Each month, we curate a list of articles within the financial services industry to help lenders stay on top of key trends in digital transformation and better understand what they mean for their institutions.
This month, we gathered four articles that highlight digital transformation in banking.
Transforming the Branch Experience by Katie Kuehner-Hebert, BAI
Branch transformation is top of mind for many lenders in 2022 and beyond. Although the way that consumers view branch visits has changed, they still see value in utilizing the branch for larger more complex transactions. Because borrowers are conducting less banking interactions in-person, the distance they are willing to travel to visit the branch has increased greatly. Over the last year nearly 3,000 branches closed; however, a lot of the closures were due to the fact that branches now have a larger geographic reach than ever before. Today, lenders are focused on transforming their branches to fit new customer expectations and act as trusted advisors to their customers. This BAI article shares how lenders are combining new technology with customer service to create best-in-class customer experiences for borrowers who choose to visit the branch in-person.
2022 Technology Survey Results: Investing in Banking’s Future by Laura Alix, Bank Director
Technology adoption for community institutions is increasingly important as the financial services industry becomes more digital-first. Because community institutions tend to have limited budgets and resources, it’s important that they focus on key areas that will increase efficiency with the addition of technology. In this article, Bank Director shares their 2022 Technology Survey results to share what lenders are focused on in technology investments this year.
Don't Forget Your Bank's Strengths in Pursuit of Digital Transformation by Jim Marous, The Financial Brand
Over the last two years, lenders were forced to quickly digitally transform their products to serve customers online. Although most pandemic restrictions have subsided, the pace of technology adoption continues to move faster than ever. Financial institutions are continuing to adopt new technologies to meet evolving customer expectations. As this rapid expansion of technology offerings continues, lenders shouldn’t forget what their strengths are today. Instead, they should look for opportunities to continue building on their strengths with new tech, while ensuring that their employees and customers feel supported through the changes. Learn more about how lenders can find success in technology adoption in this article from The Financial Brand.
What banks need to know about know-your-business tech by Carter Pape, American Banker
During the pandemic, lenders were required to provide business customers with a way to access banking services online, increasing the risk of fraud. When implementing online business banking, it’s important that lenders meet KYB standards to prevent fraud. Prior to the pandemic, lenders typically served their business customers in-person, but today borrower expectations have changed. They now expect to receive the same service for their business transactions that they receive on the consumer side. This article from American Banker shares information about KYB technology and why it’s important that lenders automate these processes.