The eSign Blog

Financial Institution Operations That Thrive in a Digital-First World

Written by Nish Shah | May 17, 2022 12:03:00 PM

There’s no doubt that we are living in a digital-first world. Consumer expectations along with the digital landscape are changing faster than ever. It’s crucial for your financial institution to keep up or run the risk of being left behind.  

Digital transformation is a term often used when discussing the future of banking. This strategic initiative is quickly becoming important to the modern FI. In fact, Statista estimates that there will be 203 million digital banking users in the U.S. in 2022, with the number growing to 216.8 million by 2025 – a statistic that indicates the significance of digital initiatives for FIs. By embracing new technology, your bank or credit union will stay ahead of the curve for consumers.  

Today’s consumer expects seamless, fast, and friction-free online experiences. There has been a major shift in focus toward customer experience over the past couple of years as more and more financial institutions adopt new and advanced solutions. The modern consumer expects to conduct financial transactions with the same ease and online experiences that they are used to with companies like Amazon. By embracing technology, like eSignatures, a greater emphasis is put on your consumer having a quick, easy, and convenient experience they have grown accustomed to with other businesses.  

The digital-first mindset will only continue to grow in the future. Deloitte predicts that by 2025 transactions will be touchless and self-service within the financial industry will become the norm. Due to the pandemic, many FIs were forced to adopt digital solutions before they were ready. By embracing solutions like eSignatures now, your financial institution will be better prepared for the future FI landscape.  

As financial institutions continue to push digital-first initiatives, they will continue to see success. A recent survey from Broadridge stated that digital transformation is starting to pay off across the finserv industry, with more than 40% of C-Suite executives saying they have grown revenues and profits as a direct result of digitization. The many benefits associated with adopting these solutions are particularly enticing to banks and credit unions. For example, by incorporating eSignatures, your FI can close transactions faster and with fewer resources. FIs who are more open to accepting digital solutions will improve their overall business operation.  

There is more competition in the financial services industry than ever before. Fintechs and non-bank competitors are challenging the traditional way of banking. The idea of open banking is quickly on the rise and gaining favor with the public. FIs need to take advantage of technology to stay competitive in the modern financial industry.  

As we’ve seen over the past couple of years, digital-first solutions continue to play a role in our society. Financial institutions that previously adopted new technology during the pandemic have a great opportunity to advance their digital transformation further to delight their customers and offer better, more efficient services for the future.