OCTOBER 2022CIOAPPLICATIONS.COM8CIO InsightsCXO InsightsIn My Viewhen it comes to the megabanks, one solution to these competitive challenges is to invest in bolstering their own technology as well as acquiring smaller technology companies through M&A (which is the trend they are all following). It is vital that financial institutions continually evaluate how best to adopt technology and reposition themselves in the evolving digital landscape. By contrast, what should the smaller banks, credit unions and financial institutions do to stay competitive?Smaller institutions cannot operate at the same level as the largest institutions; however, we need to integrate with emerging technologies through strategic partnerships. Smaller financial institutions must rely on a combination of software providers for banking services, and technology partnerships. This balance of software providers is more critical than ever to maintain efficiency and to stay competitive. A continued evaluation of the costs and benefits of these alliances must now become part of standard operating procedure.Consequently, FI's and software companies must also embrace open API's. Software should be more flexible and compatible with a multitude of technology stacks. Security concerns prevented most banking software platforms from integrating API's in the past, and many software companies had been slow to adopt this practice. However, now that secure connections and cloud solutions are becoming more JAMES GOODSTEIN, VP, PRODUCT MANAGER, DIGITAL BANKING, OCEAN FIRST BANKRIDING THE WAVE OF DIGITAL TRANSFORMATION: HOW CAN SMALLER FI'S COMPETE?WJames Goodstein
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