Digitised Banking is Now... Digital Banking is the Future

The intention of this short article is not to talk about digital banking being the future, we all know it is and will be. I do feel there needs to be a clear distinction between what we're seeing now, what we'll see in the future and terminology.

There has been a lot written about digital transformation and quite rightly so, if one industry is in desperate need of it, that is banking and the move away from the traditional models which have existed for years.

Digitised Banking

Many are led to believe that what we're seeing today is a move into digital banking, the fact of the matter is that is not the case. All that we're seeing are services which have existed for a long time being adapted to the digital era we're now in. These are then distributed over platforms which have existed for years, namely the Internet and smartphones. The key challenge for banks and their supporting vendors is not modernising the digital experience (although very important) but thinking about what digital capabilities they could offer to their consumers in the future.

Digital Capabilities 

• Digital Customer Experience - Including for On-boarding
• Personalisation and Individualized Experience
• Cross-sell/Up-sell
• Leverage data/Big data
• Emerging Technologies - AI/IoT/Blockchain

Digital Banking - The Real Focus

Digital banking is about creating new opportunities and these are underpinned by what is delivered against the list I have noted above. The key in all of this as it has been for years is the data, and how it is going to be contextually use to generate the true value. Digital banking should also be focused on customer engagement and deriving new insights on existing customers whilst trying to obtain new ones.