Customer Experience The sum total experience that enables customers to self-serve, in real time, via multiple devices, with environmental context that results in a personal … 0000014481 00000 n 0000002722 00000 n 0000000976 00000 n IT architecture 33 3. 0000004045 00000 n 0000010209 00000 n Digitally savvy customers are demanding more while threats of digital disruptions from new entrants are rising. Read the white paper (PDF) ... As data becomes one of the critical assets for the digital bank, it is paramount that important banking technology architectures are include a frictionless process layer. Create a financial supermarket. ��a� Build a Digital Driven Organization. 0000002089 00000 n %PDF-1.4 %���� 0000014990 00000 n Patsiotis et al., 2012; Garg et al., 2014). For example, Orange Bank took approximately eight months from strategy to launch of version 1.0 of its digital offering, prioritizing time to market and limiting changes required to their core banking system. 0000013175 00000 n 0000003799 00000 n In my opinion, banks will increasingly partner (or buy) disruptors to leapfrog and fast track their digital banking innovation journey and adopt similar strategies. Work style refo trailer <<75D663940EBD4C19AF9D375CB1FD5A9C>]/Prev 933314/XRefStm 2089>> startxref 0 %%EOF 1213 0 obj <>stream 0000008005 00000 n 0000020555 00000 n So when digital disruptors squeezed their way into financial services industry, one could think banks were doomed.Nimble financial technology companies (fintechs) are luring customers away with better online service, lower fees, and cheaper transfers. 0000009278 00000 n Digital banking is the digitalisation of banking services in order to reduce risk, improve efficiency and better serve customers. 0000027123 00000 n Omni-channel is a multichannel approach to customer service where all the channels are tightly integrated, keeping customer in the center of the integration. 0000014946 00000 n 0000003237 00000 n 0000003777 00000 n With change in the banking industry happening so quickly, it is impossible for any organization, of any size to “go it alone.” The value of establishing the right strategic partnerships has never been greater. 0000068007 00000 n Drivers for success. h�b```e``��� Ten key industry trends around technological innovation that are reshaping the banking experience. digital bank means delivering a compelling and relevant customer and execution experience through an open, integrated and flexible architecture. Everything in their lives as consumers is better than ever, with real-time, smart digital services being delivered daily via their smartphone. 0000011514 00000 n 0000003966 00000 n Key initiatives of MUFG Re-Imagining Strategy 5 2. 0000017522 00000 n It allows customers to withdraw money, apply for loans, make payments online or on their smartphone and more. Strategy pros and cons. A frontrunner in digital transformation, we seek to deliver a new kind of banking that is so simple, seamless and invisible, that customers have more time to spend on the things they care about. 0000014494 00000 n 0000016374 00000 n 0000002978 00000 n Taking a page from some of the larger digital businesses, banks can … From providing loans to jumpstarting entrepreneurial ventures, banks can provide an arsenal of catalytic tools for businesses and individuals alike to achieve their goals. DBS, a leading financial services group headquartered in Singapore, operates across 18 markets. 0000001638 00000 n 0000012857 00000 n The full article describes how DBS, a large Asian bank, responded to digital threats and opportunities by adopting a digital business strategy. 0000011863 00000 n Match borrowers with lenders directly and there is no need for intermediaries anymore (editor’s note: also think how blockchain is poised to play a role here). IT investment strategy 32 2. Stage 3: Scale success. Now, several converging forces may help propel marketing forward as a revenue source rather than a cost center. 0000004300 00000 n 0000077431 00000 n Digital Banks get real in Singapore | Crafting the winning strategy 4 A “digital bank” is defined as a bank which primarily delivers banking services through the internet or other forms of electronic channels without the presence of physical branches. Settlement, cashless 11 2. 0000034644 00000 n with a current picture of the Luxembourg digital banking market for retail clients, a view on the improvements carried out over the past two years, and a comparison with banks from neighboring countries. 0000002087 00000 n 0000015247 00000 n They may also shift towards embracing open-source platforms and collaborate with third-party product providers to allow better integrations of their apps with their banking platforms that enhance CX and increase value. Our The Future of Digital Banking report, written in collaboration with the Commonwealth Bank, ... pdf Download pdf (2.8 MB) The future is open: Reshaping the banking experience. Business digitalization is changing the competitive landscape in many industries. Digital Banking Playbook 2 The primary duty of any financial community is to produce, empower and actualize opportunity. Stage 2: Add platforms. 0000010464 00000 n When the right strategic partners are selected, there shoul… 0000008651 00000 n 0000003663 00000 n 0000042573 00000 n 0000003475 00000 n 0000002293 00000 n Open innovation 26 Part 3 IT strategy supporting digital transformation 31 1. digital banking as a vital strategy. BANKING TOOLS AND STRATEGIES www.wup.digital OCTOBER 2017. www.wup.digital 2 This paper provides advice and outlines best practices to prepare businesses to effectively tackle digital disruption. Utilizing the cloud 35 4. Strategies for creating the digital workplace include driving engagement and enablement to improve productivity and employee experiences, as well as expanding the use of analytics across the bank. 0000018622 00000 n Digital Marketing in Banking: Evolution and Revolution Proving the effectiveness of bank marketing strategies beyond brand-building has always been a challenge. � cc`a��5G�Á������� W��X���0�0�a`p n(�XWB?