The news: Ent Credit Union, a Colorado financial institution (FI) with $10.1 billion in assets, has selected Lumin Digital as its new digital banking platform.

The backdrop: Lumin Digital is one of at least 15 digital banking platforms in the US, that compete with the core providers, particularly Fiserv and Jack Henry for smaller banks. There are over 4,000 banks and just as many credit unions in the US, with the vast majority being “community FIs” that have under $10 billion in assets. Their limited tech resources means they struggle to deliver the digital experience that customers have come to expect from outside of banking.

Why it matters: Digital and mobile banking are table stakes, and not just for FIs looking to attract Gen Z. In a September 2024 FICO survey, 60% of respondents ages 18–24 and 62% ages 25–34 said they mainly used a mobile app to interact with their bank.

The next step: Commerce-focused apps have set a standard for personalized experiences in consumers’ daily lives—and FIs must rise to it. But for smaller FIs, their infrastructure doesn’t support the holistic use of customer data in the way that it needs to. That’s where digital banking platforms can help.

Our take: Focusing their limited resources on digital improvements that personalize the customer experience can help smaller FIs better compete with their larger peers. Partnering with the right digital banking platforms will make this possible.