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Key Success Factors for Digital Transformation in the Banking Industry

Today's customers are fundamentally different from customers of past years in that they are harder to acquire, retain, and delight because of the explosion in digital technologies consumers use day to day. New digital experiences are forcing banks to play catch-up and match the innovative and engaging interactions and products — such as mobile payments — that nonbanks are offering to those same customers. The new digital environment is also rewriting the book on branch banking.

In this video Jerry Silva, research director for IDC Financial Insights, discusses how new digital experiences are forcing banks to play catch-up and the key areas ripe for digital transformation in retail banking worldwide.



 

This threat of disruption, along with a need to keep costs down, is driving digital transformation in retail banking worldwide. Ultimately, digital transformation will also unite the disparate and siloed systems and create seamless "customer journeys" that will attract and retain tomorrow's customers.