Lake City and Sterling National are the latest US banks to launch new digital banking services, targeting both consumers and businesses.
Lake City Bank, based in Indiana, unveiled a “The next generation” digital banking platform to serve business and retail customers.
Called Lake City Bank Digital, the platform is designed to combine digital functionality for customers into a device-independent solution. Previously, this would have meant using four separate online and mobile solutions for business and home accounts.
Customers will be able to view accounts, pay bills and transfer funds as well as manage cards and subscription services. It will also include financial management tools, with budgeting, planning and savings functions.
“Our commitment to Lake City Bank Digital is linked to the relational strategy that has driven the bank since its creation,” said David Findlay, President and CEO of Lake City Bank.
“We made this decision very intentionally to ensure that we are not only competitive on the digital banking front, but also positioned for long-term competitiveness with competitors of all sizes, especially digital services offered by much larger banks. Despite the challenges inherent in deploying this digital platform during a pandemic, it was essential that we move forward to be at the forefront of delivering this next-generation platform. “
Elsewhere, New York-based Sterling National Bank has partnered with cloud-based digital banking platform BrightFi.
The bank will provide banking solutions to support the BrightFi platform, following similar strategic partnerships it recently signed with Google Pay and Rho Technologies.
“We are thrilled to partner with BrightFi to create and deliver an innovative set of services that bring digital banking solutions to those who need them most,” said Matthew Smith, executive managing director of Sterling National Bank. “We see our collaboration with BrightFi as an opportunity to create and deliver seamless banking experiences to current and future customers.”
Many bank management teams have realized that offering digital banking services is a way to challenge market share in the aftermath of the pandemic.
However, recent research from Capgemini has revealed that many large established US banks are not structured for digital change.
This presented an opportunity for fintechs, with research revealing that 36% of customers discovered a new financial service provider during the crisis and planned to continue using them after the pandemic.