When it comes to digitalizing business, every industry has been affected by COVID - exponentially accelerating the move to digital. Banking alone has moved ten years into the future within the two years that the world had been pushing through COVID. This transformation has continued on its exponential path in this past year. The first year of COVID gave banks a chance to process the change happening around them...and now – especially for the larger banks - they’ve responded.
Now, smaller institutions must embrace digital technology – more proactively and foundationally if they are going to continue to survive. For many though the choices and challenges remain daunting. Taking that first step to not only surviving but thriving in this expanded digital banking services world is essential – and that starts with finding a banking platform that meets you where you are at in your digitization journey.
While customers love that community banks and credit unions listen to them and are willing to have a conversation with them about their businesses or products, digital experience is still equally important. Your customers are getting exceptional service outside of their banking needs when it comes to the digital platforms they use in their everyday lives. Unfortunately, most digital banking experiences have yet to catch up to other industries in terms of accessibility, ease of use and convenience.
Your bank needs a digital platform that can meet what your customers are demanding, not just now but in the future. This means the platform has to be able to meet those expectations your customers have for digital banking with the product, the functionality, and the back-end operations that make the solution a viable one for you as well.
Simply digitizing won’t give you the advantage you need to future-proof. Your bank will also need to look at the backend and use your data and analytics to know what you’ll need to provide your customers next. By using your own data and information gathered from your customers, you’ll know what they want before even having to have those conversations with them.
In today’s continually changing market, if your business does not have the digital capability to serve customers as well as they experience other digital services from non-banking vendors, then you can expect your customers to seek out other banking alternatives. The major banks spend billions of dollars on digitization, and they’re getting good at it. Unless the community banks and credit unions can use technology like BrightFi’s to level the playing field, then they’ll continue to lose their customers, especially younger generations who are the future life source of all the institutions.
At BrightFi, we work with banks to help them step through the process of digitalizing. This includes working with banks exactly where they are at and helping identify what they want and need from going digital. It includes a careful evaluation as well to identify how to get started in a cost effective and pragmatic way – that gets you started but doesn’t upend your entire business and process.
By offering the service we do, we allow you to compete and use the best tech for your customers. We’ve embraced virtualization wholeheartedly, especially because it has created an environment and platform that allows us to help business achieve their goals and future-proof their business. We do so in a way that saves money, helps businesses catch up to larger competitors, allows you to integrate new technology easily, and in a way that doesn’t create additional risk or sacrifice customer service. Instead, it enhances it by delivering the product to customers securely wherever they do banking.
We have options to implement new digital banking solutions that fit your financial institution’s needs, budgets, and timelines. BrightFi can meet your bank or credit union where you are at in your digital transformation process and help you launch new digital banking services to your customers and members.
To listen to the full podcast episode, head on over to The Financial Brand.