Independent Banker - November 2024 - 63

Digital
Banking
Rethink Your Digital Banking Experience to
Help You Retain Customers
CHALLENGE: In a rapidly evolving financial landscape where digital banking and the accountholder experience are at the forefront of many
discussions, ensuring your digital offerings meet and exceed customer expectations is crucial for maintaining a competitive edge.
SOLUTION: A well-designed digital platform that empowers community and regional banks to serve their customers with a modern and
desirable digital experience.
In a rapidly evolving financial landscape where digital banking
and the accountholder experience are at the forefront of many
discussions, ensuring your digital offerings meet and exceed
customer expectations is crucial for maintaining a competitive edge.
in accountholder retention, and deposit and loan account opening
productivity.
This shift is not just about adopting new technologies; it's about
strategically using these tools to drive better business outcomes for
your bank.
In fact, Forrester notes the primary goal of digital transformation
for 77% of organizations is to boost revenue - a target increasingly
challenging to meet in the current financial climate, where extended
higher interest rates have compressed net interest margins (NIMs)
across the financial services industry - making revenue growth even
more difficult.
Consequently, finding and acting on efficiencies has become more
crucial than ever.
Digital banks are winning business by focusing on the user
experience and product simplicity, while traditional banks must
focus on reducing friction in their digital interfaces. Delivering an
intuitive, user-friendly platform that appeals to all generations is
essential for retaining and attracting customers.
In fact, the number of digital banking users in the U.S. are projected
to grow year-over-year to nearly 217 million by 2025.
This significant growth underscores the critical importance of
delivering an exceptional digital banking experience for your
customers. Business Wire also reveals 61% of consumers are likely to
switch to a digital-only provider, further highlighting the urgent need
for banks to enhance their digital banking experience.
Moreover, the demand for mobile banking extends beyond younger
generations, as 91% of Gen Xers and 79% of baby boomers are also
recognizing the benefits of these services.
Banks that focus on digital transformation are experiencing notable
benefits, such as decreases in operating expenses, improvements
With 70% of bank IT budgets spent on maintaining legacy systems,
it's essential for banks to find budget- and time-friendly ways of
bringing new features to market. Leveraging open APIs and publicly
available documentation can accelerate innovation and drive
meaningful business outcomes - enabling you to stay ahead in a
competitive market.
In summary, the shift toward digital banking is not just a trend but a
critical component of future success.
By embracing digital transformation, focusing on the customer
experience, and efficiently managing technology resources, you can
better meet the needs of your customers and thrive in the evolving
financial landscape.
Download the new Jack Henry™ eBook to stay competitive and
discover how our cutting-edge technology can help you create
an enhanced digital banking experience your customers want and
need.
Visit jackhenry.com/banno-ebook to learn more today.

http://www.jackhenry.com/banno-ebook

Independent Banker - November 2024

Table of Contents for the Digital Edition of Independent Banker - November 2024