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Is your bank really digital-first?

The term is everywhere, embedded in widely-successful Big Tech and neobank brands

Mayur Vichare

Mayur Vichare,
Director of Value Consulting at Backbase

Digital-first. That term is everywhere, embedded in widely-successful Big Tech and neobank brands. Or if you’ve been following Backbase, you might have noticed that we shout those two words from the rafters. Well, from the keyboard at least.

But it’s with good reason.

Digital-first brands are loved. Really loved. Customers talk about them, share them, and consider them a part of their everyday lives. Now ask yourself: can you say the same thing about your bank or credit union? If not, chances are that you’re not digital first.

Assess your digital maturity

Many banks claim to be digital-first.

But just like many companies greenwash their products and processes––claiming to be sustainable when they’re actually barely doing the minimum––“digital-first” could mean different things at different organizations.

So the question is: what does it actually mean to be digital-first? And how can you be sure that your assessment is objective and impartial, but also benchmarked to the market?

The numbers don’t lie

At Backbase, our Strategy Consulting teams have interviewed and analyzed—exhaustingly so—countless financial institutions across the globe. We’ve taken that data and used it to develop a rigorous set of standards designed to help you assess your bank’s digital maturity.

That’s a long way of saying we can give you a definitive answer on how digital-first you really are, and where you rank in the market. The assessment takes just 3 minutes and will present you with 12 straightforward questions.

How the Digital Maturity Scan works

The assessment examines your business across four pillars:

Digital Strategy & Innovation

Does digital innovation drive your bank’s decision-making process?

Customer Obsession

Neobanks use innovation to attract new customers, what are you doing to retain the people you serve?

Way of Working

Have you implemented the agile working practices required to stay on the cutting edge?

Technology

This pillar covers architecture and infrastructure — are you keeping up with the non banks and fintechs?

First you know, then you improve

Once you’ve answered the questions, you’ll see where you rank in each pillar, alongside both the average bank that took our test and the digital market leaders (unsurprisingly, that’s often the neobanks).

Those insights will give you a clear, albeit simplified, look at the areas where you need to improve in your digital transformation journey.

You’ll also be able to download a free report that gives your score more context. We’ll explain how each score corresponds to the digital strategy, tech setup, culture, and customer satisfaction that we tend to see from banks that get high marks in each area.

However, the Digital Maturity Scan can’t give you the perfect picture of your digital readiness.

But fortunately, we can.

After you finish the Scan, our team will gladly produce a customized, more detailed assessment that’s tailored to your organization — entirely free of charge.

Ready to get started?