BY TYLER BRANTLEY, VP OF REVENUE & MARKETING, CORE10 Despite “digital transformation” being a key buzzword in banking for the last five years, many banks are still early in their journey to adopt new technologies. The reasons are unique to each institution, but as a whole, banks often fall victim to a number of misconceptions about digital transformation before the process even begins. But that doesn’t have to be the case. We’re here to help banks bite off the low-hanging fruit of their digital transformations and overcome perceived hurdles. To begin, let’s demystify the five myths we most commonly hear from banks about adopting digital capabilities. MYTH 1: DIGITAL PLATFORMS ARE TOO COMPLEX AND EXPENSIVE Complexity and cost often deter community banks from implementing digital platforms. In reality, there are cost-effective solutions designed for community banks. These solutions often incorporate APIs and cloud-based technology, enabling banks to build upon existing legacy systems without a complete technological overhaul. Additionally, digital banking providers often offer managed services, reducing the need for an extensive in-house IT team. Implementing digital platforms doesn’t have to be complex. Community banks can set their pace for innovation, adopting a crawl, walk, run approach. The journey toward digital innovation is non-linear and varies from bank to bank. The key is taking action and establishing strategies to sustain progress. MYTH 2: GOING DIGITAL MEANS SACRIFICING IN-BRANCH CUSTOMER SERVICE While many customers prefer online banking, over 20% still seek an in-branch experience, especially for significant and complex banking decisions. To remain competitive, community banks must adopt digital-first strategies and personalized in-branch experiences that build customer relations. Empower both customers and bank teams with omnichannel digital solutions that offer the same services in-branch and online. Embracing digital doesn’t mean compromising the in-branch experience; it means ensuring a consistent experience, regardless of where or how customers choose to bank. MYTH 3: DIGITAL PLATFORMS ARE MORE SUITED FOR MID-TO-LARGE SIZE BANKS Asset size does not correlate to how advanced a bank’s digital ecosystem should be. Every bank is at a different stage of its digital transformation journey, and all banks should focus on embracing innovation Five Myths Holding Community Banks Back from Digital Transformation CURRENCY | 7
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