whitepaper, “Te Missouri Digital Landscape: Benchmarking Fintech Across Missouri Banks,” that is available at mobankers. com. However, we wanted to share a few highlights with you here that are particularly relevant as you look forward in 2022.
First, the majority of banks in Missouri rate their front office, back-office, customer facing and data analytics technologies as “average.” Although there are outliers in the “above average” category, most Missouri banks see significant room for improvement in the experience that is delivered to customers and staff. Few banks feel that they can work on all of these categories simultaneously, but almost all banks believe that data management and analytics will be a very important area of work in the next three to five years.
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mobankers.com
Second, the core will always play a central role in what a bank can and cannot do, but non-core fintech partners leap in importance over the next three to five years. Most bankers indicate that the cores alone will not be able to support all of the initiatives they must undertake. Tis will either force the cores to open up additional connections and APIs, or it will create an environment in which a bank’s vendor
network becomes much more complex. Either way, the current state in which non-core fintech providers are a difficult part of the puzzle will transform as they become a necessary part of the puzzle beginning in 2025.
Tird, the categories of innovation investment by Missouri banks today do not mirror what those investments are likely to
look like in the next three to five years. Today, online account opening, peer-to- peer payments and mobile apps are eating up time and capital investment. However, in three years, fraud prevention and online lending move into the top three, with cryptocurrency also coming into focus (and at the moment, even three to five years seems too long for digital assets). Tis current state and future state data
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