While market conditions can be rife by volatility, uncertainty, and increasing complexity, financial institution leaders like you have consistently prioritized serving the needs of the people and businesses in the communities you proudly serve.
However, facing threats such as ecosystem disruption, consumer financial fragmentation, cumbersome legacy technology, and poor service integration, you can risk losing market and wallet share if you cannot adapt to the evolving needs and expectations of consumers and businesses. As a leader in the industry, your success – in growing your business, and in advocating for the financial wellness of your accountholders and communities – lies in how well you plan and execute a modern technology strategy that:
- Attracts and engages accountholders and businesses with a better digital front door experience.
- Improves deposit acquisition.
- Enhances the account opening and lending experience.
- Manages evolving financial crime and fraud risks.
- Reduces your compliance risk.
- Boosts your competitive position and gives you the ability to monetize net new technology.
modernize technology strategically
To help you align your technology strategy with digital expectations, here are four critical questions you must answer to ensure you’re on the right path to achieving your goals.
1. What’s your velocity and timeline for modernization?
Modernizing existing technology to improve efficiency and speed new services and products to market can mean the difference between surviving disruption … or not. The pace of your modernization journey will be unique and will require you to prioritize strategic initiatives, set realistic milestones, and at times, take calculated risks.
2. Is your technology platform delivering access to secure data and insights?
To attract, engage, and grow your relationship with accountholders, you must meet their new, higher levels of expectation for transaction accessibility while delivering personal and personalized experiences for them efficiently and safely. Understanding your accountholders’ needs and delivering the right information at the right time through an omnichannel experience is the foundation of relationship banking.
3. Can your technology platform address heightened security threats and provide fraud mitigation?
Effectively managing enterprise risk has become more complex than ever. You are challenged with a wider variety of more sophisticated threats and an increased frequency of risk management obstacles, including securing data and mission-critical systems, combating fraud and financial crimes, and reducing credit and interest-rate risk, all of which leave you and your accountholders vulnerable.
4. Does your technology platform let you integrate quickly and easily?
In the dynamic landscape of financial services today, you need to constantly build and evolve your ecosystem to best meet your organization’s needs and remain focused on the consumer and business accountholder experience. For an ecosystem to be successful, your technology platform must be open to integration with no barriers – financial or otherwise – with clear design standards to help you standardize your brand experience.
Financial institutions that thrive in disruption will leverage a technology platform that prioritizes developers and high-grade fintech partnerships.
To grow and remain competitive, you must capitalize on ecosystem disruption. Jack Henry is here to support your journey! For an expanded discussion on the four key technology modernization questions above, download our ebook today.