What could be greatly improved in banking from 2024 to 2025?
Jon Tvrdik, CEO, WaveCX
One of
the most significant areas for improvement in banking this year is the
humanization of digital experiences. Financial institutions need to focus on
delivering solutions that build trust and loyalty while keeping services intuitive,
accessible and proactive. This involves putting simplicity and personalization
at the forefront of digital interactions. By leveraging AI-powered tools, banks
can provide seamless and personalized experiences that meet the evolving needs
of their customers.
Additionally, there is a need to improve the accessibility and implementation of advanced technologies for institutions of all sizes. While the technology is ready, adoption depends on overcoming resource constraints, training teams to adapt to new ways of working, and aligning these tools with compliance frameworks. Making these technologies accessible and easy to implement will be crucial for widespread adoption and success.
These improvements will not only enhance the overall customer experience, but also position financial institutions to compete more effectively in the rapidly evolving digital landscape.
Preetha Pulusani, CEO, DeepTarget
Credit unions must prioritize simplifying banking for their members through intelligent technology. By leveraging first-party data and AI responsibly, they can create personalized experiences that anticipate member needs. This means creating easier-to-use mobile apps, faster digital account openings, and more intuitive financial tools. By using technology smartly, credit unions can provide personalized advice that helps members make better financial decisions. The goal is to reduce frustrating banking processes, improve security, and make financial management feel less complicated and more supportive. Ultimately, it's about turning technology into a helpful financial partner, not just another complex system.
Alex McLeod, CEO, Parlay Finance
Looking ahead to 2025, credit unions have a huge opportunity to grow by unlocking the power of something they already have – their member data. Currently, valuable member insights are siloed across departments, but unifying this information can transform service capabilities, especially in business lending. By leveraging technology and relationship data, credit unions can streamline business loan applications, offer faster approvals, and provide more competitive rates while maintaining sound underwriting. Success will depend heavily on people, not just technology – credit unions must invest in helping teams embrace data tools while strengthening their role as financial educators for all members.
Sarah Martin, CEO, Pulsate
In the next year, I hope to see credit unions using their data more effectively to better understand and meet member needs. Many credit unions have barely scratched the surface when it comes to utilizing first-party member data, let alone third-party data. Every interaction a member has with their credit union—whether logging in, making a call, swiping a card, paying a bill or clicking on a digital message—creates a datapoint that can reveal a need. The challenge is the sheer volume of these datapoints, which can be overwhelming. In 2025, every credit union should pick a starting point, even if it's just one datapoint, and begin using it to benefit their members.
Preethi Janardhanan, VP, Client Solutions, Rapid Finance
One key area for improvement is the adoption of technology that empowers credit unions to better serve small businesses through data-driven decisions. Leveraging member data can unlock deeper insights, enabling highly personalized services, faster onboarding or credit decisioning and tailored financial solutions, improving member satisfaction and loyalty.
Credit unions could benefit from the modernization of outdated systems and fragmented data architectures, which make it difficult to implement real-time integrations and data-sharing networks. Credit unions should also address barriers like resource constraints and skip gaps by partnering with fintechs. These collaborations can provide turnkey solutions, enhance risk management and simplify compliance. By fostering a culture of innovation and embracing operational changes, credit unions can support underserved businesses, drive economic growth and strengthen their competitive edge.
Danielle Sesko, Director of Product Management and Innovation, TruStage™
2024 has been a remarkable year for expanding credit accessibility; a trend I hope continues in the new year. I also hope to see widespread adoption of embedded Digital Lending Insurance (DLI) strategies.
As the digital lending market grows, the rise in
small-dollar loans and BNPL options has increased the risk of defaults,
especially for underserved communities. DLI can mitigat...