are investing in technologies that aren’t yet on the radar of many institutions, according to Cornerstone Advisors. JPMorgan Chase recently announced it has increased its annual technology budget to $12B, 26% more than it spent in 2020. In the absence of budgets of this scale, smaller institutions must rely on leading solution providers for support.
Larger technology partners may have a diluted focus on digital banking given the sheer number of solutions they offer. And strategic decisions that minimize ongoing investment in or even the sale of this part of their business can have a dramatic impact on your financial institution.
Alternatively, a technology partner with an exclusive focus on digital banking may be best equipped to deliver the in-demand features account holders are seeking. Having the latest capabilities — like Zelle® to enable users to pay others instantly, best-of-breed digital customer support, or financial education tools that provide spending insights — is critical for building customer loyalty.
Offering both consumers and businesses a positive online and mobile banking experience has never been more important. A partner with a single-ingredient approach — specializing in digital banking — will give this critical technology the focus it deserves to help you stand out in today’s competitive marketplace.
Don’t let an existing contract prevent you from discussing your digital banking needs with us. Apiture is committed to creative solutions and long-term partnerships. Contact us to learn about our award-winning platform.