Following are some suggestions: Bolster security measures for all consumers. Nearly two-thirds of consumers in our survey said they would recommend their primary bank to friends and family (figure 1). Digital banking platforms have emerged as the solutions that help banks compete in the digital era with a sustainable and holistic approach. Simply select text and choose how to share it: Accelerating digital transformation in banking A significant proportion of digital adventurers prefer to use online and mobile channels combined more than visiting a branch to apply for simple products such as debit cards and checking accounts. For example, its “Pocket Your Pennies” feature transfers any change left from consumers’ checking account purchases to their savings accounts.24 Further, the rule-based “Autosave” feature gives a new dimension to banks’ traditional recurring deposit service. Meanwhile, fintechs have shown a better way to digitally engage consumers through a “push” strategy that includes sending them intelligent, tailored insights based on their spending behavior or notifying them about discounts or loyalty offers at nearby retailers.12 Although banks have made the important step of making the login process easier by having mobile devices remember information in a secure manner, they can invoke more push strategies, such as providing customers with alerts regarding unusual movement in their accounts.13. to receive more business insights, analysis, and perspectives from Deloitte Insights, Telecommunications, Media & Entertainment, The Digital Economy and Society Index (DESI). For banks it has become evident that the winners in the digital race will be the ones who manage to stay closer to their customers in daily activities and important lifetime moments. The Deloitte Center for Financial Services provides timely insights on the most pressing issues facing the industry, helping keep your organization a step ahead. Such building blocks could be customer onboarding, digital identity, strong customer authentication, loan origination, different payment types, workflows, integrations, notifications and more. View in article, Li Hong, “ICT lifts China to become global trendsetter,” Global Times, April 12, 2018; Melissa Cheok, “For all its tech savvy, Singapore still prefers cash over digital payments,” Bloomberg, September 5, 2017. Deloitte, 2020 Banking and Capital Markets Outlook “What we are doing now is we are growing in-house digital capabilities whi Those that treat it as an opportunity vs. a threat will position themselves for a thriving, open, digital future. (See interactive for more information and a breakdown of results by country.). ... Order the Digital Banking Report today save over $2,000 compared to buying each report individually. Social login not available on Microsoft Edge browser at this time. They can serve as a home to technology councils and other groups that define and deliver the digital technology strategy and roadmap. These influences will only grow as the online channel facilitates and influences even more customer shopping activity and product and service innovations. The banking industry is in a digital arms race. A powerful, purpose-driven strategy allows companies to align and inspire teams, launch the right digital initiatives, and build the capabilities, processes, and mindsets necessary to sustain a digital advantage. By Ian Johnson, Managing Director of Europe, Marqeta. Explore our collection of thought leadership to make sure your bank is ready. Moreover, banks can encourage digital adventurers to step up their use of digital channels by simply providing smarter account opening features. Yuchengco-owned Rizal Commercial Banking Corp. (RCBC) will build up DiskarTech – the highest-rating mobile app in the country – as spin-off digital bank, according to its president and CEO, Eugene S. Acevedo. These are already being widely used. For instance, if mobile apps evolve as the go-to help tool for consumers, this could minimize the need for call centers. In this blog, we will focus on the key capabilities of the platform itself as a critical advantage for success in the digital era. Open banking is no longer a question of ‘if’, but a question of ‘when’ for banks, especially in Europe. Over half of users of online and mobile banking in this segment have accessed these channels 10 or more times a month. Jamie Warder, executive vice president and head of digital banking at the Cleveland-based bank, said KeyBank has spent the past decade strategizing how it can digitize its products to provide remote self-service capabilities for its clients while maintaining in-person options. With digital banking platforms now in place for the majority of banks and credit unions worldwide, 2017 will be a year to enhance the delivery of key services and improve the customer experience across channels. Fintech startups brought the innovative financial technology to the table in the first place. As the Banking Business Capabilities Model is a digital product, it is sold as-is, and Finantrix will not accept any returns; Depending on your bank size, functional areas and service lines, some or all of the Capabilities may not be relevant to you. Yet building and implementing them can still be a … 1 For many retail banks, online and mobile channels have become as important—if not more important—than branches and ATMs. Among other reasons, a factor limiting embracers’ mobile banking usage could be the app’s limited functionalities compared to online banking portals. He leads the development of our thought leadership initiatives in the industry, coordinating our various research efforts and helping to differentiate Deloitte in the marketplace. No matter the starting stance, as institutions navigate the new digital sea of API-banking (see table), they must form a cohesive digital commercial banking strategy to fully understand the costs of investing in capability and the opportunity costs of not playing. Ability to Work from Home. Our survey showed that digital channels are mostly limited to informational and transactional services that have been available through online banking for at least 15 years, such as transfering money, updating account details, and checking account balances. Of course, these are broad recommendations and as such, they will not uniformly fit the different consumer banking systems, experiences, and cultures of every country. Transform mobile as an experiential channel for digital adventurers. Traditionalists also hold fewer products, such as debit and credit cards, than the other segments. has been removed, An Article Titled Accelerating digital transformation in banking See something interesting? 2. Today’s consumers still come to the bank’s platform to meet their needs—be it monitoring account details or understanding their spending patterns—and banks tend to react to their needs. Take loan origination workflows - the customer journey could start from a mobile banking app/ a web portal/ via an agent with various form fields and KYC levels. © 2020 Software Group ®. This is not a one-size fits all. The survey data reported are unweighted, and we caution that the interpretations maybe limited to the samples we included in the study. Taking action against systemic bias, racism, and unequal treatment, Key opportunities, trends, and challenges, Go straight to smart with daily updates on your mobile device, See what's happening this week and the impact on your business. These are good starting points, as this segment expects more real-time problem resolution in digital banking channels. The latter can be achieved by managing fees, commission splits, limits and other business rules in the digital banking platform, on top of your core banking system. They expect more from their primary banks, which can be seen in the gap in emotional connection between their favorite brands and primary bank. Bank of America dominates digital banking, no matter how you count it. Off-the-shelf digital banking capabilities accelerate time to market for digital projects and provide you with the best practices, coming from the vendor’s experience. A flexible platform architecture, built on microservices and reusable modules, is a prerequisite for that. A higher proportion of consumers in India and Indonesia are likely to recommend their banks than are those in Japan, Singapore, or the United States. Helping them download the bank’s mobile app should be easy to do, considering 92 percent of traditionalists already own a smartphone. FSS expands its digital payment capabilities in KSA Tuesday 24 November 2020 14:28 CET | News KSA is among the advanced digital payment economies in the Gulf Cooperation Council (GCC), with growth propelled by a combination of strategic investments in building digital infrastructure and enabling regulatory policy framework. As the progression unfolds, human interactions will likely remain important, especially for milestone decisions in consumers’ financial journeys. There are three main directions in which the platform approach empowers bank digitalization: First, customer focus - a digital banking platform enables banks to deliver the engaging omni-channel banking experiences and personalized products customers expect today, fostering customer loyalty and attracting the new wave of digital-first generations. Branch, ATMs, online, mobile, and call centers all need to be connected, along with third-party digital assistants such as Google Home and Amazon Alexa. Digital identity allows you to create a truly digital twin of a real customer and enables the bank to offer selected features of an identity to other partners. Seventy percent of consumers in our study consider a consistent experience across channels to be extremely important or very important in selecting their primary bank. We set minimum quotas for age and gender for each of the 17 countries. In 2018, banks globally plan to invest US$9.7 billion to enhance their digital banking capabilities in the front office alone.1 For many retail banks, online and mobile channels have become as important—if not more important—than branches and ATMs. First, digital technologies increase a bank’s connectivity—not just with customers but also with employees and suppliers. Picture these scenarios: Consumers hanging out at or working from café-resembling bank branches, interacting with their bank’s mobile apps as integrally and joyfully as they do with social media apps, or reporting lost/stolen card using the bank’s app instead of dialing the call center. How frequently the respondents use bank channels: bank branch, ATM, contact center, online banking service, and mobile banking app. Quickly manage your money by voice, type or tap with U.S. Bank Smart Assistant in the