How North American Community Markets institutions can use winning technology effectively
NACM (North American Community Markets) financial institutions serve specific markets and regional communities, and pride themselves on their close working relationships with customers, as well as their in-depth knowledge about businesses’ ongoing credit and lending needs.
It means that these financial institutions play a vital role in the North American economy. But from a technology adoption standpoint, they have not always marched in step with larger banks and continue to manage many business processes manually.
There is a clear opportunity to pick up the pace on their digitization programs by investing in open banking systems that enable smooth integration with third-party fintechs offering solutions for regulatory compliance or ESG reporting. However, financial institutions need a new playbook to orchestrate solutions and fintech players into their banking ecosystem.
To understand how far NACM banks have travelled towards digitization, Finastra partnered with East & Partners to survey 393 Heads of Coverage and Relationship in these institutions to assess their current progress and future plans. The message is clear from our findings that fintechs and banks will be working in tandem for time to come, but the challenge is understanding how financial institutions can select the
right players for their team to offer a superior banking service….
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