Although the ability to chart a path to the future seems murky at best right now, there is optimism for the future of technology for financial institutions (FIs). Specific timing may be a moving target but embracing innovation remain key priorities, according to a recent Technology Capabilities Assessment by Jack Henry & Associates.
Surveying nearly 175 bank and credit union representatives between mid-January and mid-April of this year, the second annual Technology Capabilities Assessment provides a close look into future technology plans, highlighting which areas are influencing current and upcoming strategies.
We already know that banks and credit unions operate in a very challenging environment with rapid advancements in technology, regulatory shifts, increased competition among non-financial institution rivals, and increased demand among digital-savvy consumers and businesses.
One of the main points the Technology Capabilities Assessment brought to light is that in addition to the above-mentioned challenges, putting customers and members at the center of all digital experiences is paramount. In other words, meeting consumers and businesses at their moments of need in a personal, human way via digital platforms, while also improving efficiencies with technology, is crucial.
This research was focused on industry trends and how embracing innovation in six key areas impacted their strategy:
The current environment has impacted how we think about and interact with technology on a personal and a professional level. While timing remains unclear, you can be sure that this massive move toward digital solutions is only going to get more pervasive as we move beyond our current challenges. We will continue to keep a pulse on the industry and report back regularly on how you can incorporate embracing the latest innovation.
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