Most everyone today has likely used some form of mobile or digital banking when conducting personal or professional transactions with his or her preferred institution. From managing several accounts online, to the ability to transfer money via an array of digital transfer platforms, the banking industry is not immune to the sweeping technological advancements that shape industry, culture and society in today’s digital age.
Paris Roselli, senior vice president of digital banking at M&T Bank, says he first noticed general shifts towards online banking in the late 1990s, in line with the early stages of growth of the world wide web. “There were online-only banks and early adopters within the industry. Online-only banks struggled and traditional banks generally came out ahead once they adopted new technologies,” Roselli explains.
“This [shift] is customer led,” says Chris Maher, chairman, president and chief executive officer of OceanFirst Bank. “This is not the bank trying to drive someone to a particular channel; these are customers saying, ‘This is how we want to bank with you.’”
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