Alkami Research conducted a study that surveyed bank and credit union banking platform decision makers/influencers and found that over the past four years, who regional and community banks and credit unions consider their competitors has shifted, taking share away from mega banks and major national brands and moving it to brands within their local market.
As advanced technology adoption continues to rise within small to medium banks and credit unions, the playing field is leveling. The industry has moved well beyond convenient branches and ATMs to an array of digital channels allowing customers and members to access their funds 24/7/365. What is the next differentiator for banks and credit unions? Powering those digital experiences with data intelligence. Data insights can be harnessed to see where money is leaving the institution for a competitor, assisting in developing and deploying targeted campaigns that deliver personalized experiences.
As today’s older generations begin to transfer their financial wealth and younger account holders gain majority, understanding and delivering what these new account holders and business owners want from their financial institution will be imperative to keep and grow their share of wallet.