We’re starting off our Women in Fintech series this year with a conversation with Erin Wynn. As Executive Director of Product Management at NCR Voyix, Wynn helps both community banks and credit unions form strategies to implement their digital transformation and product roadmap initiatives.

Wynn also works as a mentor and coach for the company’s internal pre-sales teams. In this role, she helps ensure that sales engineers, solution architects and business analysts are supporting NCR Digital Banking’s vision and solutions.

We caught up with Erin Wynn to talk about her own beginnings in fintech, as well as what she is learning from her customers and clients about the most important trends in our industry.

NCR Corporation changed its name to NCR Voyix in the fall of 2023 as the company spun-off its ATM-based business, known as NCR Atleos. Headquartered in Atlanta, Georgia, the company has 35,000 employees globally, and trades on the NYSE under the ticker symbol “VYX.” NCR has been a Finovate alum since 2015.

How did you get started in fintech? What has led you to where you are today in your career?

Erin Wynn: I began my career in 1998, working at a bank, where I got my first taste of fintech. I worked so closely with one of our vendors, Digital Insight, that I even went to work for them for a few years before a different opportunity presented itself. In the long run, however, I knew Digital Insight was my home, and I returned to them in 2012. Digital Insight was acquired by NCR Voyix’s Digital Banking platform in 2014, but has managed to keep the familial relationship that drew me back here.

My dedication to being a lifelong learner has led me to amazing opportunities, holding various positions within NCR Voyix. I look at every experience as a chance to be curious and learn something new. Whether it be from a client, a colleague, or a partner, I believe everyone has something valuable to share and learn from.

My passion and deep understanding for how our products work and helping financial institutions achieve success have been central to my growth. As the executive director of product management for Digital Banking at NCR Voyix, I lean into my banking experience to help community financial institutions develop strategies for implementing digital transformation and better support their consumers and communities. I empower them to help customers and members improve their financial wellness — a topic I’m especially enthusiastic about (and one that’s driven my career in banking!).

Which digital banking features and capabilities are most resonating with clients? What trends are top of mind for customers?

Wynn: A significant trend we’ve seen is centered around personalization, which really means reminding the consumer that you know and care about them; they’re not just another number. This means creating digital experiences that feel like they’re catered to each user. Financial institutions are realizing that they can’t just compete on low loan rates or high deposit rates. Even if that’s what got the consumer in the door, it won’t be what keeps them there. The financial institutions that emphasize building and maintaining relationships, as well as providing meaningful tools and support (such as financial wellness resources), will be better positioned for loyalty and success.

Another major trend I’ve seen is finding ways to increase overall efficiency. This can mean embracing more automation or researching ways to better maximize current staff and technology. Our clients, like most people, are looking for ways to simplify processes and quickly solve problems. For example, NCR Voyix can support marketing automation, an area of typically high turnover within institutions, helping banks and credit unions make every interaction count.

What has been the impact of AI on banks and credit unions and their accountholders? How should financial institutions begin to incorporate AI into their organizations?

Wynn: AI has notable potential. It can create personalized interactions with each consumer at scale and significantly increase efficiencies. AI can help institutions approach certain processes in different ways. For example, more institutions are using AI when it comes to lending decisions instead of solely relying on traditional factors.

However, when it comes to AI and, especially, generative AI, banks and credit unions should know that the technology is only as strong as the data and information behind it. There is a lot of work to train AI to make AI effective; it’s not a magic bullet. You must give it the right data and training to effectively work, while continuing to provide human oversight.

My advice for banks and credit unions who are considering how to use AI is to first ask themselves what they’re trying to accomplish. For example, is there more of a need to enhance back-office efficiencies? Or are they trying to offer different ways to support users? Don’t try to do everything all at once; it will be too much. Understand that it won’t be perfect from day one. You’re going to have to experiment and improve the AI along the way. 

