If there is one trend making more headlines than cybersecurity, it is digital. In a world in which people are now performing more searches on their mobile phones than on their computers, it is no surprise that financial institutions with legacy business models and strategies are flocking to adopt new technology that meets the expectations of today’s consumer.
According to a recent Gartner survey, financial institutions are aiming to generate nearly half of their revenue from digital channels within the next five years. That revenue target is more than double (in certain segments, more than triple) the current levels of revenue trickling in from web-based devices.
Good UX Means Good Business
In a world where technology is rapidly advancing and user expectations are rising, it’s no longer enough to have an average user experience; to delight your users and surpass your competition you must strive for the exceptional.
Today, we constantly see examples of financial institutions proving successful in driving growth with digital. A good story is Barclays, a transatlantic consumer, corporate, and investment bank. The number of applications for unsecured loans via digital channels recently surpassed what came in through its brick-and-mortar branches.
It is also difficult to overlook the tremendous transformation that companies are experiencing in the mobile space. A recent CNBC article indicated that J.P. Morgan grew its “active” mobile user base by 20% year-over-year, and Bank of America’s grew its by 13%. The banks’ online user bases grew only 8% and 2.5%, respectively. Wells Fargo ended 2015 with 16.2 million active mobile users, a 14% increase over the previous year.
Digital channels present a massive opportunity for you to sell more products and drive growth. While old habits die hard, companies that sit back and watch the consumer change without adapting to their expectations will have a hard time catching up to those that are leading the way.
To learn about other priorities financial services organizations must have in mind in order to spur and sustain growth, fill out the form below or click here.