November 18, 2015

Do You Know the 5 Priorities of Digital Banking?

Jon M Deutsch

To maintain their appeal and relevance to a younger and more mobile demographic, regional and community banks are compelled to accelerate their migration to “digital banking.” In many cases, large universal banks have taken the lead and the gap is widening.  Investments in technology, process, and talent are a must. Faced with cost constraints, the selection of investments will be highly scrutinized. So where does the journey begin? What does the roadmap look like?

Information Builders and CEB TowerGroup are working together to address these questions.  The result is the 5 Priorities for Digital Banking – management guidelines to identify the right steps and sequence to enable digital customer engagement in retail banking, with one or more case histories illustrating each priority.

Here is a brief synopsis of each of the Five Priorities:  

  1. Focus on customer experience and use that knowledge to prioritize efficiency initiatives. How does the customer access the bank?  Each channel should deliver a consistent and seamless experience.
  2. Measure the significance of innovative ideas with customer effort and customer value metrics. The decision to invest in disruptive technologies should be based on an evaluation of customer effort and customer value. Commit to changes that will improve your customer base’s experience.
  3. Ensure that you are guiding customers to financial health to be relevant to digitally oriented customers. Focus on data and analytics that help lead customers to better financial decisions.
  4. Empower employees with data and tools that enable advisory, not transactional, conversations. When supported with access to history, context, and prescriptive options, banking professionals are in prime position to help customers meet their financial goals.
  5. Link customer information initiatives to marketing and sales strategic outcomes.  Engage customers in their decision-making process through education and assistance with their financial choices.

A focus around these priorities puts data to work for you and your customers and positions the bank for success in digital banking.

For more information, I encourage you to register to view the on demand recording of my webcast: Prioritizing the Digital ‘To Do’ List: Top Digital Initiatives in Community and Small Regional Banking. View this complimentary presentation at your convenience for an outline of the digital transformative journey.