{"id":8853,"date":"2018-03-07T08:00:32","date_gmt":"2018-03-07T08:00:32","guid":{"rendered":"http:\/\/bulletins.bfconsulting.com\/?p=8853"},"modified":"2018-03-07T05:52:14","modified_gmt":"2018-03-07T05:52:14","slug":"digital-banking-the-once-a-differentiator-is-now-a-commodity","status":"publish","type":"post","link":"https:\/\/bulletins.bfconsulting.com\/en\/digital-banking-the-once-a-differentiator-is-now-a-commodity\/","title":{"rendered":"Digital banking: the once a differentiator is now a commodity"},"content":{"rendered":"<p>Digital banking is hugely popular and will only become even more popular as 71% of millennials believe that it\u2019s \u201cvery important\u201d 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\u2019 increasingly fickle tastes. To do this, they must keep six key things in mind:<\/p>\n<ul>\n<li><strong>Simplicity<\/strong> \u2014 financial processes need to be presented in a straightforward fashion that is both logical and easy to complete.<\/li>\n<li><strong>Streamlined<\/strong> \u2014 in order to capture as much of a customer\u2019s \u201cwallet\u201d as possible, financial institutions must offer a wider range of products that support all aspects of a customer\u2019s life.<\/li>\n<li><strong>Transparency<\/strong> \u2014 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.<\/li>\n<li><strong>Security<\/strong> \u2014 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.<\/li>\n<li><strong>Instant<\/strong>\u00a0<strong>feedback<\/strong>\u2014 customers have become accustomed to instant feedback; once a transaction is completed, a prompt, text message or other form of immediate feedback is essential.<\/li>\n<li><strong>Complete customer experience<\/strong> \u2014 a financial institution\u2019s 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.<\/li>\n<\/ul>\n<div class=\"rpbt_shortcode\">\n\n<div id='rpbt-related-gallery-1' class='gallery related-gallery related-galleryid-8853 gallery-columns-3 gallery-size-thumbnail'><figure class='gallery-item' role='group' aria-label='FinTech lenders\u2019 difficulties in the current pandemic'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/fintech-lenders-difficulties-in-the-current-pandemic\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2020\/05\/960x0-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-14936\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-14936'>\n\t\t\t\tFinTech lenders\u2019 difficulties in the current pandemic\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='BFC FinTech Monitor (21st July \u2013 17th August)'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/bfc-fintech-monitor-21st-july-17th-august\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2022\/08\/eesZeE1-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-16795\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-16795'>\n\t\t\t\tBFC FinTech Monitor (21st July \u2013 17th August)\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='VTB24 bank is going paperless'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/vtb24-bank-is-going-paperless\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2017\/04\/VTB-24-3-1-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-3693\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-3693'>\n\t\t\t\tVTB24 bank is going paperless\n\t\t\t\t<\/figcaption><\/figure>\n\t\t<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Digital banking is hugely popular and will only become even more popular as 71% of millennials believe that it\u2019s \u201cvery important\u201d 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. &hellip;<\/p>\n","protected":false},"author":5,"featured_media":8854,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[77,35],"_links":{"self":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/8853"}],"collection":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/comments?post=8853"}],"version-history":[{"count":3,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/8853\/revisions"}],"predecessor-version":[{"id":9022,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/8853\/revisions\/9022"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media\/8854"}],"wp:attachment":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media?parent=8853"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/categories?post=8853"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/tags?post=8853"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}