Why Banks Need to Focus 2024 Budgets on Personalized Financial Guidance, Not PFMs
Budget season is almost here. As banks assess their current and future technology investments, most of them are eyeing their digital banking platforms – and for good reason.
During the COVID years, banks fast-tracked their digital transformation efforts out of necessity, however, many of those initiatives have fallen flat.
In fact, the latest Digital Banking Report survey found that nearly 40% of organizations that believe they have deployed digital banking transformation solutions at scale are not seeing the results they expected. Meanwhile, only 11% say they are. That’s a serious issue.
Consequently, banks are taking a giant step back and reevaluating their current digital offering to become future-ready and better compete with fintech players and non-traditional banks.
Even a recent Jack Henry study points to this, citing that banks have plans to invest heavily in digital banking technology over the next several years. The Digital Banking Report specifically calls out the mobile experience (91%) and mobile channels (87%) as top priorities for banks, with the goal of increasing user engagement.
But let’s be honest – when was the last time you surfed around on your bank’s mobile app for fun? Never.
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