Banking on digital: enabling a digital first mindset: everywhere banking
- Document type
- Corporate author(s)
- Date of publication
- 5 November 2013
- Trends: economic, social and technology trends affecting business
- Business and management
- Material type
This report explores digital banking – specifically ‘digital first’ and ‘everywhere banking’. Adopting a ‘digital first’ mindset - putting digital at the heart of the business - enables financial institutions to redefine their relationship with their customers. ‘Everywhere banking’ can help banks to resolve customers’ problems and play a more central role in their lives. Outcomes include:
- Enhancing the customer experience: Everywhere banking makes financial services ultra-convenient by anticipating and offering customers what they need, when they need it, working with a network of partners.
- Protecting brand positioning and increasing customer loyalty: By offering convenient services the customer cannot find elsewhere, the bank will differentiate itself and efficiently build trust and loyalty.
- Improving profitability: With greater brand differentiation and one-stop customer access points, banks can avoid pricing pressures and apply premiums for value-added services. Everywhere banking can also help banks improve operational efficiency by radically transforming front- and back-end processes.
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