What does it mean to effectively humanize digital experiences? How can banks and credit unions accomplish this?

Wynn: Effectively humanizing the digital experience means leading with empathy throughout the user experience on their phone or online. This could be something as simple as analyzing the language used in an error message. Evaluate everything with a person in mind; are you providing them with relevant information in a human way, making them feel comfortable and supported along the journey? Of course, personalization is also a major factor here, as well. Money and finances are extremely personal, and they need to be treated with care.

Data is a core factor when it comes to humanizing digital. Effectively leveraging data can uncover crucial consumer behaviors, channel preferences, transactional patterns, and key events in the consumer journey. Employing technologies like AI enables financial institutions to analyze this data more effectively, anticipating member behaviors and offering contextual assistance, such as tailoring their website content to specific needs.

Looking ahead, I expect banks and credit unions to prioritize looking for ways to incorporate more empathy and personalization within their platforms, which will drive relationships and loyalty with their consumers.

Are there any leadership tips that you would like to share with other strong females in a male dominated industry?

Wynn: It all comes down to confidence. Knowing your worth and intelligence goes a long way. Surround yourself with a strong group of women who lift you up and encourage you. When you start to see yourself the way others see you, you are more likely to take a risk in your career or feel more confident to speak up. Also, recognize what motivates and drives you, and know that it’s okay if those things change over time. Everyone constantly evolves in their journey, and you’re sure to learn something every step along the way.

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Photo by Pixabay

How are fintechs helping financial institutions make successful digital transformations? What is required in order for financial institutions to maximize the opportunities available from increasingly ubiquitous enabling technologies to better engage and serve their customers and members? What lessons can we draw from those banks, credit unions, and other financial services providers that have prioritized digital transformation over the past several months?

We checked in with Mithu Bhargava, Senior Vice President and General Manager for NCR’s Global Professional Services Organization to talk about the current pace of digitization in financial services, and what financial institutions are doing to meet their customers’ growing expectations for shared, seamless experiences.

What are the most significant changes NCR has seen in the banking landscape over the past year?  

Mithu Bhargava: The pandemic served as an impetus for banks to digitally transform. While the industry has been talking about digital-first banking for years, Covid-19 firmly accelerated this transformation. At NCR, we were prepared to manage the shift; we have been evolving toward a digital-first and self-directed banking approach for years. As a result, we were able to help banks and credit unions continue to serve their customers and keep operations running even while social distancing. Moving forward, we believe digital-first banking will be the route institutions must take to survive.

Over the past year, we’ve also noticed a growing customer demand for cryptocurrency, which is why NCR recently announced that we’ve entered into a definitive agreement to acquire LibertyX, a leading cryptocurrency software provider. We plan to offer the LibertyX capabilities as part of our solutions for banks, retailers and restaurants across both physical and digital touchpoints. This will ultimately provide a complete digital currency solution for our customers.

It’s time for financial institutions to leverage flexible, modern digital technologies to navigate changing business needs and demands. At NCR, we firmly believe that digital-first banking doesn’t just mean adopting new digital banking tools, a common misconception. Rather, digital-first banking is a shift in mindset; it requires re-imagining an institution’s holistic digital strategy to evolve alongside customer expectations, digitizing all aspects of the financial journey and connecting digital and physical experiences. Financial institutions that focus on creating these shared, seamless experiences are able to differentiate their brand and expand existing customer relationships while attracting new ones. 

Obviously digital experienced a significant uptick because of the pandemic – is that here to stay? What role will branches play in the future?  

Bhargava: Yes, we believe that this trend in digital channels will not be reversed; consumers that traditionally shied away from digital (for example, older generations) have now seen how easy and convenient it is. While the branch will always remain a critical touchpoint, the pandemic has forced the traditional branch model to evolve. Branches are elevating in terms of functionality and services offered. Expect to see more banks and credit unions approach the branch from an advisory perspective, serving as a place for customers and members to go for personal financial advice and complex services—not routine transactions. 

