However, for more than half of banks, the majority of their personal banking products cannot be applied for online.
igital banking is not just more hype about the next big thing in the market. It is a necessary part of every bank’s agenda as a way to overcome outdated approaches and mismanaged client relationships.
Banks around the world are actively pushing digital topics both internally and externally. As early as 1994, Bill Gates made the provocative and still controversially discussed statement that, in the future, banking would be needed, but banks themselves would not. Jack Ma of Alibaba also made the very critical statement that “if the banks don’t change, we will change the banks.” In one study, the digital account opening capabilities of the largest banks in North America, Europe and Australia are measured.
The report ranks and compares the digital customer acquisition capabilities of the largest banks worldwide, both in breadth and quality of their offering. One-third of the banks surveyed have reached the “Digital Promised Land” segment — they have the majority of their personal banking products available for digital account opening, lending applications and onboarding.
However, for more than half of banks, the majority of their personal banking products cannot be applied for online. The study concludes that most banks fail to capitalize on their investments in digital marketing and digital channels, resulting in 70 to 90 percent abandonment rates when potential customers try to open an online account.
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