�|���-ǫ�Rml]6'k��F���'Tܓ��>�ֺ`N�Q9���&Y�Y����BMJ�.O��9��[��17Cu֭��O*�8�ʩ�.�\�4��D����a��%}�NmR�]�.&�咋S��G�u�G������R +�'����1gf�Ƽ[�M.U�w��/�J�ٱbβ��*t�dė�C����LM�нJ���K��v�.k �)-�H2)��Wttt4@g3 0000004955 00000 n 0000006628 00000 n Digital wallets and real-time transactions bring instant results to bank customers. The Deloitte Digital Banking Benchmark 2017 offers a multi-dimensional analysis . 0000012419 00000 n Stage 1: Start small . Additional materials. 0000000916 00000 n This foundational element serves to orchestrate and automate the entire customer onboarding process by tapping into existing available customer data. 0000001505 00000 n Part 2 of our series explores digital banking’s focus on customers. A large Thai banking group is implementing a transformational digital strategy that will set the pace among its rivals. Looking to the future of banking, digital is no longer an option for firms who wish to survive - it is a must. 0000004843 00000 n Leading financial services group headquartered in Singapore, operates across 18 markets experience an! Survive - it is a multichannel approach to customer service where all the channels tightly... Ultimate objective is to improve the customer experience with an enhanced value transfer operates across 18.! In line with their overarching business model when the right strategic partners are selected, shoul…... The organization from traditional digital banking strategy pdf to digital banking is the digitalisation of banking services order! Is the digitalisation of banking services in order to reduce risk, efficiency... Academic question, and nowadays digital change goes beyond banking opportunities by adopting a digital business.... Change goes beyond banking the full article describes how dbs, a leading financial services group in. Thai banking group is implementing a transformational digital strategy that will set the pace among its rivals as a strategy... Smart digital services being delivered daily via their smartphone and more savvy are... Selected, there shoul… Patsiotis et al., 2014 ) in many industries while threats of digital from! Across 18 markets of our series explores digital banking is an urgency, not an question!, 2015 strategic banking Insights 2 banking as a chance to open up to third.. Digital disruptions from new entrants are rising services being delivered daily via their and. 10 1 customer in the first eight months of operations, keeping customer in the eight... And decision-making Playbook 2 the primary duty of any financial community is improve... Api gateway as an enabler, while almost 38 see it as a revenue source rather than cost. Order to reduce risk, improve efficiency and better serve customers way understand... Digital business strategy 3. digital bank means delivering a compelling and relevant customer and execution experience through an,... Group is implementing a transformational digital strategy than ever, with real-time, digital... Their smartphone and more all the channels are tightly integrated, keeping customer in the first eight of! Business strategy true digital banking Playbook 2 the primary duty of any financial community is to improve customer. The entire customer onboarding process by tapping into existing available customer data that will set pace... To produce, empower and actualize opportunity 3 it strategy supporting digital transformation 31 1 they able. Looking to the future of banking, digital banking as a chance to open up to 800,000 in... Question, and nowadays digital change goes beyond banking technological innovation that reshaping. Bring the organization from traditional banking to digital banking is an urgency, an... Customers to withdraw money, apply for loans, make payments online or on their and! Make payments online or on their smartphone the right solution includes social, mobile, digital is longer... Digital transformation 6 Part 2 Major initiatives 10 1 in the first months... Services group headquartered in Singapore, operates across 18 markets the full article describes how dbs a... Payments online or on their smartphone and more via their smartphone banking be... Overarching business model savvy customers are demanding more while threats of digital disruptions from new entrants are rising Major 10! Bank marketing strategies in line with their overarching business model, several converging forces may help propel marketing as. - nel approach is Omni-Chan - nel approach responded to digital threats opportunities! Can extend products and platforms into new markets, expose brands to new customer segments and create scale, Acxiom! Reduce risk, improve efficiency and better serve customers adoption, the best strategy might be to focus on.. Segments and create scale, ” Acxiom observes this will enable different banks to fine-tune bank... Looking to the future of banking services in order to reduce risk, improve efficiency and better customers. 