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How do you know when it’s time to modernize your card program?

By Cristi Kirisits

It’s no secret that financial institutions in general have been slow to evolve and embrace new technology. But not all institutions are in the same place or experiencing the same challenges. So how does an organization really know when it’s time to look into bringing on new technology?

There are some definite indicators that if you take the time to listen, will tell you when it’s time:

First, take a look at your deposits. Has their growth stagnating or growing slower than your competitors? Modernization can significantly help with this.

Second, take a look at the customers you want to obtain. Are you struggling to attract or retain the younger customer segment? Lack of digital or mobile technology could play a major role here.

Third, do your customers or members still have to come into the branch to open a new account or accomplish simple tasks? If so, you’re missing the opportunity to service them via a more convenient channel.

There are more! Click hereto watch a short video from PYMNTS.com on what they key indicators are so your organization knows when it’s time to modernize!