This Month On The Digital Banking Analyzer
Bots take over | ESIGN Modernization Act | Commercial banks go niche
Virtual assistants have become increasingly synonymous with the digital banking experience over the past few years in augmenting menu journeys, but what if they became the main point of engagement? As we report on the Digital Banking Hub, it’s not so farfetched.
“Messaging has taken over as the dominant consumer experience elsewhere, raising the question of how it can be more integrated into digital banking on an enterprise level,” we write.
“The mounting problem for UX designers within digital banking is that providers are adding more functionalities that differ on a wider scale (consider budgeting tools with check ordering processes), while smartphone screens aren’t getting markedly bigger and visually customers prefer crisp designs.”
Elsewhere, we explore what the proposed ESIGN Modernization Act could mean for providers.
“The Modernization Act could potentially go a step further to make it clear that regulated business may say ‘if you want to do business with us with respect to this product or service, you have to agree to use electronic records and signatures,’” David Whitaker of law firm DLA Piper told us.
In her latest column, Jennifer Sypal discusses how small commercial banks are making innovative steps to take on national competitors.
“Digital advancement is possible through partnerships that leverage financial technology, regardless of legacy systems,” she wrote. “Open banking, powered by APIs, makes it possible for financial institutions of any size to access new and emerging technologies, providing the ability to scale at a faster pace in a cost-effective manner.”
Elsewhere on the Digital Banking Hub’s Insight Explorer, we look at how investment platforms are likely to make some big changes while avoiding wholesale disruption over the coming months, what banks are doing with the new Zelle widget and how a number of UK banks have integrated credit score predictor facilities.
“Open banking, powered by APIs, makes it possible for financial institutions of any size to access new and emerging technologies, providing the ability to scale at a faster pace in a cost-effective manner…”
The month ahead
Spanning retail, small business, mortgage and unsecured lending, investments and credit cards, Digital banking Hub users are able to make more informed strategic decisions based on our ongoing analysis. We provide information and diagnostics on onboarding and servicing within each of these areas for leading banks, credit unions, fintechs and other lenders.
Over the coming weeks, we’ll be launching our Data Explorer, which provides an aggregate benchmark view of feature and functionality availability across the full range of institutions tracked in our Feature Explorer, including onboarding and servicing digital capability models.
To gain access to our analysis and leading data insights into the digital banking industry, email: Suraya.email@example.com.