29 May 2017

Have you ever wondered what does it mean to be a digital bank? What’s the first insight coming to your mind? I guess you’ll think about a mobile application, and the fact of managing your account directly through your smartphone. Maybe you’ll think about the digital experience you now can live at your bank when your banker make you sign some important documents on a tablet with a digital pen, a pleasing experience by the way.

Actually, being a digital bank means much more than what customers can see. It means that the core of the bank itself is digital and can deal with the new technologies in order to offer the clients the customer experience they are willing to live whether it be in a traditional or digital channel.

Anyway, let’s focus on what being digital is leading bank towards. The idea of becoming a digital bank essentially relies on improving the customer experience, making it easier to manage their account, open a new one, make some transactions and checking their expenses among other. It is also about streamlining processes for the bank itself and reduce costs. There are a lot of good reasons about becoming digital.

But still, what’s the future in digital banking? Are banks going to become 100% digital? Does being digital mean that banks are going to eliminate their attended channels?

It’s difficult to imagine a 100% digital bank; when it comes to their own money people tend to be more careful when choosing a trustful channel. It’s always reassuring to be able to speak to an actual person and get good advices about how to invest their savings, which one is the best loan or mortgage. I am having a hard time imagining elderly having only access to a digital bank. furthermore, the percentage of people in Spain using internet from 65 to 74 years old is still pretty low (40.6% of men and 29.4% of women – INE, 2016), so there is no way that bank could only be digital. Furthermore, we could ask ourselves if Millennials would still be as much digital in 30 or 50 years.

What we are expecting in the digital environment we are living in is to have improved transformed attended channels. We expect them to become more customer-centric and give a pleasing user experience. Attended channels must take advantage of the digitalization happening in banks to modernize themselves. The idea is to integrate attended channels to the digitalization of banks in order to make them complementary. Traditional channels must adapt themselves.

Being a digital bank is about offering digital services to your clients, having a digital core and all of that in order to improve the customer experience and the bank’s process itself. It’s all about getting better to give the clients an added value and facilitate their relationship with their bank. In this context, banks must also take into consideration their attended channels and modernize them to be in phase with the digitalization of their processes.

Find out more: Digital Banking by Innofis

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