The banking industry faces a significant challenge due to the ever-increasing use of mobile devices and the resultant demand for access to bank services through mobile technology. Banks need to respond quickly and offer their customers a full-service experience across all channels to include the functionality and features consumers are seeking in online banking. Mobile banking should be seen as a logical extension of a bank’s products, sales and service channels, with customer convenience as the driver for delivery and design of the bank’s digital banking framework.
The increasing consumer demand for device-agnostic digital banking presents opportunities for banks to retain customers and market to new customers by offering a cohesive, consistently branded, user-friendly experience. Banks need to ensure websites are designed to be responsive and mobile apps need to be seamlessly connected to back-office systems with all channels having the same look and feel. Banks should consider mobile and online banking solutions as the same customer touchpoints to improve the customer experience under one infrastructure within the bank.
Digital banking touchpoints should be convenient and available from anywhere, in real-time, from a common data source. User experience and marketing will play a significant role in digital banking channels, increasing the need for banks to ensure customer interaction is connected and cross-selling opportunities are present. Banks should proactively engage customers to provide a personalized digital experience, as well as use data analytics to focus marketing, lower the bank’s risk and improve customer satisfaction.
Digital banking carries significant security risks for banks and their customers. As a result, banks must ensure all platforms are supported by higher levels of security and improved infrastructure and functionality, as well as provide tools to customers empowering them to manage their banking security.
Each bank will approach digital banking differently. As banks look to develop or further refine their digital banking efforts, the PA Bankers Association has drafted a strategy statement template and digital banking framework for our members to use, as well as fillable versions so they can list their efforts to create/refine their digital banking strategy. Regardless of where they are in the digital banking process, we believe this resource will serve to inform their digital approach.
The following components are part of the digital banking ecosystem and support a bank’s overall digital strategy: