Complete Story
03/12/2015
D3 Banking, Malauzai, Jwaala, Orrstown Bank and Fiserv Engaged in a wide-ranging but enlightening conversation on a number of topics related to the digital banking experience.
Paul Koziarz, Chief Development Officer & President & General Manager Regulatory Compliance, Computer Services, Inc. moderated a panel comprised of Mark Vipond, President and CEO, D3 Banking; Tom Shen, Founder, Chief Executive Officer & Chairman, Malauzai; Eric Fisher, Director of Sales & Marketing, Jwaala; Ben Walace, Executive Vice President Operations & Technology, Orrstown Bank; and Tim Ruhe , Vice President Business Development, Fiserv. They engaged in a wide-ranging but enlightening conversation on a number of topics related to the digital banking experience.
Ready or not convergence is coming. In the market-place today the customers prefer the choice of the interaction as to the mobile channel, pointed out Shen. He also expressed the viewpoint that the convergence of digital and mobile is not just about the technology but the users, which include consumers, businesses, and financial institution employees as well. If mobile is the best experience, pointed out Shen, then we should propagate that experience not only to the self-service channel but to the assist-service channel; why then should we have a different set of software that services the customer when they are by themselves or if they are at a branch. “Should that not be the same experience?” asked Shen.
For community banks change is difficult. “Eighty percent of banks are not receptive to change. If you were a community bank and you were trying to build this omnichannel…where do you begin?” asked Walace.
Vipond explained that fintech vendors always struggle with innovation versus the late adopters. It is a disadvantage for fintech vendors to be too far ahead because there are not enough buyers for their solutions.
Fisher maintained the there is a lack of openness in many of the systems. “Instead of getting a more open approach, the lack of flexibility and openness across systems has been a huge detriment across this entire industry.”
Tim Ruhe suggested that when you get past the platform issue, each channel will have unique transactional requirements. “These new digital devices bring new expectations and capabilities in terms of transacting, so it doesn’t have to be just about a banking relationship, doesn’t have to be about balances, there is a lot of engagement to do around payments,” said Ruhe. He added “How do we deliver to the end user that payment ecosystem…and then have that holy grail…the engagement and cross-sell.”
The panel also tackled personalized offers, Big Data, transaction speed and security.