Madiston plc, digital lending software vendor, has the findings of the recent The Bank Director's 2019 Technology Survey at the heart of its Digital Banking platform. Three key points from the survey:
Banks top objectives: 72% of survey respondents say fuelling efficiency. 78% say improving the customer experience.
Areas of IT spend: 68% are investing in automation, and 67% are investing to enhance the bank's digital channels.
Overall goal: most banks see technology as a way to save money and time not generate revenue (only 30% say that driving top-line growth fuels their technology strategy).
To save time and money, the technology must carry the heavy load in processing, so operational costs can be kept to a minimum, driving up profitability. Many financial sector institutions have legacy data recording systems, often in silos, rather than automated processing systems that ensure efficiency and compliance across the organisation.
With many years' experience in financial sector technology, Madiston's digital banking platform was designed with all this in mind, enabling banks and indeed, non-banks to capitalise on the new digital financial services landscape.