Systems that run cash management services were built decades ago and prioritized functionality over user experience. That is starting to change as banks invest more heavily in digital upgrades geared toward commercial customers.
When Apple or Google releases a new version of its operating system, banks are forced to respond by updating their mobile apps—running just to stay in place. Next month's release from Apple is especially challenging.
Unable to outspend big banks on technology, Asian-American banks are marketing to different ethnic groups and immigrants, sponsoring events for youth and young professionals and emphasizing in-person service.