The Digital Financial Services Guide
vritti
December 2018
5
— Ramkumar M
Trends
accelerating
the uptake of
Digital Banking
personalization and experimentation
engines are the buzzwords in today's digital
banking world. A right mix of these tools
and capabilities are highly effective in
enhancing consumer engagement
and retaining them.
Increase in Cost Optimization:
Traditional obstacles notwithstanding, banks
are increasing leveraging “digital” assets to
optimize costs. In fact, this works in favour of
players planning to enter this space, as it
would entail lower capex. Laggards will find it
extremely difficult to cope, as new age banks
would be able to deliver engaging digital
experiences, thereby causing the former to
lose considerable market share in short time
span of time.
Personalization Comes to
the Fore in Experience and
Communication:
The concept of digital banking itself is
undergoing transformation. What started as
a means to build, manage and control the
omni-channel experience is changing into a
tool for customer engagement.
Segmentation, instant configuration
capabilities, marketing automation,
The Customer's Affinity to Pure
Digital Propositions:
According to McKinsey, 80 per cent of
consumers surveyed said that they were
willing to shift at least a portion of their
holdings to a bank that offers a compelling
digital-only proposition.