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.
Unique Omani Tech Start-Ups: Innovation Across Hospitality, Legal, and Mental Wellbeing
As a sequel to our initial feature on some of the most unique tech startups from Oman, here we highlight
Tides of Change: Exploring Oman’s Vibrant Female Startups and Technopreneurs
While Oman is historically renowned for its rich cultural heritage, warm people, and beautiful landscapes, the country is gradually gaining
‘CTO – the Psychologist’ – A Role Banking Tech Leaders Must Master to Ensure Digital Change
Dr. Corrie Block, an Organizational Behavior Expert and a business coach in the UAE, asks, ‘If you were to go
A Mental Shift to Help Banking CTOs Get Tech Buy-In Quickly
A portion of the article is included in the link below, as featured in the ‘Finance Today’ segment of the
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.
