Digital Channel Migration Requires a Better Experience

by Joseph Walent 0

Gauging the broader public’s propensity to engage in bank-branch oriented financial activities via digital engagement modes stands out as one of the bigger conundrums financial institutions wrestle. The article outlines the findings of a study delving into the financial activities many of us take on in the course of our day-to-day lives, and how apt we are to conduct each of those financial activities digitally or in-person.

It is clear that there is a growing need to serve the increasingly digital consumer that is no longer defined by demographic variables like age and income, but by the way an entire segment of the population hopes to engage. The strategic impact and resultant actions may differ by institution, but the ability to decrease costs and improve customer satisfaction rides in the balance.

For any organization, the priorities should be to improve the digital deliverables that include making basic transactions (balance inquiry, funds transfer and bill payments) more simple and intuitive, while also making the next stages of engagement (account opening and check deposit) more easy to complete with an online and mobile device.

Mercator Advisory Group’s position aligns with the author in its recognition that financial institution customers are increasingly seeking to engage with said institutions in the manner they decide upon and are comfortable with using and will actively seek out those firms that are responsive to those decisions. It has been said, loosely paraphrased, that “bank” has increasingly become a verb and less a noun for many consumers. It is becoming increasingly apparent that those entities that insist on remaining product venue will be left behind by those focusing on providing services and facilitating customer objectives.

Overview by Joseph Walent, Senior Analyst, Emerging Technologies Advisory Service at Mercator Advisory Group

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