Banks Commit to Digital Transformation Plans as Investment More Than Doubles, Reveals Alkami

Home Trending Banks Commit to Digital Transformation Plans as Investment More Than Doubles, Reveals Alkami Mid-size banks and credit unions more than doubled their investments in digital transformation from 2021 to 2022, digital banking solution provider Alkami has revealed. In its ‘ 2023 Digital Banking Performance Metrics ‘ research report from Cornerstone Advisors , Alkami explains that mid-sized banks doubled investment in digital transformation to $425,000 per $1billion in assets, up from an average of just over $200,000 per $1billion in assets. Alkami also found that account holders are increasing their usage of key digital banking options. Mobile deposit popularity has increased, with 52 per cent of active digital banking users depositing checks via mobile devices in 2022: a 15 per cent rise from the previous year. Similarly, loan applications also saw significant digital banking growth, with 47 per cent of all loan applications in 2022 coming via digital channels: an 11 per cent rise from up from 2021. Peer-to-Peer (P2P) payments are seeing increased adoption with active P2P payment users as a percentage of digital banking users doubling from 12 per cent to 25 per cent in 2022. The research report also reveals the fragmentation of mobile payments. […]

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