Today’s mid-market banks face an industry imperative: Embrace digital transformation or get left behind. Banking customers are increasingly bypassing physical channels to exclusively interact with their banks via digital platforms.
But in an industry that is generally slow to adopt new technology, mid-market institutions in particular have struggled to meet the pace of innovation that the market demands. Banks in the mid-market are often tied to legacy infrastructure, with fewer resources to invest in transformative technology.
To maintain a competitive position amid rapidly evolving customer expectations, on both the retail and commercial sides, mid-market banks must prioritize a strategic and feasible approach to technology adoption. That requires understanding why a technology strategy is imperative, as well as what unique challenges must be overcome. John Stockamp of West Monroe and Deanna Oppenheimer of CameoWorks discuss the barriers that stand in the way of mid-market banks tapping into the FinTech ecosystem in the Puget Sound Business Journal.