It seems like only yesterday that Millennials were the up-and-comers, their digitally-driven behaviours forcing change in the financial industry. Now it’s Generation Z, half of whom are already adults, and all of whom are digital natives. Meanwhile, the Alpha generation – the under 10s – are hot on their heels. 

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. 

The Building Societies Association (BSA) Annual Conference 2023 is a valuable opportunity to connect with people from all levels of the sector and is always a source of inspiration for those of us attending from Sandstone Technology. As an exhibitor, we had some compelling conversations with a large cross-section of financial services professionals from across the UK. 

After being swept up in a digital wave fed by the pandemic, customers now have an expectation of being able to do everything with a series of clicks. Whether it’s shopping, working or banking, they want the freedom to decide when and how; whether to attend a specific location in person, or stay home on their device of choice.

If you’re still processing account applications manually, with no option for digital origination, you’re wasting the customer’s time. Today there is an expectation for digital banking at every step of the journey.

In 2023, cybercrime keeps generating news headlines, with villains inflicting trillions of dollars in damages globally every year. An ever-present threat to individuals and organisations, malicious cyber-attacks are increasing in number and sophistication.

After decades of stagnation, international payments have seen remarkable growth in recent years, arguably more than any other finance vertical. As our economic environment continues to fluctuate and customers demand improved experiences, we need to give cross-border payments our full attention.

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.

After a three-year hiatus, Australia’s customer owned banks, credit unions and mutuals had a chance to re-connect in person at the 2022 Customer Owned Banking Association (COBA) event. Sandstone Technology’s Chief Customer Officer, Jennifer Harris, reports back with her observations from the convention, and more broadly, thoughts on the post-Covid shifts shaping this dynamic segment.

For almost 10 years, term deposits have taken a back seat. In fact, there are people in their 20s and 30s who have probably never considered term deposits as a banking product. And with super low interest rates the norm, why would they?