The retail banking industry is facing a digital transformation quandary that impacts all financial institutions, small and large.
The largest banks (e.g. Bank of America and JPMorgan Chase) have the resources to staff expansive software teams and have the budget and resources to build sophisticated applications across mobile, online, in-branch, and voice channels.
These behemoths grew through numerous acquisitions, leaving them with the burden of multiple disparate legacy systems that are difficult to integrate. In spite of their prodigious resources, such banks struggle to deliver a seamless customer experience that is the lynchpin of a successful digital transformation.
Midsize banks and credit unions also focus on building a modern digital presence, and many companies resort to purchasing off-the-shelf banking apps which are point solutions. However, they are finding that the mobile apps that their core banking providers offer lack the functionality and customization they require, thus limiting their digital initiatives.
At the core of such initiatives is a focus on customer value. “Banks want to deliver value to customers while giving them a digital experience that differentiates their brand,” explains Jeffery Kendall, SVP and GM for Global Banking and Financial Solutions at Kony, a leading provider of digital banking applications. “Customer expectations are being influenced and informed by companies all around them, such as Amazon, Starbucks and Disney, who are focused on digital leadership.”
Copyright © Intellyx LLC. Kony is an Intellyx client. At the time of writing, none of the other organizations mentioned in this article are Intellyx clients. Intellyx retains full editorial control over the content of this paper. Image credit: TDECU.