digital banking strategy pdf

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. True digital banking can be condensed into two key and distinct factors. 0000017998 00000 n Additional materials. 0000008005 00000 n 0000013509 00000 n 0000027123 00000 n digital bank means delivering a compelling and relevant customer and execution experience through an open, integrated and flexible architecture. Digital wallets and real-time transactions bring instant results to bank customers. In my opinion, banks will increasingly partner (or buy) disruptors to leapfrog and fast track their digital banking innovation journey and adopt similar strategies. 0000025517 00000 n 0000001505 00000 n Roadmap of digital transformation in banking. 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 … � 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 Notes on the strategy. Digital Banking Playbook 2 The primary duty of any financial community is to produce, empower and actualize opportunity. 0000015730 00000 n Create a financial supermarket. 0000014946 00000 n Contents: Roadmap of digital transformation in banking. Stage 1: Start small . IT investment strategy 32 2. 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. hŞb```b``µg`e`ºÁ È€ ‚lì,O{’�§7$K3f(ÛuÔä ƒ‚ªˆ‘V¢Ó†£ûÏ*w^t^“µ-ƒƒET!£Ã'–ÁxíÅÛ+¢[}3lŸ&iÜê�øÜfš. 0000003475 00000 n 0000034644 00000 n 0000002089 00000 n When today’s customers evaluate financial institutions, they don’t compare different banks anymore, they compare experiences. 0000013175 00000 n Digital Banking is an urgency, not an academic question, and nowadays digital change goes beyond banking. We look at how banks can convert the inefficient use of capital in fixed assets and operating expenses into manageable, consumer-centric experiences that contribute to revenue uplift and cost reduction. Work style refo IT architecture 33 3. 0000010209 00000 n Patsiotis et al., 2012; Garg et al., 2014). h�b```e``��� Key initiatives of MUFG Re-Imagining Strategy 5 2. 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. 0000014494 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). 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. The ultimate objective is to improve the customer experience with an enhanced value transfer. 0000006628 00000 n Part 2 of our series explores digital banking’s focus on customers. Now, several converging forces may help propel marketing forward as a revenue source rather than a cost center. 0000002456 00000 n This will enable different banks to fine-tune their bank marketing strategies in line with their overarching business model. “Partnering can extend products and platforms into new markets, expose brands to new customer segments and create scale,” Acxiom observes. Most banks today will have a high-level digital strategy. It allows customers to withdraw money, apply for loans, make payments online or on their smartphone and more. An easier path to achieve customer satisfaction is by providing immediate assistance or the ability to open any type of account through a mobile device or a branch visit (or both), rather than trying to determine the right channel strategy for each. Digital Marketing in Banking: Evolution and Revolution Proving the effectiveness of bank marketing strategies beyond brand-building has always been a challenge. Digital Transaction Banking Opportunities & Challenges 5 Cognitive analytics Cognitive analytics is a new approach to information discovery and decision-making. Utilizing the cloud 35 4. Digital banking is the digitalisation of banking services in order to reduce risk, improve efficiency and better serve customers. Open innovation 26 Part 3 IT strategy supporting digital transformation 31 1. The most effective way to understand and bring the organization from traditional banking to digital banking is Omni-Chan - nel approach. 0000016374 00000 n 0000003663 00000 n A large Thai banking group is implementing a transformational digital strategy that will set the pace among its rivals. 0000004955 00000 n Ten key industry trends around technological innovation that are reshaping the banking experience. 0000060883 00000 n A strategy of digital transformation in banking with a reasonable budget and clear achievable results. 0000003197 00000 n 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. 0000008651 00000 n Additionally, some insights are provided . 0000011514 00000 n 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. 0000020555 00000 n limited services, the growth of branchless, digital banking is still awaiting the public launch of high-profile players such as Discovery Bank, Bank Zero and African Bank’s ‘My World’ transactional offering. 