Our blog is dedicated to sharing our thoughts and expertise about the banking industry and how you can experience quantifiable results for your financial institution. We invite you to hear the perspectives from our banking professionals through our posts.
Identify and address overlooked expenses in your bank’s tech overhaul As PRI consultant John Chappelle discussed in Part One of this blog, most financial institutions are aware of the potential benefits of a successful digital transformation in today’s competitive environment. However, in an organization’s haste to reap the benefits of improved customer experience, enhanced operational […]
Identify and address overlooked expenses in your bank’s tech overhaul Most financial institutions are now aware of the potential benefits a successful digital transformation can provide in the areas of improved customer experience, enhanced operational efficiency and increased competitive advantage through differentiation. However, the fear of falling behind the competition can sometimes lead organizations to […]
When online banking first emerged in the 1990s, it was presented as a simple method to cut costs. The prevailing logic was that the cost-per-transaction – almost always a balance inquiry – was less expensive than a visit to the branch or a call to the call center. The term “Customer Experience” was not yet […]
Just more than a year after OpenAI released its Large Language Model (LLM) chatbot ChatGPT and the rapid expansion of AI in general, many in the banking industry are looking at how they can join the AI race. However, the desire to jump into AI without a clear plan or understanding of what AI platforms […]
For almost a generation now, financial institutions have embarked on a bit of a digital arms race. Starting with the simplest online banking applications and moving up from there, digital banking assets were collected. Technology vendors purchased newer products and included them in their digital suites using traditional programming technology to create interfaces. Today, however, […]
The community banking industry is at a pivotal stage. Financial institutions have experienced continuing margin pressure over the past year, demonstrating less rate elasticity than many anticipated in the rising rate market. They also have seen increasing pressure from non-banking competition and rising customer expectations. With the drastic contraction of the number of deposit-holding institutions […]
While digital transformation and its risks are top-of-mind for the majority of financial institution senior leaders, there is still a wide gap between the cost of implementing digital solutions and their eventual success within the organization. In fact, in 2019 research indicated that up to 70% of digital transformation initiatives did not reach their goals […]
It’s not a one-off project, and there’s really no end point. Digital transformation is constantly evolving and must be part of a thoughtful, ongoing business strategy. With time and staffing currently in such a crunch, the FI must be laser-focused on what will be the most impactful solutions to address customer pain points. A new […]
In the blog Top Buzzwords in Banking and What They Mean to Community Institutions, PRI consultant Brady Chianciola discussed “digital transformation” and how it goes much farther than simply digitizing an FI’s operations. The term refers to truly transforming the company and strategically changing the way it operates for the customer’s journey. “Digital transformation means […]
With all the current hype about Cloud-Native Core Solutions, it’s easy to become overwhelmed by all the choices available. In our last blog, Mike Neale, PRI Director of System Evaluation, highlighted the considerations FIs should take into account when deciding whether to implement a core solution designed for cloud deployment. He said that while cloud […]
