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The Impact Of Digital Changes On The Banking Industry

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Digital changes in the banking industry now require that banks offer service options that reflect the technological advances that have taken place in the industry. Consumers no longer expect to spend a lot of time in a bank to find their financial solutions. Banks need to capture customers’ attention by providing extraordinary service and mobile options to differentiate themselves from their competitors. For this reason, a Bank’s computer systems need to reflect its vision if it wants to compete with top institutions, especially if its current system is plagued by legacy databases issues.

Relationship Managers need to perform customer needs-assessments that will generate sales at a later time. Without a good onboarding system, a bank is …show more content…

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Currently my bank uses a web-based software called TouchPoint Sales and Service from FIS as its core banking application for opening new accounts. However, the software has not been upgraded to current standards as the Bank is considering its IT strategy.

Currently, upgrades are only completed for regulatory changes, adding new products and removing grandfathered forms. This is a large bank with almost 1000 branches in 8 states. Even if a bank offers products that are competitive, if the features are not comparative to large banks, customers are more likely to leave. Relationship Managers (RMs) must have the best onboarding system to convince customers that they are starting a relationship with a forward thinking organization that will help them achieve their financial goals. As a company, we are not close to that standard. Prior to becoming a bank, the company was solely involved in credit card lending. When the strategy changed to banking, the Bank purchased software from banks such as Fifth Third to launch into the banking industry. While the current system does its job of onboarding customers, the process is long and tedious. In addition, the account opening platform does not interface with the ATM card issuing program as it is part of a different legacy bank system. If a customer decides to change his mailing address after an account is .

Cite this The Impact Of Digital Changes On The Banking Industry

The Impact Of Digital Changes On The Banking Industry. (2018, Feb 09). Retrieved from https://graduateway.com/the-impact-of-digital-changes-on-the-banking-industry/

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