In a rapidly evolving financial landscape where digital banking and the accountholder experience are at the forefront of many discussions, ensuring your digital offerings meet and exceed customer expectations is crucial for maintaining a competitive edge.
This significant growth underscores the critical importance of delivering an exceptional digital banking experience for your customers. Business Wire also reveals 61% of consumers are likely to switch to a digital-only provider, further highlighting the urgent need for community banks to enhance their digital banking experience.
While these stats alone are reason enough to reimagine your digital banking experience, the truth is the impact of outdated back-office processes extends beyond just your customers. Without modern technology, support teams struggle, resulting in decreased morale and higher employee turnover rates – posing a significant challenge for banks striving to attract and retain top talent.
Moreover, the demand for mobile banking extends beyond younger generations, as 91% of Gen Xers and 79% of baby boomers are also recognizing the benefits of these services.
Banks that focus on digital transformation are experiencing notable benefits, such as decreases in operations expenses, improvements in accountholder retention, and deposit and loan account opening productivity.
This shift is not just about adopting new technologies; it’s about strategically using these tools to drive better business outcomes for your bank.
In fact, Forrester notes the primary goal of digital transformation for 77% of organizations is to boost revenue – a target increasingly challenging to meet in the current financial climate, where extended higher interest rates have compressed net interest margins (NIMs) across the financial services industry, making revenue growth even more difficult.
Consequently, finding and acting on efficiencies has become more crucial than ever.
Digital banks are winning business by focusing on the user experience and product simplicity, while traditional banks must focus on reducing friction in their digital interfaces. Delivering an intuitive, user-friendly platform that appeals to all generations is essential for retaining and attracting customers.
With 70% of bank IT budgets spent on maintaining legacy systems, it’s essential for banks to find budget- and time-friendly ways of bringing new features to market. Leveraging open APIs and publicly available documentation can accelerate innovation and drive meaningful business outcomes – enabling you to stay ahead in a competitive market.
In summary, the shift toward digital banking is not just a trend but a critical component of future success.
By embracing digital transformation, focusing on the customer experience, and efficiently managing technology resources, you can better meet the needs of your customers and thrive in the evolving financial landscape.
Download the new Jack Henry™ eBook to stay competitive and discover how our cutting-edge technology can help you create an enhanced digital banking experience your customers want and need.
