As banks continue to develop and implement new digital banking strategies, they are working to meet not only the current but also the future needs of their customers. What are the latest challenges and opportunities for digital banking? This week’s FIN News shares insights from The Financial Brand article, “Digital Transformation in Banking: Making Progress and Hitting Roadblocks,” and highlights findings from strategy and marketing thought leaders on the ongoing evolution of digital banking.
Here are the key takeaways:
- A research study among digital strategy and marketing leaders in the banking industry focused on key challenges and opportunities for making effective strides toward delivering more personal and omnichannel customer experiences.
- Feedback from the study showed 87% of the respondents believe technology is essential to digital transformation and must be considered in tandem with strategy.
- The survey asked several questions, including which business unit should own digital strategy and which department has ownership of the end-to-end customer relationship.
- Respondents were also asked about obstacles slowing down financial institutions’ ability to mature digitally. Top answers included compliance, privacy and data security, and the inability to personalize customer experiences.
- Feedback from the study paints a picture of financial institutions being held back from their goals of providing high-quality customer experiences throughout the lifecycle, from acquisition to retention to winning brand advocates.
- Having departments that don’t work together and a lack of proper technology are the top challenges preventing the cross-functional team collaboration that would best serve the customer.
- Findings also suggest that no one department can or should try to control the entirety of a business’s digital applications.
- The good news for financial institutions is that the race to implement digital transformations ahead of competitors is a marathon, and most are currently finding themselves in the middle of the pack.
Want to read more about trends impacting banks and credit unions? Our winter issue of the FinTalk Report shares the latest IT insights on the financial services industry.