The hub of a bank’s activity used to be the branch. Now, with more than half of customers conducting the majority of their banking over the internet, ‘banking’ conjures images of mobile apps and online transactions. Pneumatic tubes circulating cash across labyrinthine banking structures have been replaced by digital bits and bytes instantaneously sending money through the ether and across the world. The digital transformation of society has charged banks and credit unions with the responsibility of rising to the occasion. Customers have come to expect sleek, fast-moving interactions with businesses and do not have the patience to wait for industries who have dawdled behind the digital transformation curve. Customer patience is so thin that 97% say they would rather abandon a business entirely than trudge through a process that looks confusing or time-consuming. It’s more important than ever for financial institutions to keep pace and provide the powerful, user-friendly experiences that attract users and secure customer loyalty. However, many banks and credit unions are still unsure where to start their digital transformation, overwhelmed with the tangled complexity of legacy systems and point solutions. In fact, in a recent study, over 86% of banking professionals ranked “complicated banking infrastructure” as the most significant barrier to moving ahead with digital initiatives. It’s no secret that turbulent, slow-moving user experiences frustrate customers and send them flocking to your competitors. How can your bank or credit union overcome transformation reluctance and start creating the smooth, streamlined experiences that lead the list of customer expectations?
