Institutions within the customer owned banking sector are often viewed as followers rather than innovators. There’s a belief that smaller, community-focused providers are not having as significant an impact on consumers as their bigger, publicly-traded counterparts. But these kinds of assumptions couldn’t be further from the truth. 

Why do so many financial institutions aspire to 100% configurable technology? In our experience, it’s the appeal of maintaining ownership over their platform and the promise of cost savings. But going down that path may actually end up costing more and putting an unbearable maintenance burden on the business.

Last month, Sandstone Technology attended the Future of Financial Services conference in Sydney, staged annually by FST Events. The theme was a compelling one: ‘Pioneering Purpose Driven Innovation and Sustainability to Reshape the Future of Financial Services’.

As digital natives enter the ranks of customers in their droves and challenger banks emerge with ever more attractive offerings, many financial institutions are facing a hard truth: they can’t bank on loyalty if their customer experience is sub-par. We outline some of the new digital experience imperatives in the battle to stop attrition. 

No business today can afford to take their customers for granted. Customer experience has become one of the great differentiators, and leading organisations in the financial sector are already lifting their game.

Banking technology is always on the move. The annual Banking Transformation Summit (BTS) is an opportunity to get some well-rounded perspective on innovation in the marketplace and current thinking at financial institutions across the UK.

It seems like only yesterday that Millennials were the up-and-comers, their digitally-driven behaviours forcing change in the financial industry. Now it’s Generation Z, half of whom are already adults, and all of whom are digital natives. Meanwhile, the Alpha generation – the under 10s – are hot on their heels. 

We’re now in a market, post-Covid, where digital expectations have been pushed to new heights. Digital customer acquisition strategies are more important than ever, but financial institutions (FIs) are still seeing too many application dropouts. 

If you’re still processing account applications manually, with no option for digital origination, you’re wasting the customer’s time. Today there is an expectation for digital banking at every step of the journey.

Brokers account for 70% of home loans according to recent data reported by the Mortgage & Finance Association of Australia. Like Financial Institutions (FIs), brokers have to contend with numerous obstacles in the application process. Adopting a solution that automates crucial parts of the process can be an efficiency win not just for the FI and its staff, but for brokers too.