More banks and credit unions are embracing digital banking: the convergence of online and mobile banking, and often part of a broader banking strategy to more fully engage banking customers. And it has become critical to the success of today’s retail financial institutions as consumers are used to—and increasingly expect—unified buying experience. All this comes thanks to omnichannel retailing, with many financial institutions offering innovative initiatives that enable customers to choose how, when, and where to bank.
The ath Power study reveals that digital banking continues to grow beyond its roots as a self-service transaction solution. It’s also now a full-featured planning and action-oriented financial services tool to service a wide range of banking customer needs. The report also identifies areas where financial institutions and FinTech partners potentially fall short in meeting those needs.
This can prove a particular challenge for FIs, as they have amassed so much customer data and are considered the most trusted provider of banking services. Yet many have done relatively little to leverage this information to better serve customers vis-a-vis evolving digital banking and broader financial services.