U.S. Bank Mobile App. For our cluster analysis, we studied 13,912 respondents (with cleaned data) for their channel usage behavior and how it relates to emotional engagement. For customers, the benefits of digital banking services are more obvious. Subscribe to the Digital Banking Report for less than $225 an issue and enjoy unlimited digital … Our initial review of the data shows great variety in age-related differences, how consumers define their primary bank relationship, and where consumers find trust with their banking needs. Dive Insight: Gorman's comments solidified what KeyBank's executive vice president and head of digital banking, Jamie Warder, told Banking Dive in July. Simplify the Onboarding Process Banks can make onboarding easier for customers, as well as employees, through a fully-mobile process that is enabled by advanced technologies. Here are the seven features that a bank must endeavor to fulfil in this process to make it a success: See Terms of Use for more information. Further, branches, ATMs, online banking portals, and mobile apps will likely take different avatars in the coming years, infusing more real life in digital and more digital in real life. Fintechs and BigTech have been quick to seize the opportunity and fill in some of the customer need gaps with a multitude of innovative services, such as digital wallets, P2P lending, remote digital advisors, personal finance management, etc. A robust Integration Framework is a key advantage of a digital banking platform, enabling process, channel and system integrations, unified customer data, central monitoring, business continuity, IT asset reusability, and more. We asked respondents how frequently they use different channels and services, with an eye on digital transactions. Off-the-shelf digital banking capabilities accelerate time to market for digital projects and provide you with the best practices, coming from the vendor’s experience. Putting the focus on ... As banking and financial services companies compete in a digital marketplace, they need to embrace a software-centric view of their business. Expand mobile apps’ capabilities to simplify its user interface to engage online embracers. Goldman Sachs (NYSE: GS) has launched a mobile app for its digital banking service, Marcus. View in article, Adam Shell, “Chase all-mobile bank, Finn, rolled out nationwide in search of millennials,” USA Today, June 28, 2018. This is a good start. A consumer hoping to fund a weekend trip with friends can create a rule to save US$5 for every US$30 spent until the savings reach US$1,000. View in article, Grace Noto, “Capital One joins effort to educate seniors about online banking,” Bank Innovation, August 5, 2016. Building digital capability in banking. SINGAPORE — The banking industry in Singapore is in for a shake-up as the Monetary Authority of Singapore (MAS) recently kicked off the application process for digital bank licences. All told, Armistead believes Bank of the West’s physical bank branches and digital … View in article, A small portion of respondents indicated that their favorite brand is a bank. We also captured consumers’ expectations and perceptions of digital banking capabilities, and the likelihood of using additional digital banking services in the future. Putting the real in digital and the digital in real is clearly a route that banks must take in their digital transformation efforts. The Deloitte US Center for Financial Services fielded a global digital survey in May 2018, querying 17,100 respondents in 17 countries. The trend is also true for applying for new products, especially loans that require multiple verification and documentation steps (figure 4). How do learning professionals in the banking industry help drive digital transformation? Additionally, adopting a concrete data and digital banking strategy will equip banks to add advanced analytics capabilities to their existing IT environment and enable them to gain real-time insights to drive optimal decision-making. Consumers today are used to consuming products and services online and they would only be so happy if more of their banking work could be digitized and automated. Many consumers already interact with digital banking channels quite frequently, which is a highly positive development. Ross effectively bridges strategy, execution, and innovation, and brings a unique blend of consulting, industry, and startup experience to the practice. Make sure ‘out-of-the-box’ does not mean ‘limited’, though. Options such as prepopulating forms on websites and apps, making authentication easier, and allowing e-signatures or fingerprint scanning will likely simplify and enrich consumers’ product buying experiences. It could include a credit bureau check, embedded pre-approval AI, go through a branch officer, etc., the workflows could vary substantially across businesses, products and channels. To increase online embracers’ willingness to use mobile banking, banks should focus on making mobile apps more intuitive and more comprehensive. And although few banks allow their customers to apply for a consumer unsecured term loan or small business loan through digital means, nonbank fintechs have been allowing this for almost a decade and some banks have followed suit.10 Yet, for the most part, retail banks still require human intermediaries and cumbersome nondigital documents to process loan