FinXTech Report digital - Flipbook - Page 4
Digital account opening and consumer lending automation —
that’s table stakes today. Given the pandemic-fueled shift to
digital services, along with a deluge of deposits, it’s difficult to
assess the success of banks’ digital transformation efforts, says
Ron Shevlin, chief research officer at Cornerstone Advisors. But
leveraging APIs and updating core technology will prove vital
What are the top three objectives
that drive your bank’s technology
strategy?
Top three options.
70%
Creating a more
efficient operation
to these efforts. “You have to replace your core in order to be
digitally transformed,” says Shevlin.
Mascoma Bank’s Pause, a community banking veteran with
three decades in the industry, believes technological transforma-
68%
Improving the customer
experience
tion to be a matter of survival.
“Community banks are instrumental for the success and
well-being of communities. They’re the economic drivers …
if community banks go away, there is going to be a negative
impact to a lot of communities throughout this country,” says
34%
Improving online and
mobile offerings
Source: Bank Director’s 2021 Technology Survey
Pause. Mascoma Bank serves a largely older demographic in
New Hampshire and Vermont, she notes, but a wealth transfer is
coming — and younger generations expect a strong digital experience. “We need to be able to move faster; we need to be able
to be more agile to meet our customers’ needs. So, with that
relevant?’ It really comes down to technology, and how we think
46% have collaborated with one
or more technology partners to
develop specific solutions.
about technology.”
Source: Bank Director’s 2021 Technology Survey
lens in mind over the last several years, we as a bank have really taken a step back and gone, ‘OK, how are we going to remain
Do your board and executive team regularly discuss long-term prospects for your
bank and the industry, looking ahead at the next five to 10 years to consider
strategic risks and opportunities?
Question asked of CEOs, CFOs and independent board members.
Yes, we discuss these risks and
opportunities frequently (more than
once a year)
57%
3 | FINXTECH POLL RESULTS
Yes, we discuss these risks and
opportunities at least annually
Source: Bank Director’s 2022 Risk Survey
No, we don’t discuss strategic
risks
40%
3%
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