For how many years have you heard about omnichannel banking – and you also know not many institutions have done this more than pay lip service to an idea of the digital first financial institution.
About 90% of financial institutions in the US in fact fall very short of really getting omnichannel, says Vince Bezemer, head of strategy at Backbase, a digital platform provider with the tagline “Become the Bank that People Love.”
That means about 10% of US FIs are in fact digital first and of course that includes many of the biggest.
But it does not mean that credit unions can’t succeed in embracing a digital first strategy.
In fact now, in the Covid-19 era, many are going forward at high speed to become digital first.
As for Backbase’s pedigree, know that its clients include Navy Federal, State Employees Credit Union of North Carolina, and Schools First.
But Bezemer in this podcast stresses that Backbase has tools and services for smaller institutions too.
This podcast is Part 1 of a two part series on digital first. In this podcast Bezemer talks at length about what digital first means, why it is important, what institutions need to really do it, and why you don’t want to define your credit union with cookie cutter tools and apps that literally hundreds of other credit unions use.
In Part 2, you will hear from Wildfire Credit Union, a Backbase client that is deep into its transformation into a digital first institution. It’s a rare, candid look at what the process really is.
You know digital first matters.
Want to listen to more of the Credit Union 2.0 podcast series? Click here to view the series.
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