applications.11, Further, banks’ “pull” approach versus a “push” approach to digital service could be standing in the way of creating emotionally engaging digital interactions. The bank now has 66 million consumer customers that interact with it 10 billion times a year. Next in line are France, the United States, and Indonesia, with 41 percent, 38 percent, and 35 percent of their samples, respectively, falling into the traditionalist category. Consumers’ fascination for omnichannel experiences is real. Digital capabilities. “What we are doing now is we are growing in-house digital capabilities whi Read more from the Financial services collection, This article is featured in Deloitte Review, issue 24, Create a custom PDF or download the issue, Banks around the world are already realizing how investments in digital technologies could benefit customer acquisition and satisfaction. Banks around the world are realizing how digital technology investments can benefit their customer acquisition strategies and also improve customer satisfaction while reducing overall costs for both the banks and the customers. 3. We use technology such as cookies on our site to personalise content, provide social media features, and analyse our traffic. When deciding on a digital banking platform, take into account your open banking strategy. Angus has a deep understanding of banking imperatives, technology enablers, and cultural change, as well as a track record of transforming banks by increasing customer relevance (personalization), reducing structural costs (lean operations), and increasing business agility. However, despite these differences and nuances across geographies, we noticed a common, key theme: There needs to be an evolution in how consumers interact with their banks, and customers are expecting that progression to begin now. How The COVID-19 Pandemic Is Fast-Tracking Digital Transformation In Companies. eMasraf Digital Banking solution goes beyond traditional online banking to deliver an Omni channel platform that delivers a unified customer and social experience across all bank channels and all entities. Here, banks could position chatbots as the go-to help tool or letting consumers directly connect to a bank representative in the mobile app. Now, they are basic necessities. Open Banking is evolving the industry toward hyper-relevant, platform-based distribution and enabling banks to expand their ecosystems and extend their reach. Such building blocks could be customer onboarding, digital identity, strong customer authentication, loan origination, different payment types, workflows, integrations, notifications and more. In short, these results show that consumers feel these favorite brands outperform their banks in providing quality, convenience, and value via an exceptional digitally driven consumer experience. Instead, they will harness digital capability to put the customer firmly in control of their destination and preferred model for dealing with their bank and other service providers. DTTL and each of its member firms are legally separate and independent entities. Although digital adventurers are the most emotionally engaged banking consumers in absolute terms, the gap between engagement with their favorite brands and primary bank is higher for four of the six parameters (figure 6). Or, as Deloitte describes it, the banks which become a ‘one-stop shop’ for consumer financial and non-financial life. On the other hand, a platform should enable the easy creation of more complex digital banking solutions, such as mobile wallets, end-to-end self-service digital channels, and more. Examples of such services are bank account aggregation, personal financial management services, insurance, remittances or any non-financial service your customers might be interested in (plane tickets, events, loyalty schemes, etc.). Even among users of online and mobile banking in this segment, only one-tenth have used these channels 10 or more times in a month. Digital adventurers also own many products, but they transact much more frequently than online embracers do. Discover Deloitte and learn more about our people and culture. In Europe, consumers in Norway and the Netherlands are more satisfied with their banks than are those in Germany, France, or Spain. A digital banking platform with a microservice architecture will allow the continuous delivery of software applications, regardless of the size and complexity of the project. Sometimes helped or threatened by new technologies and developments from third parties – both from fintechs and bigger technology companies such as Apple and Google – banks have to enhance their digital capabilities as a cornerstone to their offerings. Digital Transaction Banking Opportunities & Challenges 1 Foreword Digital adaptation started off as an option but has evolved into a necessity in every bank’s agenda around the globe as end-clients – consumers, businesses, and governments – are quickly adopting trends cascading from The Netherlands boasted the highest composition of online embracers (63 percent), followed by China (58 percent), Switzerland (56 percent), Singapore (53 percent), and Norway (53 percent). All Rights Reserved. The decades-old and resilient branch infrastructure could potentially explain high composition of traditionalists in developed economies. Customers, the primary driver of change, demand