What’s your digital destination? It’s up to you
Much has been written about digital segmentation for financial institutions, with terms like “leaders” and “laggards” bandied about. At Fiserv we generally position financial institutions into one of four digital segments representing varied levels of emphasis on digital banking as part of their overall strategy. Although an organization’s size can influence which segment they fall into, it’s their aspirational goals that define them. For many organizations, meeting those goals entails a move up to the next level on the digital banking spectrum.
Knowing the attributes of each segment can help you determine where your financial institution currently fits on the spectrum, and if your institution is ready to increase its focus on this area. Where you want to arrive is for you to decide.
Digital is at the center of the business strategy for these financial institutions. Digital is a key driver to differentiate themselves from their competitors and they truly believe the future of banking relies on digitally acquiring and servicing customers. They leverage digital to dramatically reduce operational costs, which then helps them fund even more digital innovation. Digital leaders leverage digital to create an omnichannel experience that cost-effectively maximizes customer touchpoints, drives more valuable digital engagements and improves the level of the institution’s relationship with customers.continue reading »