1、2024The Digital Transformation of Financial InstitutionsTOMORROWS BANKINGFacing the digital era of financial servicesDigital transformation pitfalls for financialinstitutions to avoid7 steps for financial institutions to begin oraccelerate digital transformationTechnologies and the future of financi

2、al services:Building digital experiences that customers love01030204TABLE OF CONTENTSTOMORROWS BANKINGThe Digital Transformation of Financial Institutionsx x01x xUnchallenged for so many years,the banking industry today faces an unprecedented task:Tech,retail and fintech are all moving deeper into b

3、anking and changing everything from products to customer expectations.While competition has been increasing,these firms do have certain advantages over competitors:Banks are generally considered trustworthy,regardless of income,age,and gender of the customer.And overall levels of trust in the bankin

4、g industry have been trending upwards over the past decade,according to recent data.People still want face-to-face interactions with their financial institutions,but they also need their digital interactions to be intuitive,convenient,and integrated with their financial life.Financial institutions n

5、eed to ensure that their digital services stand up to competition and disruption in the industry,especially when new competitors are seeing massive growth.For example,in 2024,Chime now banks more than 38 million customers.People are turning to different types of apps and services to support their ef

6、forts to grow their savings,get a loan,make investments,and more.According to Plaids research,the average individual reports using between three to four fintech apps.Moreover,90%of consumers also report that fintech has helped them in some way saving them time or money,giving them more control,reduc