Thursday, June 02, 2016
Banks have heard the digitization message, and they get it. They’re aware that financial technology companies with superior digital offerings are nibbling away at the edges of the traditional banking business, reshaping customer expectations, and altering the revenue and cost dynamics of current and emerging services.
Despite this, few financial services institutions have fully embraced digitization. While most have some degree of online and mobile banking presence, functionality is often scattershot and limited to the front end. In fact, our research shows that only about one bank in five offers consistent digitization for any given process. A customer could apply for a mortgage through a slick online interface, for instance, only to find that subsequent processes, from credit review to loan approval, remain manual and require trips to a physical branch, additional paperwork, and more time. Rarely is the experience cohesive and streamlined from end to end.