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Banking on a Digital Future

A Guide to Digital Transformation in Banking

Digital technologies—and how we use them in our personal lives, work, and society—continue to change the face of businesses worldwide. The financial services industry, in particular, continues to undergo dramatic digital disruption, driven by several shifting forces in the marketplace, known as the four C’s: Customers, Competitors, Costs, and Compliance.

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Corporate, retail, and small business banking customers now expect premium, seamless experiences across channels. This expectation results from those customers enjoying digital interactions with other consumer brands they encounter day-to-day on the Internet. Customers no longer just compare your offerings with those of your direct rivals; their experiences with companies like Apple or Amazon have reshaped their standards. Customers are increasing the use of digital channels, and digital usage now accounts for the majority of banking interactions in virtually every country.

The migration to mobile banking. The Internet has become the most favored channel by customers in all regions, with close to one-third of customers banking via mobile access. Research shows millennials and small business customers are more likely to select a bank with a good digital banking platform, and a study by Javelin Research shows that in 2015, for the first time, the number of US consumers who used a mobile device to the bank once a week exceeded the number of consumers who visited a branch.

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