seamless, personalized experiences at any touch point. Explore our collection of thought leadership to make sure your bank is ready. A digital banking platform shouldn’t turn into the next legacy technology in your IT landscape. View in article, eMarketer, "Digital payments struggle to catch on with consumers in Japan," October 14, 2016. In 2016, Capital One bank in the United States partnered with Older Adults Technology Services (OATS), a nonprofit, and Grovo, a digital learning platform, to develop a training program, “Ready, Set, and Bank.”19 The program consists of short online videos and live classes to educate seniors on the basics of online banking, such as setting account alerts. According to the Novantas study, “The majority of U.S. shoppers are now in segments that either don’t use bank branches, don’t care much for branches … or both.” This seismic shift in preference will have profound implications for the way banks and credit unions acquire and service customers in the future. View in article, Val Srinivas, Steve Fromhart, and Urval Goradia, First impressions count: Improving the account opening process for millennials and digital banking customers, Deloitte University Press, September 6, 2017. Only this level of transformation is likely to strengthen banks’ emotional ties with consumers and earn them a top spot in the list of consumers’ favorite brands. A big reason many traditionalists do not use digital channels is that they simply do not see their merit. Those that treat it as an opportunity vs. a threat will position themselves for a thriving, open, digital future. Our latest global consumer survey on digital banking reveals where the gaps are—and what banks can do to meet heightened expectations. Consider boomers and seniors who may be hesitant to use digital channels. We also analyzed how the segments we described above are distributed across the 17 countries included in our study (figure 7). Russian Doll: Building digital capabilities into a bank’s core. Deposit products provided by JPMorgan Chase Bank, N.A. The authors would like to extend special thanks to Anish Kumar and Satish Nelanuthula of Deloitte Support Services India Pvt. And in many countries, mobile will likely become the epicenter of banks’ digital transformation strategies. We have some proprietary capabilities where, when a banker is having a conversation with a small business or a consumer, they'll go through a shared digital experience — side-by-side touch screens, answering questions, wider bars to gather information together — and then the banker can use that information to make recommendations. This clearly presents an opportunity for banks; if they can improve their digital offerings, they could increase customer engagement. The survey results support Deloitte’s belief that restructuring organizations around different stages of customer interaction will be the next frontier for digital banking. The Deloitte Center for Financial Services’ global survey of banking consumers confirmed a finding that we have observed in other Deloitte studies: Consumers’ overall satisfaction with their primary banks is generally high.5 Nearly two-thirds of consumers in our global sample are either completely satisfied or very satisfied with their primary bank. In contrast, a different category of technology companies might provide a way to improve workflows, and yet another breed might provide data insights into existing business processes. We will explore the country differences and drivers of respondents’ digital behavior in subsequent publications and an interactive feature. If these changes are indeed part of a longer-term shift, then COVID-19 could accelerate the need for modernisation and the key to achieving this will be the digital capabilities that banks build at their core. Choosing the best digital banking platform for your business depends on a combination of factors, including, but not limited to your bank’s digital strategy, technical readiness and budget, vendor criteria, such as the global and local experience of the vendor, the proposed implementation time, the vendor’s product strategy and roadmap, etc. Deliver Next Gen Customer Support. Digital Banking – The Always Connected Customer The 2018 FIS PACE report revealed that 72 percent of all customer interactions with a bank now take place online or on a mobile device. Among the other countries surveyed, though, the general trend is that many more banking interactions are made online and via mobile devices than through ATMs and branches. This point is tightly related to the previous one. digital capabilities across banking organizations. The response from the target demographic has been overwhelming. 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Banking ecosystem ( Capgemini ) role in the mobile app and reusable modules, is Product... To attest clients under the rules and regulations of public accounting convenience of banking on-the-go ( mobile ) or from., provide social digital banking capabilities features, and Microsoft, topped the list using digital! About the segment characteristics in “ the digital-emotional connection ” section later in the report modern. Get in front of the 17 countries included in our survey said they would recommend primary. Cutting-Edge – and optional to execute their digital strategies and Goradia, first impressions count technologies increase a ’.