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Digital Banking: Best Practice Innovations

  • May 2014
  • -
  • GlobalData
  • -
  • 45 pages

Summary

Table of Contents

Summary
Consumers' financial needs are rapidly evolving. Banking customers have growing expectations around communication and information that providers need to meet. Innovations in online and mobile services will facilitate this, and will help banks to build stronger, more engaged, and more profitable relationships with their customers.


Synopsis
- Learn about the five key trends that will drive digital banking innovation over the next couple of years.
- Understand what digital innovations providers around the world are starting to introduce.
- Evaluate the impact of new digital services on loyalty, profitability, and other key metrics.

Reasons To Buy
- What digital services will be most effective in helping you to improve the quality of your customer relationships?
- What are the most innovative online and mobile services currently being rolled out by the world's banks?
- What are the pressing consumer needs that can be addressed by advances in digital provision?

Key Highlights
Banks are starting to add value to routine balance enquiries by factoring in scheduled payments and receipts to display “effective” balances that show what customers can safely afford to spend without going overdrawn. This will help those consumers who worry about going overdrawn or who find it difficult to manage their finances.

Mobile apps that use image capture will grow rapidly in popularity. From remote deposit capture and photo bill pay, services will expand into credit card balance transfers, ID verification, and account opening. This will make banking more convenient and user-friendly, and reduce the friction associated with key activities.

Providers will partner with retailers to make targeted merchant offers (e.g. discounted purchases). These offers will use detailed analysis of customer data to maximize their relevance. Such programs will enhance customer relationships, create goodwill, and broaden the relevance of banks to consumers beyond financial services.

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