Does your Digital Banking strategy tick all the boxes?
It’s time to change your perspective – it’s no longer ‘digital banking’. It’s ‘banking in a digital world’. And to take your rightful place in this digital world, your Digital Banking strategy needs to tick all the boxes.
Customers call the shots in the digital age. Their expectations are higher and they’re less willing to accept anything but the best.
When it comes to digital banking, simply giving customers a way to transact and transfer isn’t going to cut it. Customers want to fully self-service and take control of their own financial management.
Now is the time to refocus to not only meet customers’ minimum expectations, but surprise and delight them beyond their wildest dreams. If you don’t, you’re putting your bank at risk of falling behind.
Why you need to supercharge your Digital Banking channel Digital Banking is becoming increasingly important. Customers are busy – very busy. They don’t have the time or energy to wait around. They want instant access to their banking products and services. And they want to be able to do it from any device, whenever they want.
Interestingly, your Digital Banking platform is increasingly the only place customers interact with your brand, products and services. Many no longer receive mail communications, go into branches or call into the call centres.
Your Digital Banking strategy needs to focus on supercharging the channel as a means for all customer communication and to get all customers using it. In other words, focus on maximising uptake and powering the platform with the right technology and tools. According to McKinsey, financial institutions who have a Digital Banking strategy geared toward customer retention and uptake could increase their customer base by 45% by taking advantage of these potential opportunities.
Institutions that don’t get on board? They could lose up to 35% of their customer base.
You need your customers to be quick on the uptake. You need more of them using your Digital Banking platform regularly and you need it now. To do this, your Digital Banking strategy must tick all the boxes, including:
A multi-faceted Digital Banking strategy is the only way you’ll maximise uptake of your Digital Banking platform. Meaning you’ll have a robust channel to communicate with increasingly digital customers, exceed their expectations and improve brand loyalty.
As we’ve seen, a Digital Banking strategy that focuses on maximising uptake needs the right technology – and the right partner – to make it happen.
Our team here at Sandstone Technology have worked with dozens of banks and financial institutions to maximise uptake of their Digital Banking platforms.
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