The ROI of
omni-channel digital banking
In this paper we intend to move away from the feature show that so often dominates the conversation on digital banking. We would like to raise awareness of the value that digital banking can bring to your organization by illustrating the impact of some of the most salient value drivers. Through simple quantitative models this paper aims to explicitly show the value banks can derive from digital banking initiatives. Of course, it cannot provide definitive answers specific to a particular bank, as different countries and market segments face different economic challenges. It is however, a great starting point for anyone wishing to build an internal business case for investments in the banking customer experience. We are happy to start a conversation with you on the value of digital banking.
The omni-channel customer experience is more relevant than ever
Over the past decade customers’ expectations of digital banking have rapidly changed. Digital banking was perceived as a modern ‘nice-to-have’ a decade ago, but its acceptance came about quickly. Online retailers, streaming music, taxi hailing apps, and instant messaging have all contributed to the expectation of instant digital services. Presently, customers not only expect to interact with their bank online and via mobile, they increasingly expect to complete all banking tasks online.
Where does this leave banks? The service level they provided yesterday no longer meets customers’ expectations today. Banks need to step up and make banking easier, more available and more personal to please customers and retain their business.
Central to meeting customers’ expectations is the idea of providing an omni-channel customer experience for digital banking. Banking does not take place in a vacuum. Customers demand service that is available at all times and on any device they may have at hand. For shopping, communications, music, and travel this is already a reality.