The financial services market is going through many changes. New challengers have appeared and are looking for a slice of the market. In addition, customers are more demanding and more informed, expecting convenience and simplicity when it comes to financial services, particularly online and via mobile devices. People love digital services such as Netflix, Amazon, and Uber because they’re easy to use and deliver great customer experiences. They deliver 10 times more convenience and better customer experiences than the status quo, and are therefore winning the market. It’s only a matter of time before the 10-times-better bank is founded, a thought that’s on the radar of every banker.
This brings us to a new report we at Backbase published last month – Omni-channel banking: The digital transformation roadmap – which outlines the journey of creating the 10-times-better bank, providing a detailed analysis of how banks can begin their digital journey.
The report is based on the Omni-Channel Banking Survey conducted by Backbase, and completed by more than a hundred C-level bankers from across the globe. The report also contains the findings from more than 15 interviews with bank executives, as well as the 7 Habits of a Highly Successful Digital Bank, written by Roberto Ferrari, general manager of CheBanca!, the No 1 digital bank in Italy. The report highlights five important takeaways:
New competitors in banking: The disrupters
Discover how and why the market is changing – how it’s driven by customers, and by tech companies, startups, and neobanks.
Customer experience: The key ingredients
Understand how customer loyalty and retention is affected by a mix of superior digital experiences and human interaction, and how delivering this mix is the primary challenge.
Omni-channel and the changing channel mix
100% of the banks in the survey results rate the creation of a seamless omni-channel experience ‘important’ to ‘extremely important’.
Mobile’s impact on online sales and share of wallet
Customer behavior is affecting the channel mix and revenue generation. The survey results reveal that mobile channels record the highest increase in revenue generation.
Regaining control in the era of digitization
To succeed in the market and beat the disrupters, banks should regain control of business strategy, and be able to build and deliver unique experiences with their customers.