Digital Banking Maturity 2024

In this edition, we surveyed 349 banks in 44 countries across six continents, collecting nearly 4,500 responses in our customer needs research.

For each bank, we analysed 1,005 functionalities across 3 digital channels – bank website, internet banking and mobile app – divided into six customer journey steps:

• Information gathering
• Account opening
• Customer onboarding
• Day-to-day banking
• Expanding the relationship
• Ending the relationship

Each step was evaluated and assigned a digital maturity score. Based on the total scores, we created a global ranking of all surveyed banks identifying the Global Digital Champions. The Digital Champions group includes the top 10% of banks that received the highest scores in our assessment.

Due to the global scale of the Digital Banking Maturity (DBM) research, we were able to identify the latest development trends in digital banking and global best practices. 

The DBM 2024 survey revealed that the most advanced markets in digital banking globally are currently Turkey and India, followed by South American countries and the Nordic countries in Europe. In Central Europe, Poland leads the region in digital banking maturity, closely followed by Czechia and Slovakia.

In the Czech banking market, we observe that leading players are increasing their spending on streamlining and consolidating internal IT operations. While these changes may not be immediately visible to customers, they are crucial enablers for the ongoing development of digital banking services. Furthermore, Czech banks are working on creating new digitally enabled business models, including membership and subscription-based services. We are also witnessing the increased democratisation of investment products, making them more accessible through digital channels. Czech banks are exploring the use of AI in online customer service, daily operations and process simplification.

Key DBM 2024 survey take-aways:

1. Improved customer experience takes precedence over new functionalities

When comparing the outcomes of DBM 2022 and DBM 2024, we notice that banks have shifted focus from developing new functionalities in digital channels to investing in personalised customer experience. The COVID-19 pandemic with its frequent lockdowns motivated banks to provide customers with comprehensive services via digital channels. However, this trend has slowed. Banks are now placing greater emphasis on improving the digital experience by redesigning the channels used to reach customers, as most functionalities have already been implemented, especially by leading banks. This strategic shift highlights that refining interfaces, simplifying processes and making digital banking more intuitive may significantly enhance customer satisfaction and engagement. Consequently, in the current banking landscape, customer experience is paramount. Banks are focusing on upgrading and refining existing functionalities; with less-used or obsolete features being phased out.

2. Digital leaders prioritise comprehensive services and seamless user experience

The Digital Banking Maturity 2024 report indicates that banking leaders are concentrating their efforts on two key areas:

• The first group focuses on generating outstanding value for customers by providing a full range of key banking services that meet all financial needs, while also ensuring an excellent user experience. Intuitive design and smooth interactions are prioritised to guarantee customer satisfaction.
• The second group focuses on adding a range of new functionalities and providing comprehensive “super applications” that meet a broad range of needs on a single platform. Both strategies aim to strengthen their positions as digital banking leaders.

3. Banks focus on content personalisation and financial advice to boost customer engagement

Currently banks are using a variety of methods to support, develop and educate their customers. By offering Personal Finance Management tools, they help clients effectively manage their finances. Banks also use personalised content and messaging to tailor the banking experience to individual needs. Additionally, they provide customers with valuable advice to promote well-balanced financial management. These initiatives aim to increase customer awareness, improve competencies and satisfaction, strengthen the relationship between banks and their customers, enhance loyalty and boost the frequency of digital banking usage.

4. Digital mortgages are finally emerging

Despite the rapid development of digital channels in recent years, certain areas, such as digital mortgages, had not been fully addressed. Now, they are the focus of current development initiatives. Although the process often involves manual analyses and in-person interactions, many supporting functionalities are being introduced to digital channels throughout the customer journey – from initial funding needs to long-term post-sale support.

5. Cost efficiency aspects of digital channels have gained importance

While the previous edition of our report showed banks concentrating on the development of digital banking services for customers, cost optimisation is now of critical importance. Although improving customer experience remains crucial, operational efficiency and cost reduction are prerequisites for sustainable growth. By increasing efficiency and using new technologies, such as GenAI, to cut costs, banks can remain competitive while at the same time ensuring long-term financial stability. Maintaining a balance between innovation and cost management is key to success in the rapidly changing financial services landscape.

Take a look at past editions

• Digital Banking Maturity 2022
• Digital Banking Maturity 2020