Digital Banking Maturity 2022
Closing the Gap towards Fully Digital User Experience in Banking
Digital Banking Maturity 2022 is the 5th edition of the largest global benchmarking of digital retail banking channels, answering what leaders are doing to win in the digitalization race.
The gap between digital leaders and smart followers widened both globally and in the Slovak market. Digitalization is confirmed to be a major (though not the only) differentiator when it comes to winning market share, therefore it is worth knowing where Slovak banks stand among the local and global competition. Thorough DBM analysis can reshape banks’ strategy and investments prioritization for FY23, in the environment with ever-growing competition.
Thus, we invite you to check the global results published on this page and for local market specific DBM analysis we recommend you to contact our FSI leaders.
The global study covered 304 banks from 41 countries. The degree of banking sector digitalization was assessed based on three factors: analysis of over 1,200 digital functionalities that cover a whole digital customer journey, consumer preferences assessment regarding the 26 most popular banking activities, and identification of best practices concerning user experience (UX).
The outcome of this study clearly emphasizes that 8 key digital trends and areas are influencing the banking sector:
1. Fully digital banking processes
Growing customer expectations encourage more and more banks to enable users to go through processes, such as product opening, in a fully remote way.
2. Banking apps as a platform
Best in class banks go beyond providing traditional financial services and offer new value propositions to their customers through third party service providers.
3. Cross-platform and ecosystem solutions
Banks develop APIs and enter cooperation with FinTechs in order to further strengthen their digital channels and allow ecosystem creation.
4. Personal finance management
Personal finance management (PFM) functionalities provide customers easy-to-understand options for managing their money at their fingertips. Additionally, supported by regulations like PSD-2, banks can enable their customers to connect various accounts and have a clear overview of all finances in one place.
5. Facilitating app usage for all clients
Solutions in social media, on mobile devices and on other non-banking platforms, have become sources of inspiration for banks, which can use and „copy” gestures and patterns present and known from other apps.
6. Liberalization of investments
Leading players go beyond offering a seamless investment experience and help their clients make better informed decisions.
7. Challenger banks
Challengers are relatively small banks competing with large long-established banks. They are more likely to differentiate themselves by adopting innovative solutions.
8. Mobile catch up
Digital maturity of the mobile channel has grown faster than for internet banking since the 2020 edition of DBM. The mobile channel is still less developed but the gap is narrowing.