Since the Great Recession, community financial brands have been in a slow death spiral, as roughly half of all community banks and credit unions have merged or folded.
Smaller financial institutions must adapt or die in a market that’s facing exponential change.
So how do these institutions avoid becoming just another statistic?
“You really need to get comfortable with the idea of embracing partnerships,” said Chris Cox, Chief Operating Officer at Apiture.
Collaboration with fintechs and other industry innovators will be key for community brands who want to position themselves for future growth.
But first, they have to understand what digital transformation really means.
“The way we think about breaking through this technology handicap financial institutions have is to give them the freedom to integrate partners into a holistic digital experience,” Chris said.
Community financial brands can make exponential change possible by serving their customers with modern solutions.
“Start by focusing on how you can make your customers’ lives better,” Chris suggested. “And then identify where legacy technology prevents you from solving those problems.”
In this episode of our Exponential Insights series, we explore the possibilities of collaboration in the Age of AI as we journey through digital transformation together.
Key Insights and Takeaways