Securing Digital Acceleration:
The Community Bank and Credit Union Imperative

The ways consumers and businesses transact has evolved considerably as they adopt faster payments and expect more digital experiences. For financial institutions (FIs), a digital-first strategy is necessary for not only new customer acquisition but also for existing customer satisfaction and loyalty. However, as most consumers are now thrust into using online and mobile banking more often, FIs need to stay alert as digital acceleration elevates vulnerabilities for fraud, money laundering, and other illicit activity.

In order to deliver seamless and highly secure digital experiences, community banks and credit unions need to successfully support that mandate, or else they risk losing consumer trust and business to those that do.

In this study produced by Aite Group, learn how a digital-first strategy is imperative for community banks and credit unions. You’ll learn:

• How consumers’ always-on and always-connected mindset demands quick and easy experiences over traditional, unpredictable payment mechanisms.
• Ways that community banks and credit unions can speed up their adoption of faster payment rails to keep pace with larger FIs.
• About fighting the growing risk of fraud that comes with faster payment systems using AI-driven, real-time behavioral analytics.

“According to a recent Aite Group consumer survey, almost 40 percent of consumers used new digital products, services, or banking methods during the COVID-19 pandemic… Not only are most of these digital newbies (more than three out of every four) pleased with their experiences with these new products and services, but they are also likely to continue using them going forward.”

“However, existing customers at community banks and credit unions are seeking increasing connectivity to faster payments, particularly Zelle and same-day ACH. Demand will only grow as individual consumers and businesses have positive experiences with these payments rails.”