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Digital Banking can be defined as “moving online of all the traditional banking activities and programs that were earlier only available to customers when they physically move into a Bank Branch”. It is also known as digitization. This includes activities like:
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As there are some believers and some non-believers, some bankers believe the future is all digital and some believe it is just another channel added to the existing branch-based network. It is the Non-Believers who are the challenge as many of them will dismiss and hold back change.
For e.g.: All those who have built the bank do not want to destroy the bank so they will do all they can to defend it. If they built a branch-based bank building a digital bank that destroys the existing bank is unnerving. So they will block all efforts to digitize the relationship. That is the core challenge of how to convert the traditionalist decision-maker to really commit to digital.
Once you have that commitment it’s still not easy but no bank will succeed if the management team is not truly committed to the program.
The biggest change is from a number of perspectives. From a regulatory point of view, there’s the dull stuff about banks withholding more capital, better management of risk, increasing competition & transparency and financial inclusion.
All banks are now focusing on delivering killer financial apps for corporate & consumers and soon they will pan out into a digital wallet fight. Banks will soon drop their focus on the device and will move on to focus on the customer experience. This is because the world is rapidly moving into digitizing everything. Eventually, everything everywhere will be communicating.
Banks will start moving from device to wallet to understand how to be a proactive, predictive enabler of Commerce at the point of relevance to the customer. The battle for banks is going to be a tough one as that’s a digital data war.
See Our Recommendation: Fintech Report 2019.
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