Omni-channel banking: The digital transformation roadmap 05 November 2015
Customer behavior is changing. Customers are more and more looking for convenience. The convenience and simplicity the get online and on mobile, when watching their favorite show on Netflix, or when taking that cab with Uber. But where is convenience and simplicity in financial services? Was the taxi-market ready for disruption? Maybe, but nobody was arguing as strong for disrupting the taxi-market as they are now chanting to disrupt financial services. And it is starting. Uber is booming, but the Uber in banking, LendingClub, is going even stronger. In Janbuary 2015, LendingClub went IPO, opened with an 56% increase in share price, giving it a whopping 9 billion dollar valuation, “lifting the company’s market value higher than all but 13 U.S. banks.” And it is not just LendingClub that is starting to target the traditional banks. Fintech companies in 2014 raised nearly $3 billion — more than tripling the $930M invested globally in fintech in 2008. Yes, fintech is hot. So what can banks and credit unions do to fight back and step up their own game? It is time that banks challenge the challenger and become disruptors themselves. To do this, they have to start by accelerating their digital transformation. In this report we present a roadmap to enable omni-channel banking through digital transformation. Points include: 1. Start with the Customer Experience 2. Pursue an Omni-Channel Delivery Model 3. Regain Control of your Digital Strategy 4. Define your Inspiring Purpose Get the results of this study at the 43rd Efma Congress on 29-30 October in Amsterdam and debate live with the market experts who produced the report.
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