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04. 23. 2018

Banks should create a financial supermarket – W.UP Digital Banking Weekly

Banks should create a financial supermarket – W.UP Digital Banking Weekly

Six digital growth strategies for banks

Most big banks have the tools and advantages to build a digital growth model, according to McKinsey. What hampers their progress is uncertainty about how best to build on core strengths.

They identified six opportunities for banks to fuel future growth. One of them is to create a financial supermarket, that is, a curated and vetted mix of internal and third-party offerings.

How to get consumers across the mobile banking gap?

Nearly 60% of US smartphone users have at least one financial services app installed, which represents an all-time high, pymnts.com reports. But some things customers are doing from their phones with enthusiasm and others not so much.

When financial institutions want people to uproot their banking experience to the web, they have to show them this is in their interest and help customers realize that convenience is what they want.

Machine learning is not being used to full potential

Few financial institutions have fully leveraged the many ways machine learning can improve back office operations or the consumer experience, The Financial Brand said. About 35% of financial organizations have deployed at least one machine learning solution.

The banking industry has not kept pace with consumer expectations around digital capabilities. As a result, there is a significant amount of lost revenue and weakening of trust, the report said.

This could be the weakest link in your digital strategy

The required level of cost to maintain older legacy systems is now taking away funds to power digital business transformation, according to David Donovan, vice president at Publicis.Sapient.

Modernization is necessary, but legacy systems have such a rich data set that they should not just simply go away. The key is identifying ways to access legacy data and add digital layers to enable digital business transformation.