The demand for digital-first banking is linked to what consumers have come to expect across other industries, retail and hospitality are prime examples. From large grocery store chains to small family-owned or independent stores, many businesses are using digital preordering and payment with the physical activity of delivery or pickup.
And there’s the same consumer dynamic in the FI industry. But in banking, FIs have built up infrastructures in silos that were historically designed to optimize engagement in an individual channel. A decade ago, that was the best-in-class, channel-specific solution that served the banking industry well. And these siloed infrastructures have been historically good at delivering business benefits for individual channels.
But as digital enablement has taken off, those siloed infrastructures have become antiquated and outdated for driving value within the FI and delivering optimal customer service. Now, FIs must evaluate how historically siloed processes, capabilities and technologies can instead create open capabilities for other channels to leverage across the organization.
At CBA LIVE 2020, Terry Duffy, GM of NCR Banking Software, stated, “[It’s about] de-channeling the channel. How do we take what has traditionally been a channel-specific experience and really make it a ubiquitous experience for banking clients, and ultimately a ubiquitous technology that we provide to the industry?”