MEMPHIS, Tenn., Oct. 4, 2018 – SRM (Strategic Resource Management), an independent advisory firm for financial institutions, today released a report examining the four primary influencers of a digital landscape for banks and credit unions, titled, “The Future is Digital: Voice Technology, Open Banking, and the Future of U.S. Financial Services.”
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An earlier report from SRM considered how legacy systems and processes are impeding most financial institutions’ response to digital transformation. This latest report offers a complementary perspective to explore emerging technologies that can help level the playing field for banks and credit unions competing against larger institutions. Specifically:
- The potential uses for voice recognition and authentication to elevate the customer experience;
- The effect of APIs (Application Programming Interfaces) on time to market and overall costs of digital features;
- The evolving relationships between FinTechs relative to regional and community institutions; and
- The possible impact of the European Union’s open banking model that’s emerging, per mandate, on U.S. banks and credit unions.
This report explains why digital transformation may be an objective that regional and community institutions can satisfy ahead of their larger bank counterparts. To do so, according to the summary, they will need to realize how available technologies, such as those named, empower them to get ahead and remain relevant.
SRM provides a wide range of consulting services designed to facilitate digital transformation, including current state mapping and evaluation; future state goal definition, including gap analysis; and creation of a transformative business plan, incorporating a horizontal view of requirements throughout the institution, as well as a digital transformation project playbook. The firm has completed more than 7000 projects across its various disciplines delivering $2.2 billion of value to over 700 clients.
SRM (Strategic Resource Management) has been trusted by more than 700 financial institutions to advise in areas such as payments, digital banking, core processing and operational efficiencies. The company has unlocked billions of dollars in value and improved the competitive advantage of its clients with a reputation for industry-leading subject matter expertise, a proprietary benchmark database, and proven negotiating skills. Visit www.srmcorp.com for more information and follow the company @SRMCorp.