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IBS Journal February 2016


Getting your bank digital ready


Building a digital strategy for a bank is not just about getting the mobile banking app going or rolling out a marketing campaign. The true success in building a digital bank is in the ability to have the right proposition for the customer, building inter- nal capabilities that can help in delivering the right digital experience – ensuring the transformation is embraced both internally and externally.


1. Defi ning the value proposition The starting point of any digital journey is in having a customer-centric value proposition. The key question that is core to getting the bank digital ready is ‘what’s in it for the customer?’ Everything that gets to be created


as part of the digital proposition – the technology infrastructure, the organisation capabilities, the operating model – they all tend to converge and create value only when they result in a better experience for the customer. While banks have long moved from being branch driven to being multi-channel, the underlying shift has also been in banks moving away from being product centric to being customer centric. When ATMs came around, they created


the fi rst layer of alternative banking chan- nels that helped a ‘self-serviced’ model. With the advent of the internet and mobile banking, the experience moved to becom- ing even more direct for the customer. We have seen a series of debates over the last decade comparing the highly engaged brick-and-mortar branch banking model with the fast and furious electronic banking models that were rated to be relatively impersonal. 85% of today’s retail banking transactions are now reported to be digital. Yet today we fi nd banks that are a step


34 © IBS Intelligence 2016 www.ibsintelligence.com


ahead on the digital journey have success- fully converged the customer engagement levels with digital technology. This enables the pampering experience of a ‘virtual relationship manager’ for customers, and advocates higher engagements with interactive ATMs that provide the customer with a ‘wow experience’. Ultimately, it is the diff erence that is


brought about to the customer and his/her experience that really matters. And there lies the core value proposition.


2. Building the digital technology infrastructure Channels are the face of the bank to the customer. From just about enabling multiple channels to creating a ubiqui- tous experience – across branches, ATM, call centres, IVR, SMS banking, internet banking, mobile banking and now social media banking, banks have come a long way in the ability to make the direct digital connect with the customer. Sitting behind the glamorous channel


layer is the core banking platform where the central customer information and the transaction backbone lies: creating myriads of channel connectivity with the core en- gine is passé. Unless banks invest and build a robust middleware, it would be hard to sustain the digital journey. And that’s the most critical component of a digital bank:


analysis: digital bankingnews


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