Digital banking is transforming the way financial institutions interact with and serve consumers. It goes beyond promoting online and mobile banking channels or what software or device is being used. It is also about ensuring that specific consumer needs are being met. While financial institutions are rethinking how to optimize their service and efficiency, there is a growing expectation that efficiencies gained by streamlined consumer facing workflows also should be applicable within the institution itself. And rightfully so – it makes sense to expect that these would lead to improved processes in areas such as wire transfers, check deposit/capture, account onboarding etc. This could be especially true for less complex routine tasks, which is estimated to comprise about 80 percent of in-branch transactions.

Today’s financial institutions are faced with the challenge of competitive threats from Google, Apple, Facebook and hundreds of smaller firms, while responding to increasing consumer demands. Last year, Google launched a plastic debit card to access Google Wallet, and as of June 2015, Facebook Payments via Facebook Messenger is now available. The focus should then be on optimizing digital presence and offering products to compete with non-traditional competitors. To do so effectively, financial institutions must be in tune with their market needs. It is not enough to retrofit traditional offerings – they have to understand which features and products will attract and retain “digital native” consumers. Financial institutions also must be willing to invest and take steps to be at the forefront of the buyer experience through the Web, social media and mobile.

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