New guide to digital banking published today
In the year that global spending on retail banking technology will increase by $3.6 billion, a significant proportion must be invested in improving digital channels, according to a new guide from Intelligent Environments. Published today, the guide, “The New Digital Banking Age”, highlights the key features that banks need to consider when investing in online and mobile financial services.
According to the guide from IE, banks have an opportunity to reinvigorate their customer base, grow loyalty and protect against the threat of new market entrants, such as PSPs. Technology solutions such as integrated online and mobile banking, social media intelligence tools and data analytics must be harnessed to create a superior customer experience.
The report identifies five areas that financial services companies should consider as they build new services or grow existing platforms to improve their digital banking channels:
1. “Always on” banking
Jerry Mulle, VP Marketing at Intelligent Environments, said: “With new entrants disrupting the market and consumer confidence in the banking sector low, the entire industry has a responsibility to deliver more relevant and engaging products that are tailored to consumers’ needs. However, it is no longer about providing specific functions. Instead banks should focus on delivering engaging and exciting digital customer services.”
Antony Elliott, CEO and founder, The Fairbanking Foundation, who contributed the foreword to the guide, said, “There is an opportunity to rebuild trust and show digital technology working for the good of customers. It is topical to consider how services can be delivered in a way that “nudges” customers to achieve their financial goals. Against a somewhat negative backdrop for financial services, there are tremendous opportunities to win loyalty through digital services that provide customers with greater control of their money.”