Technology is redefining our relationship with banking

Below are the key insights from the interview with Alan Goodrich, featured in the Luxemburger Wort banking ranking supplement dated 8 July 2025.

• Banks must strike a balance between delivering an improved digital experience and maintaining robust customer protection in the face of rapidly changing user behaviours.
• Technology has profoundly transformed society, reshaping user expectations, particularly towards their banking partners. For financial institutions, the challenge lies in delivering new, multi-channel experiences and functionalities.
• Clients now turn to bank branches only occasionally, typically for more complex needs requiring direct interaction with an advisor.

According to Alan Goodrich, Regional Sales Manager at ERI, every aspect of the client journey is evolving, from the multiplication of access channels to highly personalized offerings. The banking experience is becoming increasingly seamless and intelligent.

Evolving Expectations and Regulatory Demands

The digital transformation impacts all areas of banking without exception. While primarily driven by evolving customer expectations, it is also shaped by regulatory requirements, particularly around data sharing and cybersecurity.

Data, the driving force behind transformation

In a rapidly evolving environment, banks must accelerate their adaptability and, critically, enhance their ability to extract value from available data.

As Alan Goodrich explains, data is the cornerstone of digital transformation, it enables process optimization, strategic refinement, risk management, and regulatory compliance. To fully harness its potential, banks must rely on integrated platforms that support real-time processing and centralized data access.

Without this solid foundation, advanced analytics, predictive models, and AI cannot be fully effective. The accelerated pace of technological adoption opens new opportunities to boost competitiveness, deliver greater client value, and streamline operations.

Banks have a genuine opportunity to take a leading role in the transformation of the financial landscape. By anticipating future developments, such as initiatives like FiDA, which aim to enhance financial data openness and transparency, they can not only ensure compliance but also leverage these shifts to innovate and differentiate. While these changes create space for new market entrants, they equally offer traditional institutions the chance to capitalize on their strengths, accelerate digital transformation, and reinforce their position within an evolving ecosystem.

Digital transformation is reshaping the banking experience by delivering more personalized, seamless, and engaging interactions.

Advancing Toward Hyper-Personalized Client Engagements

Technological advancements enable the development of new services, such as investment proposals optimized by generative AI prediction models, allowing for a personalized, client-managed approach, explains Alan Goodrich.

Through more open frameworks, banks can tailor their products to meet the specific needs of different client segments, offering more relevant and aligned solutions. Digital transformation enhances the banking experience by delivering more personalized, seamless, and engaging interactions. However, this evolution depends on the core system’s ability to efficiently process operations and provide real-time data. With the right technological tools, financial institutions can not only meet but exceed current customer expectations.

Cybersecurity: The Other Side of the Coin

Within this context, new technologies enhance the security and efficiency of digital interactions. According to Alan Goodrich, biometric authentication, blockchain, and secure APIs ensure fast and secure transactions. Simultaneously, the automation of routine tasks reduces errors and processing times, delivering a smoother and more trustworthy customer experience.