Who is D3 Banking Technology
D3 Banking Technology’s Innovate™ Platform supports consumer and small business digital solutions that enable financial institutions to quickly introduce innovations that give them a competitive advantage in the marketplace. Our technology leverages an open API-driven platform built on a modern technology stack that is extensible, scalable, and configurable. The platform powers a consistent, intuitive user experience, while also reducing cost, lowering complexity and enabling financial institutions to more effectively understand and anticipate the needs of their customers.
How has the digital banking industry changed?
The entire digital landscape has changed. Previously, in the financial services industry, banks and credit unions would implement a digital system and then let it set for three or four years before evaluating again. In today’s landscape, digital innovation has to be a constant process. At D3 we are always assessing the innovations happening in the marketplace, whether it be AI, voice technology, etc. and then working with our clients to figure out how/if it should be applied to our product. You can put all sorts of bells and whistles on something to make it turn right instead of left but unless it has discernable value to the customer, it’s just innovation for the sake of doing something different. If financial institutions want to grow in the future, they will need to drop the “set it and forget it” mentality and adopt a culture of continuous digital innovation.
What digital challenges do most financial institutions site when discussing their plan to fully embrace a comprehensive platform?
First and foremost, would be customer impact. It is one of the biggest challenges that we have in the industry. Digital innovation and customer experience has been defined outside the financial industry by the likes of Amazon, Apple, Netflix and others. When it comes to banks and credit unions, how do you keep up with that innovation but still make sure you are applying the correct feature functionalities for your users, especially when there are some that don’t like change?
If you could pinpoint a trend going forward, what would it be?
Digital transformation is more than just online banking and mobile. In my mind, it is the starting point for creating a digital experience for the bank customers. The digital experience has to expand beyond the device and into areas such as the branch interactions. How do you use that same technology to create a unified customer experience across different channels? There is going to be a push for uniformity of the customer experience and leveraging similar technologies across the entire bank operations will be vital.
I also think the way financial institutions handle their investment portfolios is going to have to change. Historically, it has been entirely project based. In my opinion, the institutions who truly understand digital will say “I’m going to allocate this much money to my digital experience, what do our customers need and what can we get done for this amount of money?” It will no longer be, “we are going to add this bell and whistle, let’s put together a project, budget, review process, etc.”. Digital investment needs to be viewed as a whole by the banks and credit unions. This is starting to happen among the more innovative and forward-thinking institutions. I anticipate this becoming more prevalent in the future. It will have to be if banks and credit unions want to keep up with the pace of digital innovations
