Banks acknowledge that consumers’ transition to digital banking is both permanent and continuous, and their future achievements rely on developing banking experiences that combine the human touch with digital elements.
The “Innovation in Retail Banking” study covers interesting developments in banking in multiple areas. For example, digitization has transformed customer engagement to such an extent that branches, which used to account for 50 percent of bank transactions 20 years ago, have ceded 75 percent to 95 percent to digital channels in most banks.
However, fewer than 15 percent of the survey respondents of the “Innovation in Retail Banking” study believe that they have been extremely successful in digital customer engagement and digital account opening. An earlier report, identified that less than 10 percent of financial organizations can provide personalized financial recommendations, automated actions based on transactions, or lifestyle-related offerings using open API technology.
So, what are progressive banks doing differently to successfully scale digital engagement? The short answer: they are going beyond the basics. Here’s how:
Want to keep reading?
Create a web account to get access to more insights
