According to Sandstone Technology’s Chief Customer Officer Jennifer Harris, 2024 will bring a return to ‘normality’ – or the closest we’re likely to get, post pandemic. Jen and colleague Michelle Yu, Chief Product Officer, came together to discuss the question: ‘what does 2024 have in store for financial services organisations?’ Below, we cover regulatory changes, Gen AI, cybersecurity threats and more.

We’re now in a market, post-Covid, where digital expectations have been pushed to new heights. Digital customer acquisition strategies are more important than ever, but financial institutions (FIs) are still seeing too many application dropouts. 

Banks will need to offer smoother onboarding if they wish to acquire those customers needing to refinance and anyone shopping for a better rate.

With real-time monitoring, alerts and fail safes, Sandstone Technology’s tranche management feature is already taking worry and risk out of managing the lifecycle of deposit products.

Sandstone Technology’s Chief Customer Officer, Ross Watts, explains why digital mortgages are no longer a desirable future state: they’re available now and becoming an essential tool in a bank's digital offering.For years, banks and other lenders have been describing their home loans as digital. But often that’s wishful thinking. What sits behind the scenes may be far from a true digital solution.

Fintech digital transformation can be made much simpler if partners are willing to drive value in the direction of their customers. With more innovation taking place in the industry, the ability to meet the customers’ needs is what sets a company apart from the rest. As the world continues along its current trajectory towards digital payments and banking services, organisations like Sandstone Technology — with multiple technological capabilities — are encouraging the adoption of fintech among consumers and businesses.

Customers today have come to expect a level of personalisation while interacting with everyday brands. Technology companies like Amazon, Netflix, and Facebook have recognised the opportunity personalisation can offer organisations and have advanced their service offering through personalised experiences in order to meet constantly evolving customer expectations.

Sandstone Technology’s CEO Michael Phillipou helps explain how APIs make exciting fintech integrations possible with many core banking system, however monolithic and problematic they may be.

At a time when it’s easier to switch than ever before, single customer view is a powerful retention and capture tool in the fight for market share, according to Sandstone Technology Chief Customer Office Ross Watts. There are two main battlegrounds for banks generally, says Watts. The first is achieving ‘main financial institution’ status with a customer, meaning that the bank holds the customer’s main transaction account. And the second is the home loan.

As Britons continue to save more in the wake of COVID-19, and more savers do their banking digitally, building societies and banks must re-think how they service their e-savings accounts to increase share of wallet.