The Digital Transformation Blog

Ideas impacting customer acquisition and business agility in financial services, government and other industries.


bank digital customer experiences

Business Banks Still Struggling With Digital Customer Experiences

In a recent webinar with Aite Group’s Christina Barry, I discussed how business banks continue to struggle with building a great digital customer experience for their customers. With over 50% of small businesses considering a banks’ user experience when selecting a partner, it’s critical...

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KYC

Customer Due Diligence (CDD) in a Big Hurry

To comply with KYC regulations regarding transfer of funds, a large global bank has begun using the Avoka Transact platform to rapidly roll out a digital customer due diligence (CDD) capability on an accelerated schedule. Avoka Transact is uniquely suited to this type of application, which is...

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omni-channel banking

Why Your Customers Want You to Support Omni-Channel Banking

For any retail bank facing mobile disruption and customers’ expectations for cross-channel convenience, supporting omni-channel banking with a multi-channel digital business platform removes the high cost of custom development and introduces digital banking innovations. It connects and integrates...

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Money

Wealth Management for Millennials: Are You Losing Tomorrow’s Customer?

Banking, credit cards, and personal lending have all undergone digital revolutions in recent years, but the field of wealth management has generally not seen the same level of technological advancement. Today, new digital companies such as Nutmeg, Macrovue and Betterment are fostering a...

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insurance customer experience

Insurance Customer Experience:   Are you a Netflix or a Blockbuster?

Why did Blockbuster go the way of the dinosaurs and become extinct? It is more than likely due to a number of both behavioral and technological factors however; I would also argue that the single biggest reason behind the shift towards streaming is customer experience and CONVENIENCE. The cold...

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millennial banking trends

2016 Millennial Banking Trends

A few weeks ago, CITI made public a prediction that banks are preparing to implement massive layoffs and reduce headcount by up to 30% due to the shift from in-branch banking to online. Think that’s unlikely? Considering that there has already been a 15% reduction in bank tellers since 2007, this...

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omnichannel banking

Beyond Bank Tackles the Omni-Channel Banking Opportunity

Create the opportunity. I accepted the award on behalf of Beyond Bank for Model Omni-Channel Bank at the Celent event last week.  In the case study presentation, the most important point was not the detail of the outstanding digital banking customer acquisition, but the concept that Beyond...

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2016 State of Digital Sales_1200x600

In A World Gone Mobile, Are Banks Keeping Up?

Fact: By 2017, two-thirds of the world’s population—nearly 5 billion people—are expected to be using mobile phones. Clearly, consumers have embraced mobile devices. Are banks keeping pace with this worldwide trend? Are they making it easy for customers to acquire new products through the...

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Mistakes-to-Avoid

6 Mistakes to Avoid When Designing a Digital Transaction Experience

In this post, we’re looking at common mistakes retail banks tend to make but need to avoid when designing a customer-centric digital transaction experience. Don’t Ask irrelevant/unnecessary questions during the application process. Only ask questions that are within the scope of the...

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