Digital Banking Keeps Evolving

Consumer expectations for convenient, digital banking services coupled with demand for live assistance from a highly trained and knowledgeable banking professional when needed are evolving at a rapid pace and pushing financial institutions to be agile, adopt emerging technologies, innovate and plan several steps ahead.

Is the industry keeping pace?

The Digital Banking Report, “Innovation in Retail Banking 2020,” found that financial institutions ranked themselves lower in digital transformation, innovation and data analytics maturity in 2020 than they did in 2019, possibly because, by comparison, other industries moved even faster to meet service digital consumers.

A successful digital transformation requires a corporate culture paradigm shift to embrace the latest technologies throughout the organization, not silo them into selected business lines or departments or to serve only specific products or services. It also means focusing on the human element of customer service by upskilling legacy employees so they are comfortable not only using digital platforms, but also mining them for information and predictive analysis to drive CRM.

Some of the fast-rising trends in digital banking include:

  • Convenient, easy to use, time saving services on the go
  • Contactless ways to pay and the reduction or elimination of physical currency, debit and credit cards
  • Digital self-service in one seamless channel, such as the ability to schedule automated payments in a mobile banking app that syncs with an online banking portal
  • Personalization of digital services using AI that recognizes usage patterns and adapts and adjusts to personal preferences that may change throughout the customer’s financial journey
  • Real time payment services for instantaneous cashless, contactless transfers between providers and people, such as Zelle®, popmoney, Venmo and others
  • Growing investment in privacy and security technologies to address the increased risks of intolerable data breaches

The future of digital banking provides unprecedented opportunities for financial services companies – including traditional banks, online banks and fintech apps like Google and Apple - to increase marketshare, serve customers from anywhere, capture more walletshare and deepen relationships… as long as leaders invest not only in the latest technologies, but also commit to train and retain talent while empowering them to innovate.

Read the Digital Banking Report

Meet The Rehmann Team

Start typing a name ...
Searching for "{{nameQuery}}"...
Start typing an experience ...
Searching for "{{experienceQuery}}"...
Start typing a location ...
Searching for "{{locationQuery}}"...
Or view a list of team members

get rehmann expertise to drive your business in your inbox every week