PwC’s 2018 Digital Banking Consumer Survey told us what we’ve known for a few years: There’s a shift going on in consumer technology behavior. In effect, banks feel pressure to constantly add new feature functionality to their digital banking channels—but often fail to prioritize user experience (UX). The benefits of new technology fall by the wayside if Read More
While the local branch is still important for banks to build relationships, about 74% of customers now access their accounts and make financial decisions online. Typically, banks draw in customers to the online experience by using an attractive rate to generate leads. Users can check the rate against multiple institutions at the click of a button rather Read More
Having a world-class digital banking experience across any device is imperative today, where nine out of ten U.S. adults regularly use some form of online banking and more than half of them access their banks’ websites or applications via their mobile device, according to a recent report from Mercator Advisory Group. With the proliferation of mobile devices Read More
Customers are becoming increasingly dissatisfied with the mobile bill pay experiences provided to them by banks. According to our discussions with financial institutions (FIs), only about 55% to 60% of customers are using their bank’s bill pay solutions. They are either switching to an outside app that is not affiliated with their bank or paying their bills Read More
The financial services world changed forever following the financial crisis, but not just because of the economic environment. Sure, the economy had an impact on the way regulatory requirements were established but the real driver of change has been the consumer. Faced with increasing expectations, changing behavior and advancing technology, some leading financial institutions have successfully recognized Read More
The level of fraud protection afforded to a business when conducting a transaction is very different from the level of protection offered to consumers. Consumers are allotted sixty days to dispute an unauthorized transaction while businesses are limited merely two days to report fraudulent activity, due to regulations like Article 4A of the Uniform Commercial Code.Although businesses Read More
Digital disruption, or the use of digital technologies and business models to improve business performance, has the potential to overturn incumbents and reshape markets faster than perhaps any force in history. That may sound bold, but we’ve seen it before. In the mobile industry, Apple and Android devastated the pre-smartphone brands such as Nokia, Blackberry and Palm. Now, digital disruption Read More
Since 2008, investment in the fintech (financial services technology) sector has tripled and is expected to reach $8 billion by 2018, according to a recent report by Accenture. The fact that the rapid development and expansion of the fintech sector started at the same time as the last recession is no coincidence. During that time, traditional banks Read More
Digital shopping now influences roughly 80% of the origination stream for new consumer checking relationships, yet 90% of new-to-bank checking accounts are still opened in the branch. This awkward juxtaposition has left many banks at a competitive disadvantage in the unfamiliar territory of digital marketing while also feeling hopelessly tied to expensive branch networks, where most new Read More
Improving the customer experience using integrated real estate, operations and technology strategies can make a branch network highly profitable. The key ingredient is Big Data with insights about your most engaged customers. Bank branches continue to be a crucial customer engagement tool. In fact, as customers increasingly rely on technology, they begin to value their visits to Read More
