Narendra discussed how consumers are driving the advancement of digital banking using experiences outside banking to drive expectations and innovation.

The evolution of digital banking has transformed from assisting with basic transactions to providing integrated platforms that provide seamless DIY experiences across devices. This evolution has been driven by advancements in technology, changing consumer expectations, and the entry of fintech and big tech competitors.

Today, banks are increasingly focused on user experience, personalization, and real-time functionality, while also enhancing security measures to build digital trust.

Among other topics discussed on the podcast, Marous asked Narendra how Tyfone is preparing for emerging technology including increased use of Artificial Intelligence and how it will relate to the digital banking space.

Narendra said that – having come from big tech – he believes you must first look at what the underlying principle is that drives evolutionary changes. That is because sometimes something looks revolutionary – like chatbots and AI – but they were actually evolving for 30 years.

“We just didn’t see it,” Narendra said. “So the digital technologies, if you apply the fundamental law, which is predominantly driven by Moore’s Law, there is a two to three exchange every two to three years. And cumulatively after 10 years there’s a thousand-exchange, so we look at that evolution and we bucket the evolution into three areas and we do research in each one of them.”

The first and perhaps most important of those buckets, Narendra said, is the evolution of experiences.

“I’ll give one example,” Narendra said. “Today the biggest challenge our prospects have is when they change digital banking and their users don’t like it because something dramatically changed, and they’re like ‘oh why why did you make the change?’”

Tyfone, a digital banking provider, sees its mission as helping communities to have a strong and healthy financial future, and the company does that by assisting community financial institutions to support their members and customers.

The underlying theme of AI is that it allows community financial institutions to have safe, efficient operations while adding value to their members.