The data-sharing directive has gotten off to a rocky start overseas, underscoring the need for domestic banks to start educating customers about the model well before it’s adopted stateside.
The big four core vendors have had little incentive to innovate in recent years. But newer competition will force them to update their technology if they wish to survive the digital age.
While banks know they must develop and launch new tools that are useful, convenient and intuitive, figuring out which tools meet that objective and employing them often seems out of reach.
Before banks replace their core systems — which are largely homogeneous in the U.S. — they should work on ways to deliver convenient and engaging digital services for each of their channels.
