Financial institutions (FIs) are constantly searching for ways to not only survive, but thrive amongst today’s operational challenges. They need to keep account holders and employees happy and improve security, all while dealing with decreased budgets, constant regulation and increased competition.
It’s no longer a question of if banks and credit unions should enhance their digital banking, but when and how much. Sixty-two percent of Americans cite digital as their primary method of banking1 and 42 percent interact via digital only.2 And these aren’t temporary trends — they’re growing and driving the future. Mobile banking transactions will more than double by 2022, and branch visits will dwindle to just four visits each year.3
Many institutions, however, fail to optimize their digital presence to drive operational efficiency.
What is your FI doing?
Elevating your FI’s digital banking experience can drive cost efficiencies. According to PwC, branches cost banks $4.00 per transaction, while online and mobile banking cost $0.09 and $0.19 per transaction.4
Not only can your FI save money, but research by J.D. Power shows that highly satisfied mobile application users are more engaged and “stickier” users, meaning higher retention rates for FIs. Eighty-one percent are likely to recommend the app, 62 percent are unlikely to switch providers, and 55 percent are likely to buy additional products and services.5 Think about the value of these engaged and “sticky” users and whether your website is providing them with an intuitive, elegant, effortless, rich experience.
To find out ways you can optimize your FI’s digital presence, download our Five Operational Imperatives to Fuel FI Growth here.
1 Trends in Consumer Mobility Report – Braun Research, 2016
2 PwC, 2017 Digital Banking Consumer Survey
3 CACI, Banking in a Digital World, 2017
4 PwC’s 2017 Digital Banking Consumer Survey
5 J.D. Power, 2017 U.S. Banking App Satisfaction Study