Digital banking sounds sophisticated and complex, and for the underlying technology and security that makes digital banking possible there certainly is a good deal of sophistication at work. Add to that, there are a few key and very different strategies being developed by our partners in the Fintech space, such as voice banking, text banking, artificial intelligence, bots, and blockchain. Regardless of the strategy the goal is the same; change the traditional chore of banking into something simple. I’ll use the following example: While sitting on my couch I realize I am hungry, but I have no intention of moving. In the old days this would have required me to direct one of my children on a secret mission to the fridge, all the while keeping my wife in the dark from my child labor exploits. But technology has simplified things for me and I no longer need to resort to questionable parenting acts to remain comfy on the couch, and have food come to me. Now I can receive a coupon for my local Domino’s on my phone, swipe to the right, and place an order without needing to move more than a finger. It’s brilliant. That’s a pretty simple process, and because of it I order more pizza than I probably should. Another example removes the phone completely from the picture. I can instruct Amazon’s Alexa to play any song I want, keep me up to date on the news, re-order dog food, or answer just about anything I could read on Wikipedia by simply asking her to with my voice.
Imagine if banking was that easy. While sitting on the couch I realize that I need to put money into my daughter’s savings account, or pay a bill, or transfer money from my checking to my 401k. Now I can grab my phone, and it happens within seconds. Or take it a step further, I want to apply for a new home, so I tell Alexa to go find me the best rates for home loans at my credit union and submit an application for me. A properly implemented digital banking platform today lets us move money around in an immediate and simple process. The digital banking platform of tomorrow will free us from filling out tedious applications for things like loans, and opening accounts.
That is where Solarity is focusing our efforts. Today we’re in the process of re-engineering our digital banking platform so it is a simple and safe banking experience. We’re taking great care to identify the most intuitive and secure technologies that will empower our members to take control of their money with real-time 24/7 access so that they can do anything from their phones that they can do in one of our branches. We’re also actively developing for tomorrow. Imagine a world where you walk into your dream home, hit the “buy this home” button on your phone, and the next thing you receive from your credit union is your approval letter for three different mortgage loan options. You pick the loan you want and your offer is sent to the seller before you walk out the door. That is just part of the way Solarity sees financial institutions evolving from a manual chore to a digital assistant.