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Justifying Investments to Become a ‘Digital Bank’

While the banking industry agrees that investment in digital initiatives are required, determining the prioritization and ROI of these investments is less certain.

In the Novantas analysis, Digital Investment: Success Driver or Bottomless Pit?, authors Chris Musto and Paul Kadin point out that financial executives are becoming skeptical of proposals and funding requests because of previous digital investment initiatives that delivered lackluster (or poorly documented) results. For example, despite a great deal of investment and predictions of great returns, online account opening has failed to meet expectations, damaging the credibility of many early advocates.

“The digital channel planning challenge is real, yet often made more difficult by constricted calculations that omit customer/market considerations and cross-channel ramifications,â? says the analysis. For example, restricting future investments for improved digital account opening processes ignores the documented importance of digital channels in achieving early attention and engagement of digital shoppers and generating new business online and at the branch level.

Read the full article at The Financial Brand…

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