New Tech Platforms Hold the Key to Retail Banking's Future

Almost all traditional banks and credit unions have been hampered by legacy technology that has made it difficult for them to compete with new tech-driven competitors. But options are now available -- and being used, in a few cases -- that free up institutions to compete in a far more agile, consumer-focused manner. The change could be liberating -- but only if banks and credit unions embrace it and make the necessary staff and cultural adjustments to take advantage of more modern technology platforms. Other than the largest financial institutions, to date very few banks and credit unions have deployed advanced technologies such as artificial intelligence, according to Cornerstone Advisors research. Although the numbers are beginning to move, particularly among credit unions, modernized core platform technology now available should speed adoption.