The Financial Brand Insights - Summer 2022

that technology will keep evolving. Ultimately, the key in a successful digital transformation strategy is to constantly evaluate what new solutions will do to differentiate a company’s offerings and continuously pressure test what’s currently working. Banks should be evaluating the technology they already have in place and looking to new solutions and how to partner with fintechs to elevate their industry status. This is more than just implementing new technologies for additional bells and whistles. In part, this also needs to be an organization- wide culture shift from “imitation” to “innovation” – ensuring that company leaders aren’t just following what their competitors are implementing. Instead, they should be staying ahead of industry trends and adopting technology that fits into long-term business goals, while empowering employees at all levels to do the same. Q: What factors should financial institutions consider when picking a technology vendor? A few considerations when selecting a technology vendor include: • Industry Expertise – Ensure that the vendor has experience in financial services, and that their solutions are tailored for the industry. • Ease of Use – Consider how long it will take to implement the technology, and once it’s part of the technology stack, how long it will take before it starts making employees’ day-to-day tasks easier. • Long-Term Business Fit – Evaluate whether the technology make sense with longer-term business strategy, and whether it is clear how the vendor will help drive towards business growth. • Time-to-Market – Determine how fast the vendor is able to deploy the needed technology. Look for one that has rapid time-to-market to allow organizations to quickly take advantage of the cost-savings that digital solutions enable, and gain a competitive edge in increasingly complex and dynamic markets.

• Security – Security standards are one of the top considerations of the financial industry, and should also be a priority for technology vendors in the space, in order to build trust and ensure consumer data is protected.

Webinars Live and on-demand webinars led by financial industry experts covering urgent issues and important trends. Click below to register or watch recent presentations.

Q: What trends do you see being most relevant in the financial services industry over the next few years? The metaverse is already changing the way that industries from retail to gaming are connecting and collaborating, both with customers and internally. Start by asking questions such as how financial services fit into the metaverse, or whether it even has a play in that space. American Banker announced earlier this year that 300-plus financial institutions are offering blockchain technology, from bitcoin to NFTs – so it’s only a matter of time before banking enters the virtual world. ▪ About Veritran Veritran’s enterprise low-code platform speed ups and simplifies the development of future-proofed immersive digital channels that create a top-notch user experience. Veritran serves companies worldwide, reaching millions of users, and running billions of secure transactions annually. Metaverse Imminent: The metaverse is already changing the way that industries from retail to gaming are connecting and collaborating.

If your company is interested in hosting a co-branded webinar, please click here.

69

70

THE FINANCIAL BRAND INSIGHTS SUMMER 2022

THE FINANCIAL BRAND INSIGHTS SUMMER 2022

Powered by