Traditional banks are organized around money in branches.
To become digital,
- Banks have to focus on electronic platforms and data as their core and branches as secondary.
- To get to an integrated electronic platform, banks need to replace their old core systems.
Banks are shutting down branches
- Europe closed 20,000 in the last four years.
- Thousands have been closed in the U.S.
- It has been predicted that banks will go from 1 branch per 20,000 customers now to 1 branch per 250,000 customers.
- Banks will move to electronic channels where a transaction is much cheaper than one performed by a teller.
Digital banking is more than getting consumers to use online or mobile banking or building a new app – it is a way to run an entire organization.
This new model touches product development, distribution, front and back office operations, marketing communication and the entire customer experience.
When engaging with a digital bank, consumers should benefit from the following:
Dell has developed a comprehensive Digital Maturity Model (DMM) to map a financial institution’s current digital state allowing an organization to develop a comprehensive action plan that is completely aligned to overall strategic goals.
- Their thinking,
- Their technology,
- Their incentive systems,
- Their knowledge about customers
To become digital,
- Banks have to focus on electronic platforms and data as their core and branches as secondary.
- To get to an integrated electronic platform, banks need to replace their old core systems.
Banks are shutting down branches
- Europe closed 20,000 in the last four years.
- Thousands have been closed in the U.S.
- It has been predicted that banks will go from 1 branch per 20,000 customers now to 1 branch per 250,000 customers.
- Banks will move to electronic channels where a transaction is much cheaper than one performed by a teller.
Digital banking is more than getting consumers to use online or mobile banking or building a new app – it is a way to run an entire organization.
This new model touches product development, distribution, front and back office operations, marketing communication and the entire customer experience.
When engaging with a digital bank, consumers should benefit from the following:
- Shop for a financial institution online or with a mobile device
- Open a new account by using a computer, tablet or mobile device using image capture to save steps
- Communication with their bank through the channel of choice, potentially with live video tools
- Financial insights pre-login, such as balances, recent transactions and product recommendations
- Real-time and secure transactions online or at the point of sale with a mobile device
- Personalized and predictive offers that leverage geographic as well as contextualized insight
- Real-time digital money management including alerts and notifications
- Integration of financial services with daily activities.
Digital Maturity Model
Dell has developed a comprehensive Digital Maturity Model (DMM) to map a financial institution’s current digital state allowing an organization to develop a comprehensive action plan that is completely aligned to overall strategic goals.
8 comments:
thanks for sharing information,good blog..
Meraki Firewall
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Useful information about digital banking. Thanks for sharing this with us!
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