This report assists retail and universal banks in the vendor shortlisting process by evaluating the leading next-generation digital channel platforms.
The Internet has become an important part of human life – we work, shop, and engage in social activities online. Customers’ expectations of online services change every day as technology becomes increasingly consumerized. Similarly, customers increasingly want to engage with banks using the Internet, whether through personal computers or mobile devices. On the other hand, banking investments are depressed by the constant focus on cost containment and efficiency. This drives a renewed focus on enhancing the lower-cost digital channels and marketing and extending touchpoints on mobile devices or social media.
Today, digital banking services are better optimized for mobile devices (browsers) or are available through more mature mobile apps. This maturation has led to more users, as mobile banking becomes more user-friendly, more functional, and more dedicated to mobile devices. In addition, ongoing economic challenges are driving consumers to pay closer attention to their personal finances, which can drive a more immediate need to check balances or spending limits, for example. As a result, mobile banking will have a more prominent role to play, as channels need to be consistent and the introduction of tablet devices blends online and mobile channels.
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