A Checklist for Banks and Credit Unions

Cliche as it may be, our industry has gone through massive transformation, thanks in large part to technology advancements outside of the financial services industry. The basics of digital banking solutions though have been steadfast in fact, and they’re just as important to the foundation of banking transactions. The key difference is that now these basics of serving consumers and business account holders have a digital requirement to them.

The quality of the experience with, and the successful outcomes you gain from, the partnership you have with your digital banking solution provider is the exact experience you want your end users to have with your consumer banking solutions. Keep that in mind as you make the commitment to digitally mature and expand your technology stack, are your third-party partners all meeting the standards you would set for yourself?

Back to the business at hand…

The core pillars that every financial institution must master over the next five years to remain competitive are: availability, reliability, convenience, performance, real-time engagement, intuitive design, and security. 

For those reading this who have been in the banking industry since before every account holder carried supercomputers in their pockets, you’ll see those words are not unfamiliar at all: Branches should be available. Access to money should be reliable, and the money itself should always be secured. The hours that account holders were able to interact with their institution should be convenient to them, and so on.

My point is, these aren’t buzzwords—they are the same building blocks for delivering exceptional banking experiences that have attracted and retained account holders, supported operational efficiencies and strategic decision making for eons. The key difference nowadays, is that these tenants are being delivered across digital channels with the help of partners, like Alkami.

“The Basics” of Outstanding Digital Banking Solutions

	Availability	Be there 24/7. In digital banking, availability is everything. Both consumer and business account holders expect uninterrupted access to their funds at any time, from anywhere. Institutions must ensure that their platforms have zero downtime, eliminating “scheduled maintenance” and minimizing disruptions​. Account holders no longer tolerate downtime—they demand instant, 24/7 access. To meet these expectations, banks and credit unions must invest in scalable, resilient digital infrastructures capable of handling demand at all times.
	Reliability	If it’s there, it must work. Rolling out new services comes with the expectation that they will simply work. No bugs, no issues—just seamless functionality. High-performing financial institutions are defined by their ability to deliver reliable services, according to Cornerstone’s 2024 Digital Banking Performance Metrics Report​. If your mobile and online banking platform can’t handle a new feature launch without glitches, trust erodes quickly. Our industry is at a turning point—financial institutions must prioritize reliability as much as innovation to avoid losing market trust​.
	Convenience	Meeting account holders where they are. Account holders demand frictionless access to banking, whether they prefer in-branch services or the convenience of mobile banking. As the State of the Industry: The 2024 Alkami Telemetry Data Report highlights, providing a seamless experience—whether it’s digital account opening or loan funding—is vital. The research revealed that many consumers, particularly millennials, will abandon a process if it’s too difficult​​. One example of convenience in action is remote deposit capture. It’s an essential feature that 79% of consumer banking solution users see as critical or important. For banks and credit unions looking to improve, ensuring fast, reliable mobile deposit options should be a priority​.
	Performance	Speed drives satisfaction. In our fast-paced world, speed is non-negotiable. Whether it’s a transaction, payment, or loan approval, slow systems can frustrate users. High-performing institutions have invested heavily in optimizing digital performance, reducing load times and ensuring that actions like digital payments and transfers happen quickly and efficiently​​.
	Real-Time Engagement	Instant everything. Today’s account holders expect real-time experiences—whether they’re checking a balance or making a payment. Money movement should feel instantaneous to users, even if the backend processes take a bit longer​. Real-time engagement is where digital banking meets real-life expectations. Cornerstone’s 2024 Digital Banking Performance Metrics Report shows that banks and credit unions that prioritize digital speed, especially in payments, see increased engagement and satisfaction, especially among younger users​.
	Intuitive Design	User-centered experiences. An easy-to-use interface is a critical factor in digital banking success, especially as consumers grow more tech-savvy. For many, the digital experience defines the overall brand perception of a financial institution. Digital natives like Generation Z (Gen Z) and millennials are less likely to remain loyal if a digital experience is frustrating​​. The data-driven UX and UI that successful financial institutions implement are clean, intuitive, and user-friendly across generations, making navigation simple for tech-savvy Gen Zers and older generations alike.
	Security	Trust is everything. Security continues to top the list of priorities for financial institutions and their account holders alike. As digital engagement rises, so do threats from cybercriminals. Consumers want their financial institutions to be more proactive in protecting them by using data insights to monitor for signs of financial distress or fraud. Meanwhile, banks and credit unions that leverage multi-factor authentication, behavioral biometrics, and real-time fraud detection are leading the charge in building trust​​. With the rise of AI-driven fraud, financial institutions must adopt the strongest security measures possible to protect their account holders.

Excelling in the fundamentals of digital banking solutions—availability, reliability, convenience, performance, real-time engagement, intuitive design, and security—ensures that your financial institution is positioned not just for stability, but for growth. 

As banks and credit unions continue to compete in the digital age, focusing on these basics will foster trust, improve engagement, and ultimately lead to long-term loyalty.