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
Last year, the retail banking industry sent paper checking account statements to 69 million households at an average cost of $9 per customer. Two-thirds of this expense can be avoided when banks deliver eligible statements electronically instead of mailing paper. Bankers know well the savings associated with switching their client base to digital reports. But some might Read More
In today’s hyper-connected digital age, consumers expect their banks to deliver highly-personalized, high-tech services coupled with the convenience of anytime, anywhere banking. Yet, a widening gap is developing between consumer expectations and the services their banks actually deliver. A global survey of 7,200 retail banking consumers conducted by Cisco Consulting Services found that U.S. consumers overwhelmingly feel Read More
After years of debate the battle lines have been drawn and it is clear what financial services institutions must do to succeed. In the new world order, the winners will be tech-savvy institutions that constantly innovate while managing expenses carefully. However, executing on these objectives is easier said than done. We predict ten trends for 2015, with Read More
U.S. banks have successfully provided their existing clients with great online methods for managing their day-to-day money matters. But when it comes to shopping for a bank relationship, the industry is falling behind what consumers experience in other realms of their life. There are great opportunities to bring together the channel and marketing silos into an integrated Read More
It’s almost a sad commentary on our times that “omnichannel banking” already sounds like a cliché. At the very least, it has the whiff of a potentially interesting trend that, like so many other potential game-changers, has come and gone. That’s categorically not the case. In fact, omnichannel banking is only just taking hold. In this digital Read More
Cloud may be just the latest point in outsourcing’s long arc, but for banks, it promises to be one of the most significant, if complex. Significant because cloud’s value is proving to be vast and varied at the precise time that banks are eager to lower costs increase capital and move fast on IT. Complex because cloud Read More
With branch transaction volumes continuing to decline, banks are exploring their options regarding their branches’ futures. Numerous studies have indicated that customers prefer to have access to branches when they want them, but with that need being much less frequent, what are banks to do? It doesn’t help that some experts say branches must be downsized, while Read More
So, where are we with the much-ballyhooed digital wallets? If there’s an overriding theme to this technology space, it’s disagreement. For starters, there’s little consensus on what actually constitutes a digital wallet. Features vary from wallet to wallet and there’s no dominant brand in this field. In fact, many of the biggest players are completely unknown to Read More
As customer preference shifts from traditional branch and ATM transactions to easier, faster channels such as Web and mobile, it is becoming more and more difficult for banks to measure the impact this shift has on their organizations. While most financial institutions (FIs) possess an abundance of data that illustrates how their branch network, Internet banking and Read More
Consumers are adopting mobile banking and payments technologies at a record pace and in real-time. They’re demanding convenience, security and personalized experiences across multiple screens. Indeed, banking customers are faster at conveying what they want than banks are at delivering the goods, bank technologists confided in a recent panel discussion. Customers are in control today – quite Read More
