AI-Powered Tech Essential to Keep Pace With Consumer Digital Banking Expectations

  • “Most consumers are reaching for their phones or laptops first when it comes time to conduct routine financial tasks. PYMNTS data shows 70% of United States consumers at larger financial institutions (FIs) report this is the case.
  • 41% of individuals in the same report stating mobile as their preferred banking channel of choice.
  • 478 million households will count as “smart homes” by 2025 — filled with devices they will increasingly tap for banking and payments.
  • 31% of U.S. consumers now have voice-activated speakers in their homes, for example, with a rising number of these owners making use of the devices for payments.
  • 35.3 million wearable payment devices were sold in the first half of the year, indicating significant interest on the part of consumers.”

About the Tracker

The Digital-First Banking Tracker®, a PYMNTS collaboration with NCR Corporation, is your go-to monthly resource for updates on trends and changes in digital-first banking.

Mbanq Signs with Temenos to Launch World’s First Credit Union-as-a-Service and Accelerate Banking-as-a-Service in US Market

– “Temenos partners with Silicon Valley-based Mbanq to power innovative Credit Union-as-a-Service (CUaaS) offering for US Credit Unions, a market estimated at $3.6bn annually

– Mbanq’s CUaaS, powered by The Temenos Banking Cloud, enables Credit Unions to gain faster time to market with cutting-edge digital financial services for members at a reduced total cost of ownership

– CUaaS integrates modern digital financial technology with comprehensive operations and legal compliance and is the world’s first end-to-end Credit Union solution”’s-First-Credit-Union-as-a-Service-and-Accelerate-Banking-as-a-Service-in-US-Market

Core banking on the cloud, the catalyst for innovation, agility and efficiency

“As new technologies open up data streams to and from third parties and emerging startups, banks will be able to offer their customers a range of new products, services and insights that will not only optimise customer experiences, both online and offline, but will create highly personalised, customised relationships. In financial services, Banking-as-a-Service (BaaS) platforms have emerged as an integral part of open finance, where players provide more value-added services for customers by opening their application programming interfaces (APIs) for third parties to develop new services.”

Taking Banking To The Cloud: Five Engineering Priorities

  • “Banking and financial services understand these demands, so it’s no surprise they are increasingly adopting cloud platforms; the global finance cloud market is expected to grow more than 22% annually through 2025.
  • To ensure a swift, seamless transition to cloud platforms, we believe banks must overcome five major challenges. They’ll need to reengineer processes and workflows; integrate cloud and legacy systems; adhere to regulatory compliance; and relentlessly test — all with bulletproof security.”

World’s Best Digital Banks 2021: Round 1

  • “Since the launching of Bank of America’s Life Plan in October 2020, more than 4 million customers have used it to set and track short- and long-term goals.
  • Underpinned by AI, Fatema has over 700,000 impressions on social media and is the first digital banking assistant to have its own social media account.
  • A year after Bank ABC launched ila, its mobile-only, cloud-based app, the bank’s key performance indicators—including cost-per-acquisition and number of deposits—were 4.5 times higher than expected, proving that delivering what customers want is good business.”