Defining “Digital” as a Strategic Competitive Differentiator

Early industry definitions of ‘digital’ narrowly focused on self-service fulfillment as a standalone channel. While this solved a tactical need, it also assumed a banker-centric point-of-view. This narrow approach gets banks to the ball game too late and virtually eliminates any competitive edge, especially in the early awareness and consideration customer journey phases.

A consumer-centric holistic strategy is needed to be successful. Strategic definitions place digital as a competitive differentiator engaging consumers early in the customer journey: detecting needs, advising on financial planning, servicing customers in their channel and time of choice, and ensuring satisfaction to drive future relationship growth.

In addition to digital account opening, a strategic digital approach requires the following key considerations:

• Omni-channel interconnectivity—the ability to start in one channel and finish in another
• 360-degree view of the customer
• Needs detection through digital sensory
• Abandonment detection and re-engagement
• Data-driven automated decisioning
• Hybrid automated and human engagement over the customer journey
• Market segment personalization and relevant content
• Voice of the Customer (VOC) insight and satisfaction measurement
• Analytics and KPIs providing actionable management insights.

For more information, download the Defining Digital as a Strategic Competitive Differentiator interview document.