The financial services industry is feeling the full force of digital transformation. According to a recent study, for the majority of customers, digital offerings are central to their choice of bank. Local, easily accessible brick-and-mortar branches, by contrast, are losing in importance. And customers’ loyalty to their current bank is fading fast.
A survey of decision-makers at German retail banks has indicated that the speed of branch closure will accelerate: by 2025, around 30 percent will have disappeared.
Today’s customers have wants and needs that are prompting a major industry rethink: they demand rapid responses and high quality of service. Against this backdrop, an integral part of any digital strategy must be an enhanced customer experience. Millennials, in particular, expect financial service providers to understand their imperatives and to offer personalized, tailor-made solutions. Opening an account in person at a physical branch is regarded as an anachronism while the ability to bank anywhere and anytime is a given. But delivering on this expectation is not always that simple. The corresponding digital processes must not only comply with legal necessities but also be intuitive, fast and convenient for the user.
Digital transformation poses significant challenges – but they can be effectively addressed and resolved by choosing the right technologies and partners. Once these obstacles have been overcome, digital offerings are likely to gain high user acceptance and to have a positive and lasting impact on business success. So, it is time to roll up sleeves and implement digital customer onboarding!