0000014092 00000 n 0000002253 00000 n 0000002114 00000 n Settlement, cashless 11 2. trailer <<7FB701335DAC49CDB2CDA002B2549895>]/Prev 535509>> startxref 0 %%EOF 162 0 obj <>stream Initiatives for digital transformation 6 Part 2 Major initiatives 10 1. 0000064639 00000 n Strategy pros and cons. New lending platforms offer streamlined experiences and faster credit decisions. trailer <<75D663940EBD4C19AF9D375CB1FD5A9C>]/Prev 933314/XRefStm 2089>> startxref 0 %%EOF 1213 0 obj <>stream ����JI��!�(���� E��l�5@���\\\"���T���~�H� ��. Four pillars of the digital-first bank. This foundational element serves to orchestrate and automate the entire customer onboarding process by tapping into existing available customer data. The right solution includes social, mobile, 0000010464 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. 0000004045 00000 n 0000060924 00000 n 0000077470 00000 n 0000002978 00000 n 0000025088 00000 n 0000014481 00000 n 0000003777 00000 n %PDF-1.4 %âãÏÓ Additionally, they were able to quickly scale up, acquiring up to 800,000 customers in the first eight months of operations. The Deloitte Digital Banking Benchmark 2017 offers a multi-dimensional analysis . 0000000976 00000 n Taking a page from some of the larger digital businesses, banks can … 0000042573 00000 n Everything in their lives as consumers is better than ever, with real-time, smart digital services being delivered daily via their smartphone. Looking to the future of banking, digital is no longer an option for firms who wish to survive - it is a must. In an environment with many different paths and unknowns for digital banking adoption, the best strategy might be to focus on convenience. Business digitalization is changing the competitive landscape in many industries. 0000007001 00000 n Stage 2: Add platforms. 0000002722 00000 n From providing loans to jumpstarting entrepreneurial ventures, banks can provide an arsenal of catalytic tools for businesses and individuals alike to achieve their goals. 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. When the right strategic partners are selected, there shoul… The strategy, however, typically does not define the operational and customer needs that the bank desires to … Banking & Capital Markets Banking & Capital Markets. Digitally savvy customers are demanding more while threats of digital disruptions from new entrants are rising. 0000017051 00000 n 0000003966 00000 n Why are you implementing an API gateway as part of your open banking strategy Despite their initial reluctance towards open APIs, banks are starting to understand their potential, with almost 70 implementing API gateways to accelerate digital banking innovation. In a digital driven bank or credit union, digital is treated as a … The Future of Digital Banking report is designed to stimulate thinking about how the banking industry can be smarter and better, positively impacting on consumers, their relationship with money and through this, their financial wellbeing. ��a� The full article describes how DBS, a large Asian bank, responded to digital threats and opportunities by adopting a digital business strategy. 0000068007 00000 n 0000003851 00000 n 0000014990 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. 0000011863 00000 n 0000011755 00000 n 0000003799 00000 n 0000009278 00000 n 0000002293 00000 n Technology disrupting banks’ value chains 8 2. 0000005382 00000 n Part 1 Digital strategy 4 1. 0000012857 00000 n Stage 3: Scale success. Transforming customers’ channels / BPR 19 3. %PDF-1.4 %���� 0000004300 00000 n 0000017522 00000 n digital banking as a vital strategy. Build a Digital Driven Organization. Strategy & Business Development June 2015 Contents Introduction 3 Opportunity space 4 Digitalisation in financial services: the story so far 5 The roadmap to digital sucess 7 Threats to commercial banks 8 1. 0000015247 00000 n 1180 0 obj <> endobj xref 1180 34 0000000016 00000 n 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. 132 0 obj <> endobj xref 132 31 0000000016 00000 n Open banking—a platform-based business approach— could revolutionize how banks generate value. 0000077431 00000 n 0000002087 00000 n 41 see an API gateway as an enabler, while almost 38 see it as a chance to open up to third parties. 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. Digital Banking Strategy Roadmap March 24, 2015 Strategic Banking Insights 2. Drivers for success. 0000000916 00000 n 0000003237 00000 n DBS, a leading financial services group headquartered in Singapore, operates across 18 markets. Blockchain technology 10 3. 0000018622 00000 n 0000012419 00000 n 0000004843 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. 0000001638 00000 n Future of banking services in order to reduce risk, improve efficiency better! 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