Here are 10 strategies banks and credit unions can use to deliver a better digital experience, gain market share, lower costs and increase revenues in 2017.
By Jim Marous, Co-Publisher of The Financial Brand and Owner/Publisher of the Digital Banking Report
With digital banking platforms now in place for the majority of banks and credit unions worldwide, 2017 will be a year to enhance the delivery of key services and improve the customer experience across channels. The digital banking choices available will expand greatly in the coming year, with the risk of not keeping up with consumer expectations increasing.
In the Mapa Research report entitled, “10 Things Digital Teams Should Be Doing in 2017,” there are three major trends or challenges identified that the banking industry must respond to:
1. Improving Digital UX. There will be a shift from digital quantity to digital quality, as it applies to improving the aesthetics and simplicity of existing digital offerings.
2. Improving Digital Onboarding. While digital capabilities overall have improved, the ability to sell and onboard consumers on digital channels has lagged.
3. Improving Response to New Technologies. Organizations will need to be prepared to deliver an improved customer experience across new devices using new data insight capabilities. The ability to leverage Open APIs, AI and IoT are all part of this equation.
Mapa emphasizes that breaking down internal silos between channel teams, product teams, experience (CX) teams and technology teams is the foundation of building a better digital customer experience. These challenges are obviously greater for legacy banking organizations than they are for start-up fintech firms.
When determining how best to improve the digital banking experience for consumers in 2017, Mapa used their proprietary portfolio of real bank accounts to track design and functionality trends. Their 49-page report includes dozens of screenshots and case studies to support their findings.