The evolution of digital banking: technology and member experience

Siva Narendra, the CEO of Tyfone, recently spoke at CUInsight’s Mini-Con series about the evolution of digital banking.

Among other topics, Narendra discussed the ways that digital banking is similar to money itself in the way that it periodically compounds.

“You build a digital tool and then use that digital tool to build the next digital tool,” he said. “It compounds itself. And that compounding brings a lot of economic benefits, because what used to cost twice as much will cost half as much.”

Narendra added that most customers today would prefer to do business with a community institution, but they often pick larger institutions to bank with because the digital technology is simply not advanced enough at small banks and credit unions.

“So investing in digital and understanding digital – digital banking is just one aspect of it – is really, really important,” Narendra said.

The CEO also talked about Moore’ Law, which states the speed and capability of computers can be expected to double every two years. And, at the same time, costs are decreasing.

Robbie Young, VP of Strategic Growth for CUInsight, asked Narendra how Moore’s Law is influenced by the pace of digital transformation, especially as it relates to credit unions.

Narendra said ignoring Moore’s Law as a company simply means that a competitor will take away your business.

“Digital strategy has to include the fact that everything is going to be real-time and everything is going to be natural language-based,” he said.

Tyfone, a digital banking provider, is taking what Narendra called “a digital banking plus-plus” approach that bundles digital banking, instant payments and intelligent banking.

Among other topics discussed on the broadcast were computers of the future and what credit unions can do to stay ahead of the competition.

“I think you need to own the future because nobody else is going to solve your problems,” he said.

The CUInsight Mini-Con is a virtual event series with the goal of connecting the credit union industry. It features global speakers, credit union leaders and strategic industry partners.

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2024-12-09T10:17:51-08:00
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