Digital Assessments: Encouraging banks to engage customers and deepen relationships

By - December 15, 2016

“I don’t know the last time I went to the bank”, is a common statement hear among today’s consumers. Person to person payments, mobile banking and digital wallets are all examples of digital banking occurring where and when consumers need it. Traditional banking methods, while still relevant, are slowly declining. Our financial institution clients are facing the constant challenge of supporting both traditional and safe and efficient digital channels, while technology rapidly evolves and increased competition offers a variety of options. Connecting and staying in touch with customers is the cornerstone of success for community banks. Finding a way to keep that connection using digital applications is crucial to maintaining and growing business.

Digital banking encompasses a wide range of platforms, delivery channels and communication methods. Account notifications, social media marketing, self-service options and internet banking are all examples of digital banking offerings that financial institutions must prioritize and manage. Over the last decade digital offerings have been viewed as secondary products and services, a complementary offering to the basic checking and savings accounts. Strategic planning for the next 3+ years must include digital banking as an opportunity, distinct from brick-and-mortar investment, with technology, staffing, operations, and change management focused on digital features that are crucial to consumers and businesses.

Recognizing that connecting with customers is an increasing challenge, RSM has been working with our FI clients to perform Digital Banking Rapid Assessments. These assessments help to identify opportunities to upgrade digital banking capabilities, while evaluating functionality, system requirements, organizational impact and strategy alignment.

Recently, a bank client that had undergone a merger was evaluating how their combined product platform compared to competitors. With the merger, bank management thought it was the optimal time to ensure that the bank was positioned to engage customers by balancing traditional walk-in support with new functionality for remote consumers. We worked with the bank to analyze and rate its digital capabilities relative to competitors and market leaders. Gaps were then identified in available digital functionality and product offerings. This allowed us to define a roadmap with “quick win” and longer-term initiatives to enhance their digital functionality.   The roadmap has provided the bank with confidence in a long-term, sustainable digital banking strategy.

Consider evaluating your digital product and service suite to develop a targeted strategic plan, assuring customer engagement and deepened customer relationships. To learn more about how RSM can assist you with your other business needs, contact RSM’s management consulting professionals at 800.274.3978 or email us.

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