Accelerating digital transformation in banking

The report was based on global digital survey fielded by Deloitte Center for Financial Services in 2018, querying 17,100 respondents in 17 countries. The survey emphasized consumer's digital engagement, including channel preferences for various banking activities and buying new products, their emotional connection to their banks, and other attitudes and perceptions about their primary banks. Key takeaway we gleaned from the survey is the banks will need to accelerate their digital transformation and reconfigure each channel to serve every need customers have. Only this level of transformation is likely to strengthen banks' emotional ties with consumers and earn them a top spot in the list of consumer's favorite brands.

Based on the findings of the survey, the Deloitte Center for Financial Services worked out two analysis reports of bank branches and online banking. In particular, the analysis of Recognizing the value of bank branches in a digital world, which discussed why bank branches remain valuable to customers in this digital age of speed and convenience. We made suggestions on how banks could make the most of their branch networks, integrating digital and technology advancements into the branch experience and, conversely, encouraging the human touch in digital experiences, and enhance digital emotional connection with customers. We urge banks to fully recognize the value branches offer and keep customer preferences on top of mind when repositioning branches.