In May, financial institutions continued to focus on digital transformation as they try to remain competitive in a lending environment transformed by the pandemic. Recognizing customer expectations have changed, these banks and credit unions are evolving their offerings to provide best-in-class digital experiences.
As we sift through May content, here are five articles that best highlight these efforts.
Five Articles that Highlight Digital Transformation in Banking From May 2022
For mobile banking, the product is the experience by Edmund Lawler, BAI
Throughout the pandemic, First Foundation Bank, a $10.2 billion bank based in California, observed a significant increase in mobile banking usage. Additionally, according to BAI Banking Outlook, mobile usage is predicted to rise throughout the next three years. To provide customers with a simple digital customer experience, First Foundation Bank created and launched a mobile app offering a variety of services. Through this advancement, the bank is able to meet customers where they want to be met and provide an omnichannel experience. Learn more about how First Foundation Bank is leveraging mobile in this article from BAI.
American Banker and The Business Journals Feature Numerated Customer Agility Bank on Their Efforts to Build the Bank of the Future
Lauren Sparks, founder and CEO of Agility Bank, an Austin-based women-owned and led community bank, has a vision of creating the bank of the future. Through creating strategic technology partnerships, Agility has built a best-in-class, digital customer experience for business borrowers. Learn more about how Agility is creating a digital business banking model in these articles from American Banker and The Business Journals.
3 Ways to Drive Radical Efficiency in Business Lending by Dan O'Malley, Bank Director
The pandemic greatly altered the expectations of business borrowers. These customers are now seeking efficient digital experiences from their financial institutions. In order to remain successful, lenders need to continue their digital transformation journeys. In this Bank Director article, Numerated Co-Founder and CEO Dan O’Malley identifies three areas of focus for lenders that want to drive efficiency in the small business segment including—enhancing SBA lending, small credits efficiencies, and self-service experiences.
Numerated helps banks streamline business loans by Lucia Maffei, Boston Business Journal
In 2020, lenders were forced to find a solution to support the digital funding of Paycheck Protection Program loans. During this time, Numerated quickly created a solution that enabled over 100 banks to serve PPP customers online. As a result, Numerated saw rapid growth throughout the pandemic and was recently recognized by the Boston Business Journal as the fastest-growing private company in Massachusetts. Learn more about how Numerated transforms how financial institutions lend in this article from the Boston Business Journal.
The Importance of Digital Transformation in the Banking Industry by CIOReview
To remain competitive in today’s market, it’s important that digital transformation remains top of mind for banks and credit unions. According to CIO Review, 88 percent of U.S. adults are using a form of fintech, and they’ve come to expect the same level of efficiency from their financial institutions. Lenders that have not started their digital transformation journey can begin by evaluating their current customer experience and identifying areas that could be improved with technology. Learn more about ways lenders can begin leveraging digital offerings in this article from CIO Review.