Alkami's latest market research reveals the defining factors of business banking digital maturity. After surveying 150 digital decision makers from U.S. financial institutions, researchers found that the most advanced organizations are those that leverage culture, strategy, and technology to drive results. Digital maturity is not only tied to the capabilities financial institutions offer via their business banking solutions, it also correlates to the financial success of that organization – resulting in nearly 10x more average annual revenue growth.
Key findings from the research include:
- A strong correlation between digital maturity and revenue growth, where financial institutions leading in digital maturity are growing at nearly 10 times the rate of their less advanced counterparts.
- Three foundational pillars that define business digital maturity: user experience (UX), employee productivity and mindset/culture.
- Financial institutions that prioritize digital investment and execution are more likely to view megabanks as their primary competitors and to quickly close gaps in their digital offerings.
- Digital maturity leaders often skew larger in asset size, however, one in five leaders has less than $1 billion in assets, showing that smaller institutions can outperform larger ones.
- Conversely, over one in five of the least digitally mature financial institutions hold more than $10 billion in assets, proving that size alone does not ensure digital leadership.
Download the report to unlock valuable insights and actionable strategies to achieve the next level of business banking digital maturity.