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The following commentary is excerpted from the webinar Embrace Change: Take Risks and Disrupt Yourself, taped on July 25, 2018. It is entitled, “How Credit Unions Can Accelerate Their Digital Transformation Initiatives to Boost Relevancy,” with host Mike Lawson.

The goal of advancing your digital banking services should always be to cater to the consumer and deliver a superior user experience. When you accomplish that, it translates directly into customer recruitment and retention.

As you think about how to deliver the ideal digital experience, always strive to hit the long ball. It’s not just about what the consumer wants today; it’s about what the consumer will want six months from now and how the consumer will continue to evolve, incrementally.

How nimble is your digital banking solution? Is it flexible enough to keep pace with the speed of innovation? If you are launching or significantly upgrading your digital banking offering, carefully consider which approach is right for you as you build, launch, and maintain your platform. The old adage “measure twice, cut once” applies.

Key Decision: Build or buy? On the one hand, buying something pre-built, off the shelf is attractive because it's typically cost effective. This option looks appealing when weighing it against building a solution from the ground up – and bringing on new employees to accomplish that.  

This option to buy also has advantages in terms of initial cost and speed to market. The biggest complaint that credit unions and banks have is that they operate within a very rigid set of capabilities. It’s impossible for credit unions and banks to differentiate themselves when their digital banking experience looks exactly like the many other banks and credit unions using the same, cookie cutter software. They are unable to add or customize features unless the features they want are included in the periodic software updates.

In contrast, Kony DBX is a build-buy hybrid. It comes with core banking functions prebuilt and ready to launch. It also provides flexibility so you can extend, enhance, customize, and add new features to maintain total control over the user experience. . It can be used as a plug and play to add features and customize in a way that is perfectly tailored to the credit union’s brand.

This approach accelerates the process and gets you the best in class product that you can have today, bypassing an immense investment in infrastructure.

The goal of advancing your digital banking services should always be to cater to the consumer and deliver a superior user experience. When you accomplish that, it translates directly into customer recruitment and retention.

Decision: Maintenance. Digital transformation will never be fully accomplished. Even digital giants like Amazon are continually transforming and innovating. Once you launch your digital banking solution, you will continue evolving with the consumer. The question is whether you want to do this in small steps or spend months developing a huge strategy and successfully execute it in a single push.

The Kony DBX platform approach allows credit unions the flexibility to get started or continue on their digital banking path at the appropriate pace each identifies.  We’ve partnered with more than a dozen external fintech providers and designed a suite of ecosystem pre-built integrations – think Touch ID, Chatbot, Blockchain. Our credit union partners can focus on smaller innovations or “microvations” while considering their next innovation already available in the flexible Kony DBX ecosystem.

The one big play approach that many large financial institutions are executing is not feasible for most credit unions looking to innovate. The Kony DBX platform allows every credit union the flexibility to begin or continue innovating from their phase of digital maturity and not miss out on the digital innovation revolution.

Kony DBX levels the playing field for credit unions. As a partner, we make sure you have a strategic advantage to compete against the big banks. You can't outspend the competition. What you need to do is find a way to out-partner them, and that's what we really aim to be. So that's really the goal of DBX.

The genesis of Kony DBX

Kony Digital Banking Experience (DBX) platform is really about bringing together a suite of technology solutions to help accelerate digital transformation for banks and credit unions. What we do for banks and credit unions has grown and evolved so much that it merited its own brand – and a product – with a set of solutions specifically focused on the banking sector.

Kony began with a horizontal play of industries, not just banking. We will continue to serve our global customers in health care, energy, retail, and other industries – while expanding and amplifying Kony DBX as its own brand. The cross-sector experience adds value to the customer.

About the Kony DBXpert Series

Industry data, reports and stats are everywhere – what’s consistently missing is the human element – the insights and perspective behind the bullet points from those who live it daily. We created the Kony DBXpert series to help banking and financial services leaders connect the dots between digital transformation and revenue – think of it as a practical way forward without the hype.

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