Technology modernization - Top priority for community banks
Learn why technology modernization should be a top priority for all financial institutions and why cloud-based core is more important than ever to driving innovations and increase customer’s retention.
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Dramatic changes are redefining the banking operating model and accelerating the need for modern technology adoption.
All age groups now expect financial institutions to provide online capabilities.
Meeting customer experience standards requires a seamless journey across the customer’s or member’s financial landscape, including a full range of products and services. If consumers can’t find the product they need or experience inconsistency in service availability across channels, consumer satisfaction drops dramatically.
It’s no secret that most FIs are still running on the core systems which were designed back in 70-80s and some now recognize the immediate need to modernize their core system but have yet to make a move.
The outdated core systems are hindering the ability for financial institutions to drive digital transformation. Risks of not doing anything are far greater than perceived risk of the digital transformation. While many FIs continue to use the disjointed solutions while delaying the core system upgrades, it is clear that today FIs not only need core solution to meet customers expectation today but also needs to be future ready as these expectations are constantly changing.
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