The benefits of becoming a 'digital bank' include the potential to boost revenues per customer by more than 50%, increase customer penetration by more than 30% and reduce operating costs by up to 20%.
Becoming a Digital Bank
Becoming a digital bank can transform a traditional banking organization from being a reactive product provider to being a proactive financial advisor. By developing a digital stack that operates in real-time, with the contextual engagement and the interests of the customer placed at the forefront, financial organizations can combine home grown services with those offered by outside organizations. By definition, digital banks will be more agile and instantly responsive, increasing revenue opportunities and decreasing costs.
According to the Temenos report, Digital Banking, “A digital bank offers customers contextualized, seamless experiences that transform the customer journey. And becoming a digital bank means delivering a compelling and relevant customer experience through an open, integrated and flexible architecture.” In short, Temenos believes a digital banking solution provides:
- Anytime, anyplace, any channel banking: Banking on the customer’s terms.
- Banking beyond the borders: More than just traditional products, using customer data to become a virtual advisor.
- Contextuality: Using customer insights and advanced analytics to proactively provide personalized solutions.
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