Digital banking: the once a differentiator is now a commodity

Digital banking is hugely popular and will only become even more popular as 71% of millennials believe that it’s “very important” to have a banking application. Moreover, 51% have made a purchase through a mobile website or application in the last month, and 27% have used their phone to make a payment in a store. Despite this increase in popularity, customer satisfaction with digital banking services is actually decreasing. Banks, if they are to thrive, are now tasked with ensuring that their digital offerings meet customers’ increasingly fickle tastes. To do this, they must keep six key things in mind:

  • Simplicity — financial processes need to be presented in a straightforward fashion that is both logical and easy to complete.
  • Streamlined — in order to capture as much of a customer’s “wallet” as possible, financial institutions must offer a wider range of products that support all aspects of a customer’s life.
  • Transparency — customers want to know the details of their finances; everything from interest rates and credit scores to terms and conditions need to be easy to find.
  • Security — customers are more willing to apply for credit and other products via their mobile devices; that being said, they must feel that their information is secure at every step.
  • Instant feedback— customers have become accustomed to instant feedback; once a transaction is completed, a prompt, text message or other form of immediate feedback is essential.
  • Complete customer experience — a financial institution’s digital experience has to be fully integrated into every other touch point through which customers encounter it (e.g. ATMs, in-person tellers, customer service representatives, call centers); mobile and digital banking offerings should transition seamlessly into the other channels.