Digital transformation is here, as evidenced by retailers raising the bar for other industries — including financial institutions — to deliver superb digital experiences to customers. Innovative brands such as Amazon and Netflix set a precedent for end-to-end customer experiences that are personalized, frictionless, and available 24/7. With the youngest of the millennial generation now entering the workforce, it’s more crucial than ever to choose the right digital banking strategy for your financial institution.

Is your financial institution ready to make the digital transformation but still questioning the right path to take? FIs have tested the most commonly used approaches to digital transformation:

1. Expanding on existing core systems 

Financial institutions are often reliant on familiar providers and information that exists in current systems. Although this may appear as an easy, low-risk option, merely expanding on existing core systems provides a false sense of security and development.

2. Building customized, proprietary systems

With the business world often feeling impersonal, a personal touch may seem like the right move for your digitized system. However, in-house development is widely known to be an inefficient solution with slow processing and integration challenges. 

3. Partnering with a specialized digital banking provider

Partnering with a FinTech organization to develop a holistic solution can result in increased functionality, speedier deployment, enhanced innovation, and the flexibility to help your company grow.

A recent survey of digitized account opening services compares these three common approaches and offers insights into the costs of acquisition.

Start your transformation now, and read more about the pros and cons of each approach to decide the right choice for your financial institution in the full white paper: Expand, Build, or Partner? Choosing the Right Path for Digital Transformation

So— Expand, build, or partner: which path will you choose? For even more insights into the world of digital banking, subscribe now and stay up-to-date on the latest tips, trends, and topics.

Posted by Mary Elliott

As a featured SmartPayments contributor and marketing intern at a leading fintech organization, Mary Elliott brings a unique perspective with her diverse background in the technology, marketing, and non-profit industries. She is simultaneously pursuing a BS in advertising with a double minor in English and technical writing at Kent State University.