Exploring One of Banking’s Big Mysteries. Reduced branches but no parallel digital services revenue increase?
Download the ‘Digital Services: the Banking Industry’s New Problem Child’ Whitepaper
Retail banking sales in 2021, digital channels not fully making up for the drop in retail banking branch sales.
Financial services growth leaders generate 40% growth in digital channel, as part of 10% total sales increase
Source: Best of both worlds: Balancing digital and physical channels in retail banking McKinsey
Digital Service Problems
Is Your Bank Experiencing a Gap Between Digital Services and Revenue?
The data points to high customer demand for digital banking services, but only a fraction go on to open accounts digitally, which lowers digital revenue generation. A problem impacting many Technology & Marketing leaders in banking, we explore a few reasons why here.
- Improper perception of the purpose and potential of digital services, offering it only as an industry norm to keep up with competition
- Digital expectations of customers in terms of simplicity, convenience, and trust not properly met
- Little to no cooperation between tech, marketing, customer experience and other relevant functions in providing digital services
WHITEPAPAER Preview
Whitepaper Sneak Peek: Customer Segmentation & Digital Funnel Optimization to Fix the Revenue Disconnect
Our whitepaper shows you a tried and tested solution, which involves personalizing banking experiences for specific customer segments while treating digital services as a sales tool. The infographic explores a framework to do so beautifully, the famed AARRR pirate metrics framework. Our unique interpretation of it also adds customer segmentation to the mix.
What Everyone Does
- One-size-fits all marketing and messaging for all banking customer segments
- Bank uses the portal only as a platform to provide traditional services digitally
- Spend on traditional and digital marketing to promote digital banking, without using in-app messaging and the like to grow digital services
What Very Few Do
Very few treat their digital banking services or portals as a funnel to personalize customer experience and fuel digital service growth. But when done right, it works on autopilot to grow your bank’s digital business. Here’s one of our investment banking case studies to show you how to treat the top of the funnel!
Beta Launch Business Knowledge
Business Knowledge for Tech and Marketing Leaders
Our Business Knowledge section explores pressing issues, critical insights, and practical solutions for the financial services industry, essential for technology and marketing leaders to differentiate themselves while helping their organizations grow. Access all our banking and finance related articles and whitepapers inside.
Revving Up Growth in Tough Times: The Winning Playbook of Financial Service Leaders Harnessing Tech and Budget Stretching Tactics
Eighteen per cent (18%) of the respondents in the World Economic Forum’s “Chief Economists’ Outlook” survey feel a global recession
6 Questions to Answer Before Settling on A Tech-Service Provider for Your Law Firm
“At JPMorgan, a learning machine is parsing financial deals that once kept legal teams busy for thousands of hours!”, announces
The Problem of Scale in Professional Services: Productize and Digitalize Services to Create Predictable Revenue
“If a consulting firm, say, or a law practice wants to double its revenue, it has to double its staff
The Top 4 Ways to Enhance B2B Customer Experience and Drive Product-Led Revenue
In a McKinsey article titled “Improving the business-to-business customer experience”, the authors state, “when executives delve into the competitive advantages
Whitepaper Download
Download Your Copy of the ‘Digital Services: the Banking Industry’s New Problem Child’ Whitepaper
As explored so far, the widening gap between digital services and revenue generation continues to worry decision-makers in banking. Don’t get left behind offering digital services only because your competitors are. Instead, absorb its potential to grow banking revenue effortlessly.
