Our latest research with Worldwide Business Research (WBR) dives deep into the realm of digital transformation within the banking and credit union sectors. We focus on how financial institutions are harnessing next-generation banking technology to deliver superior customer and member experiences while empowering their staff, both in online environments and within physical branches. This partnership with WBR led to the creation of a comprehensive survey, titled "The Next Wave of Digital Transformation," which unveils the current landscape of technological advancements across the industry.
The survey involved 200 leaders from various banks and credit unions, providing a broad spectrum of insights into how these institutions are adapting to the rapidly evolving digital landscape. The findings are compelling. Notably, a significant 64.5% of respondents have increased their technology spending in 2024 alone. This statistic signals a significant shift towards embracing innovative solutions in banking technology as these institutions recognize the need to stay competitive and meet the ever-growing expectations of their customers and members.
Furthermore, the report highlights key insights that are poised to shape the industry in the coming months. 77.5% of participants have identified personalization and the delivery of efficient services as top priorities. This reflects a strong commitment to meeting customer and member needs through tailored, personalized experiences. However, there is still a gap to bridge—68% of respondents perceive their digital experience as only "somewhat effective" in meeting these expectations.
Moreover, 60.5% of those surveyed revealed that their customers or members expressed dissatisfaction with their current AI capabilities. This highlights a critical area for improvement as financial institutions navigate the next wave of digital transformation. These findings serve as a guiding compass, steering organizations towards leveraging cutting-edge technology to enhance their customer and member engagement strategies and ultimately achieve long-term success.
By understanding and addressing these insights, banks and credit unions can better position themselves to thrive in an increasingly competitive and digital-first marketplace.