The digital banking journey started over thirty years ago when “tele-banking” services allowed customers to interact with their bank using their phone without needing to travel to the branch during its opening hours. It progressed with the widespread adoption of the internet by households and banks offering websites to advertise their products and enable customers to perform simple transactions online. The launch of the iPhone advanced the concept of digital banking to one whereby customers could interact with their bank anytime and anywhere – no longer reliant on the traditional physical banking channels. Digital survived the dotcom crash and financial crisis and its adoption in banking has been driven by both the technical developments as well as the digitisation of commerce.
Despite digital’s age, many “incumbent” banks have struggled to fully leverage end to end digital capabilities and continue to rely on physical support to serve customers. They have CRM systems that are not integrated across all product types and channels and therefore do not enable a holistic, single view of the customer. Or they offer online application forms that must be printed and posted to the bank to be accepted. Opening a mortgage in the UK takes between five and forty days1 yet a fully digital process has allowed the process to be completed in as little as 24 minutes2. Today’s digital offering from the banks is often insufficient to meet the needs of customers who expect to use multiple channels seamlessly to complete transactions despite the millions or billions of pounds that the banks are investing in digital transformation programmes.
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