VSoft Corporation’s Post

The total number of FDIC-insured banks in 2022 was 4,706, down 48.7% since 2003, according to a recent Forbes report. While navigating M&A activity, bank failures, and other market changes, what steps can financial services organizations take to excel in an increasingly competitive landscape? Follow the link to read more about the importance of the customer experience and the value of investing in a mobility strategy.

6 weeks into 2024 and Personalisation is high on the agenda for banks. Delivering high impact use cases to boost business value of transformation programs, winning the battle for deposits, and targeted offers that provide true personal value to each client to grow engagement and sales with financial data-driven personalization. #engagement #businessimpact #personalisation #banking Check out Personetics customer examples here: https://lnkd.in/eBcTjeup

It's that time of year when we review trends that we've seen driving impacts in global banking and refining trajectory over the longer term. 2023 has been a wild ride to say the least and 2024 promises additional ups, downs, and challenges that will continue to drive change in global banking. Preview 3 of those trends in this piece I've written for SAS with additional trends forthcoming in early 2024. Despite the past few years' wild ride and changing market conditions, global banking has proven to be largely resilient and generally sees a more positive outlook. Looking toward 2024 and beyond, here are some key trends that will require diligent focus if banking is to remain resilient and rise above the tide. http://2.sas.com/6046RDMG6

Choosing the right core banking system is a critical decision for banks, akin to replacing an engine while speeding down a highway. In a recent survey by the American Bankers Association, 47% of banks expressed varying degrees of satisfaction with their core providers in 2022, down from 59% in 2020. However, only one in five banks is actively considering a switch. This article explores the top five factors banks prioritize when evaluating a core migration, shedding light on the evolving landscape of core banking systems and the shifting priorities of financial institutions in an increasingly digital world. #BankingTechnology #CoreBanking #DigitalTransformation https://lnkd.in/dBUTbKzv

This was a timely update into the Banking industry from Forbes through their World's Best Bank survey. It is good to read a balanced approach of what matters to people most - Customer Service and Digital/tech Innovation are key elements but weighted alongside Trust & Stability to provide the best overall rating. Part of the challenge with transforming for the future is retaining your core values while changing fundamentally how you engage with your customers and employees. #bankingsector #banks #financialservices #digitaltransformation #customerexperience https://lnkd.in/dM7pYFXa

Inside the Banking Universe: Navigate Commercial Banks Organizational Webs with BFSIKonnect. Gain deep insights, identify key players, and stay ahead in the industry. Read more: https://bit.ly/45VbnPK https://lnkd.in/dyiyaywt https://lnkd.in/gzPQ76YF https://lnkd.in/g3D5Kgna #commercialbanksorgchart #orgchart #organizationalcharts #orgchartsofbanks #accountmaps #Bfsikonnect #Bizkonnect   

What does 2024 hold for the banking industry? 🔮 10x Banking spoke to thought leaders to get their take on how the industry adapted in 2023, and what this means for the future. Our very own Huw Davies had a few things to add to the mix: "It feels like things really did start to get back to normal in 2023. In some ways, lots was new. In others, it was same old, same old." Find out what else he had to say alongside the other contributors in 10X Banking's first-ever trends guide: https://lnkd.in/eK_6C_UE #bankinginsights #bankingtrends #bankingtransformation #2024trends

Here’s quite an insight for banking C-suites. 💡 Insider Intelligence reported that U.S. banks spent nearly $93 billon on IT and tech expenses by end of 2023, up from $85.5 billion in 2022. “However, the majority of that spend is allocated to maintaining current systems and signals a plateau in ROI. Many banks today are adjusting to new economic realities and cutting spending across the board – which includes pausing major technology initiatives such as core conversions.” ~ Mike Wolfel Finextra https://lnkd.in/eFEaugms Banks the world over face these issues. It’s expensive for them to run their own proprietary banking platforms and maintain their vast legacy infrastructure and software. This is where outsourced Banking-as-a-Service can come to the rescue. It’s much more agile and economical. Our CFO Elmar Grobbelaar recently unpacked the issue in Inc Magazine: https://lnkd.in/dM48mxgb #directtransact #bankingasaservice #BaaS #banking #payments #outsourcedbanking #agility

In the ever-evolving realm of financial services, banks face a pivotal moment. The traditional approach to managing consumer financial data is undergoing a transformative shift, compelling banks to adapt or risk trailing behind. The inconsistency in data management standards poses a dual threat, hindering customer satisfaction and placing banks at a competitive disadvantage. Discover why embracing digital transformation is imperative for thriving in this dynamic landscape. Our latest blog delves deep into the challenges and opportunities shaping the financial industry. From the impact of changing data management standards to navigating the CFPB's open banking rule, we've got you covered. Read the blog now: https://lnkd.in/gVDf7UbK #DigitalTransformation #BankingInnovation #OpenBankingRule #i2c