Finextra Research, a leading specialist and source for fintech news and information, and Connective, a Benelux-operating Digital Transaction Management company, have released the results of their new survey: ‘Digitise or disintegrate – Exploring the need for banks to extend digitisation across all customer interactions.’
Most banks and insurers now engage in digital transaction management, and transaction servicing has been transformed by online channels. Digitisation takes many forms and has many motives, but implementing it across all levels of customer interaction presents challenges.
The survey included participants from bank and payment organisations across 29 countries in Western Europe, North America, and the Asia-Pacific region. The research and analysis focused on banks’ desire to accelerate digitisation processes, outlining strategic drivers for success, and evolving customer demands and behaviours. Key survey findings included:
-88% of banks believe a key to winning millennial segment is to rapidly improve digitisation processes, and 54% believe that failure to achieve full digitisation in next three years will result in substantial loss of market share.
-The number one strategic driver for digitisation, indicated by 71% of banks, was creating an optimal and efficient customer experience.
-Nearly half of respondents believed that customers prefer simplicity to a rich user experience, but also demand the data and insights available to banks.
-Three-quarters of those surveyed either agreed or completely agreed that in the near future digital transactions will lead digital content repositories that banks could theoretically make available to other parties via API connectivity.
To download the full report and detailed survey results, click here.