iResearch Services’ Post

Are community banks prepared to adapt to the digital age and stay competitive? In 2024, the financial landscape is rapidly changing, driven by economic uncertainties, evolving regulations, and the rise of digital-first expectations from younger generations. The key to thriving lies in leveraging data, enhancing digital capabilities, and forging strategic partnerships with fintech. Community banks prioritizing these areas will not only navigate the challenges but also capitalize on new opportunities, gaining a competitive edge. In this pivotal year, survival is not just about survival but positioning for long-term success. Embrace change and lead the way in transforming banking experiences for our customers. #BankingInnovation #CommunityBanks #DigitalTransformation #FintechPartnerships #FutureOfBanking #Creatio

In the battle between US legacy banks and challenger banks, the dynamics are shifting. Initially, challenger banks held the edge with their innovative, user-friendly digital experiences that attracted a modern customer base... 📈 However, as legacy banks ramp up their digital transformation efforts, this gap is closing. They're investing heavily in technology and customer experience, essentially playing catch-up but with the advantage of vast resources and customer trust built over decades 🏦 This trend raises a crucial question: Can challenger banks maintain their competitive advantage, or will they need to redefine innovation to stay ahead? 🤔 What do you think is the next big innovation that challenger banks need to adopt to keep their edge? #Banking #Fintech #DigitalTransformation #Innovation 

Banks are witnessing a monumental shift towards digital channels, and the numbers speak for themselves. In Q1 alone, Bank of America logged a staggering 3.4 billion digital logins, with digital sales accounting for half of its total sales. Truist Financial Corp. and Synchrony Financial are following suit, reporting significant spikes in digital transactions and user engagement. But not all banks are keeping pace. Legacy infrastructure poses a significant obstacle, slowing down innovation efforts. James Butland of Mangopay sheds light on this struggle, emphasizing the urgent need for banks to modernize. “The challenge that a traditional bank has, is they sit on 150, 200 years of legacy infrastructure and probably 60 years of legacy technology. So, banks have found it difficult to innovate quickly... [Now] banks are starting to realize the speed at which technology has changed the world.” The solution lies in upgrading systems to accommodate new payment channels like P2P and FedNow. For traditional channels like checks, leveraging AI and machine learning to streamline processes is crucial. Explore our OrboNation blog post for a deeper insight into the digital revolution. #ModernBanking #PaymentTechnology #LegacySystems

Offline Digital Payments: The Key to Financial Inclusion and Resilience A whitepaper from Giesecke+Devrient explores the power of offline digital payments to transform financial services and drive greater inclusion. Key takeaways: - Offline digital payments can bridge gaps in #financial inclusion, provide payment resilience, and enable #cash-like features like privacy in the digital world. - Stakeholders from clients to central banks can benefit from offline payment answers like G+D Filia® Unplugged, which enhances the existing payment system.  - Use instances span peer-to-peer, merchant, and automated machine-to-machine #payments - unlocking new opportunities for the #tokenized economy. As #digitaltransformation accelerates, offline digital payments come to be a critical innovation to extend admission to, enhance resilience, and unlock new commercial business models. Official Link: https://lnkd.in/gTc3J8Nx Sam Boboev Arjun Vir Singh Maximilian Salomon Walter Pereira Arthur Bedel 💳 ♻️ Tony Moroney #financialinclusion #digitalpayments #offlinepayments #futureoffinance

🌟 Propel Your Career with Creating Digital Banks: Shape the Future of Banking Innovation! 💻 Ready to redefine the banking landscape by leveraging the power of digital technology? Dive into our 'Creating Digital Banks' training programme and become a pioneer in revolutionising the way financial services are delivered! 🔹 Unlock cutting-edge insights tailored to design and launch digital-first banking solutions, equipping you with the knowledge to capitalise on emerging trends and customer preferences in the digital era. 🔹 Chart a strategic roadmap to navigate the complexities of digital transformation within the banking industry, from conceptualising innovative banking products to implementing seamless omnichannel experiences. 🔹 Explore best practices for leveraging advanced technologies such as artificial intelligence, blockchain, and machine learning to enhance operational efficiency, personalise customer interactions, and drive sustainable growth. 🔹 Navigate regulatory and compliance challenges with confidence, developing robust frameworks for data security, privacy, and risk management that prioritise customer trust and regulatory adherence. 🔹 Ignite your creativity with innovation! Learn to harness the power of agile methodologies and rapid prototyping to iterate and refine digital banking solutions, ensuring they remain relevant and competitive in a rapidly evolving market. Don't miss this exclusive opportunity to be at the forefront of digital banking innovation and lead the charge towards a more connected and inclusive financial future! 🌐 For more information, embark on your journey towards creating digital banks at: https://lnkd.in/d8HKfSbC Invest in your expertise in Creating Digital Banks today and become a trailblazer in shaping the future of finance! #DigitalBanker

A great article from Karan Jain of NayaOne a company I have worked with and admired for their approach to making it easier and safer for #financialservices to select #technology and #service providers to drive innovation, lower operational costs and build an operational resilience mindset. Being an advisor for #fintech and #regtech companies and listening closely to industry trade bodies, regulators and the customers they are looking to engage with I truly believe Karan's comments reflect the journey that all FSIs have to work towards in the short to long term.

Amidst the rise of fintechs, big techs, and non-banks, banks find themselves under pressure for innovation and customer experience. To remain pertinent, they must diversify their product offerings and distinguish themselves through innovative capabilities. Eager to delve deeper into banking product innovation concepts? 👉 Check out our latest white paper for insights that could inspire your next breakthrough products: https://lnkd.in/g2cjMws6

Despite the growing importance of #ESG regulations, European banks trail behind in offering #sustainable banking solutions, presenting a significant opportunity - especially with younger consumers who are increasingly expecting climate action from their financial institutions. Download this Temenos report for a comprehensive overview of these evolving banking trends: https://lnkd.in/g6bCc7Se #ChallengingTheChallengers

While there have been a number of digital bank shutdowns in recent years, there are some players that are not only doing well, but thriving. Neobanks Dave and Varo Bank each have millions of customers, growing despite a challenging macroeconomic environment and an increasing number of competitors. What are these companies doing to help them grow during challenging times? And what should we expect from them in the future? We talked to to Varo Bank Founder & CEO Colin Walsh and Dave CEO Jason Wilk to find out.

Only 18% of banks believe they have the tools in place to effectively serve Gen Z 🤳💰 In our new guide, learn how to connect with a new generation of customers by partnering with fintechs. https://lnkd.in/gWjUcrsi