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Accelerating Digital Migration: Necessary, Tough and Rewarding

In the next phase of customer migration from branch to digital, every aspect of face-to-face and voice-to-voice interaction needs to be mapped and evaluated for digitization.

The smart phone era — heralded with the iPhone’s launch in 2007 — has accelerated in earnest what prior banking innovations only suggested: true consumer substitution of transaction volumes to electronic channels from the branch. As a result, digital migration is now a key cost reduction lever for banks. Additionally, research indicates that great self-service experiences can enhance customer loyalty by providing convenience, immediacy, and reducing customer effort. But progress on migration is uneven, and the stakes are getting higher, creating a mandate for action in 2017. The banks that have proactively harnessed this channel substitution trend are gaining ground, ...

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