We also anticipate the rise of digital bank branches that leverage self-directed technologies like ITMs and ATMs. Such technologies provide convenience and speed to customers while creating efficiencies for the institutions, enabling them to cost effectively extend service hours. More banks and credit unions are expanding the ITM functionality offered, incorporating more video teller capabilities to maintain the human connection. There will be a shift in how institutions manage these machines, as well; more will transfer the burden of machine maintenance and updates to a trusted partner via the cloud. Such a hosting option makes the self-directed banking channel simpler by offering a better, digital-first customer experience while reducing the total cost and onus of ownership. Branches are evolving to build profitable relationships and long-term loyalty.  

What trends should bankers watch out for here in the second half of the year?  

Bhargava: Customers expect a fast and frictionless experience at every touchpoint, and they’ve proven they’re not afraid to walk away when those expectations aren’t met. Looking forward, there will be a continued (and accelerated) convergence of digital and physical channels. What have traditionally been channel-specific experiences are being made ubiquitous across the bank through software that can connect those experiences.

Self-directed banking will also continue to take off. This approach puts the customer in the driver’s seat, allowing them to decide how they would like to engage with their bank or credit union across all channels and touchpoints. The need for a customer to ever have to work in silos is eliminated, creating a seamless, connected experience. Self-directed banking empowers the customer with flexibility and choice and those banks who embrace the shift will be well positioned for success heading into 2022 and beyond.  

Everyone talks about digital transformation, but many still struggle to get it right. What are some key tips and strategies to make it work?  

Bhargava: I have three thoughts on this. First, too often, we see bankers jump on emerging technology trends versus really evaluating their current gaps and needs. The first key to digital transformation is to focus on your bank’s overall approach; don’t just pick a technology but pick a specific problem area to focus on. Those that leverage rationalization to determine which processes are ready to be digitized right now and which need to be reimagined entirely before digitizing will be best positioned to navigate digital transformation. Digitizing a flawed process typically just makes a cumbersome process faster.

Second, once your bank has the right mindset for digital transformation, it’s time to focus on the people. Engaging the right leadership team with the relevant skillsets will be a huge asset. Digital transformation should be something that’s embraced organization-wide, not just at the leadership level. Make sure to secure buy-in from stakeholders across the institution. In addition to leveraging appropriate people from within the organization, most banks and credit unions find significant value in partnering with technology providers where appropriate to extend reach and come to market better and faster.

Setting goals and clearly defining a realistic digital transformation roadmap from the onset will allow the institution to evaluate progress. Technology should be used to help effectively monitor and measure performance against goals to help keep everyone on track. User feedback should also be evaluated throughout when applicable, not just at the very end. Finally, it’s important to remember to keep it simple. Complexity on the institution’s end can result in friction for customers.

The competitive landscape continues to intensify and grow more complicated – how can community and regional FIs protect their market share?  

Bhargava: The embrace of digital-first banking quickly and completely will position banks and credit unions for success. Why? Digital-first banking creates new and exciting opportunities for traditional institutions who now find themselves up against a slew of emerging fintech companies adept at swiftly closing the widening gaps between yesterday’s and tomorrow’s consumer banking needs. And the world has changed. We will never be the same as we were before March 2020, at least when it comes to how consumers interact and connect with their service providers.

Personalization will also be critical moving forward. Those that continue to leverage marketing campaigns to the masses will quickly turn off customers. Instead, outreach should be intentional and tailored. Institutions have a wealth of data available to them, and it’s time to use it for insights to guide customers in making the smartest financial decisions.

Digital-first banking is all about merging digital and physical experiences to meet customers’ timely financial needs and making it simple to serve the customer across all channels and touchpoints—without breaking the back office. Those that can do this while leveraging their data to personalize engagements will be well equipped to protect their market share and relevance.

Photo by Vraj Shah from Pexels