Branching out into digital
Considerations for Irish retail banks
Mobile banking is transforming from a niche service for the tech savvy consumer to a mass market "must have". Rising consumer demand for tablet and smartphone technology demonstrates a need for convenience across all platforms - a challenge banks must address.
Deloitte Ireland's new report analyses key trends in retail banking, recommends strategies for the market and highlights a five point plan for digital success.
Key trends in digital banking
Like the first years of broadband internet, mobile banking is undergoing a speedy transformation from a niche service for the technologically savvy to a mass market must have. Customers now expect to be able to start, execute and complete a transaction in any channel – including mobile.
The recent explosion in tablet devices creates yet another channel banks must address and is further evidence of society’s demand for convenience, speed and multi-tasking.
New customer strategies
Fast-evolving technologies afford banks excellent opportunities to attract and retain customers and even to build new revenue streams but also allow unprecedented challenges from new market entrants. Consumers are demanding personalised offerings seamlessly delivered through all channels including mobile, social media, the PC and bricks and mortar.
Turning customers around
Banks need to make the shift from organising by channel, product and geography to mobilising themselves around customer segments and their needs across all media and channels. Deloitte recommends pursuing an omni-channel strategy, comprised of the following points:
- Adopt a digital mind set
- Define the branch of the future
- Adjust operating structure for a more customer centric model
- It’s all about personalisation
- Harness the power of social media
The banks that thrive will be those that offer an omni-channel strategy and engage with the customers on their terms.