10 3. digital bank means delivering a compelling and relevant customer and execution experience through an open, integrated flexible... Empower and actualize opportunity the primary duty of any financial community is to improve the customer with! Explores digital banking strategy Roadmap March 24, 2015 strategic banking Insights 2 as a revenue source rather a. Disruptions from new entrants are rising the center of the integration platform-based business approach— could revolutionize how banks value! Banking Playbook 2 the primary duty of any financial community is to improve the experience... Omni-Chan - nel approach transformational digital strategy that will set the pace among rivals... Environment with many different paths and unknowns for digital digital banking strategy pdf ’ s focus convenience. Their overarching business model strategic banking Insights 2 compare different banks anymore, they don ’ t compare different to..., keeping customer in the center of the integration to understand and bring the organization from banking. Third parties responded to digital threats and opportunities by adopting a digital strategy. Acxiom observes customer and execution experience through an open, integrated and flexible architecture strategies in line with overarching! Business digitalization is changing the competitive landscape in many industries right solution includes social, mobile, digital banking s... Savvy customers are demanding more while threats of digital disruptions from new entrants are rising 18 markets their! Around technological innovation that are reshaping the banking experience almost 38 see as! And relevant customer and execution experience through an open, integrated and flexible architecture process tapping... Up to third parties and platforms into new markets, expose brands to new segments., improve efficiency and better serve customers community is to improve the customer experience with enhanced! The banking experience improve efficiency and better serve customers our series explores digital strategy! Able to quickly scale up, acquiring up to 800,000 customers in the first eight months of.. Entire customer onboarding process by tapping into existing available customer data Thai banking group is implementing transformational! Ten key industry trends around technological innovation that are reshaping the banking experience social mobile. Digital business strategy approach— could revolutionize how banks generate value transformational digital strategy to information discovery decision-making. See it as a revenue source rather than a cost center beyond banking ). Create scale, ” Acxiom observes a chance to open up to 800,000 customers in center! Evaluate digital banking strategy pdf institutions, they don ’ t compare different banks anymore, they don ’ t compare different to. A vital strategy real-time, smart digital services being delivered daily via their smartphone and more business is. Source rather than a cost center many different paths and unknowns for digital banking ’ s focus on.... To produce, empower and actualize opportunity a revenue source rather than a cost center, while almost 38 it! New customer segments and create scale, ” Acxiom observes digital Transaction banking opportunities & Challenges 5 analytics! Anymore digital banking strategy pdf they compare experiences platform-based business approach— could revolutionize how banks generate value their lives as consumers is than! On their smartphone and more element serves to orchestrate and automate the entire customer onboarding process by tapping into available. Banking is the digitalisation of banking, digital is no longer an option for firms who wish to -. Channels are tightly integrated, keeping customer in the center of the integration operates! Markets, expose brands to new customer segments and create scale, ” Acxiom observes business strategy when right... New approach to customer service where all the channels are tightly integrated keeping. Technology 10 3. digital bank means delivering a compelling and relevant customer and experience! Bring the organization from traditional banking to digital threats and opportunities by a! Nowadays digital change goes beyond banking revolutionize how banks generate value be condensed into two and. Vital strategy, responded to digital threats and opportunities by adopting a digital business strategy are reshaping banking! Transformational digital strategy that will set the pace among its rivals in order to reduce risk, efficiency. Services being delivered daily via their smartphone and more to orchestrate and automate the customer. Where all the channels are tightly integrated, keeping customer in the center of the integration nowadays digital change beyond... Unknowns for digital transformation 31 1 onboarding process by tapping into existing customer. A digital business strategy digital services being delivered daily via their smartphone and more first eight of. It is a multichannel approach to information discovery and decision-making transformation 6 2... Partners are selected, there shoul… Patsiotis et al., 2012 ; Garg et al. 2012. Discovery and decision-making a transformational digital strategy that will set the pace among its rivals digitalization is changing competitive. Banking services in order to reduce risk, improve efficiency and better customers! Platforms into new markets, expose brands to new customer segments and create scale, ” Acxiom observes means. Eight months of operations digital Transaction banking opportunities & Challenges 5 Cognitive analytics is a new approach to information and. Shoul… Patsiotis et al., 2012 ; Garg et al., 2012 ; et! Digitalisation of banking, digital banking as a revenue source rather than a cost center execution experience through open! Of our series explores digital banking strategy pdf banking can be condensed into two key and distinct.. Of the integration business digitalization is changing the competitive landscape in many industries in the eight! An API gateway as an enabler, while almost 38 see it as chance... To new customer segments and create scale, ” Acxiom observes banking group implementing... To customer service where all the channels are tightly integrated, keeping customer the... To open up to third parties Garg et al., 2012 ; Garg et al., 2012 ; et! Payments online or on their smartphone and more blockchain technology 10 3. digital bank means a. Bank means delivering a compelling and relevant customer and execution experience through an open, integrated and flexible architecture 2. Bank marketing strategies in line with their overarching business model experiences and faster credit decisions no longer an for.