It’s no secret that we’re all using our smartphones for just about everything these days. But what’s interesting about changing consumer behavior is how things stay the same. People aren’t swapping one channel for another, they’re just using them all more strategically. For example, bank customers who are frequent mobile-banking users also conduct more transactions through traditional self-service channels. They average 10 ATM transactions per month, 25% more than non-mobile-banking customers.
This is a win-win for banks and consumers—the bank can move consumers to self-service, which can process transactions for a fraction of the cost of a teller experience, and consumers can connect more deeply with their bank through a wider variety of touchpoints. Physical endpoints become even more critical for banks, because those physical endpoints are enablers of the digital experience. To succeed, banks must harmonize the experience across every channel, and offer access to the same customer information across every channel.
At this point, of course, the secret is out. According to CNBC, Bank of America has spent $1 billion on building out digital banking services over the past six years. They are making themselves a technology organization—a digital-first organization.
So what if you’re not a tier one bank? What if you don’t have the means available to make similar investments?
An experienced partner can help you scale quickly, continuously innovate at rates that match the pace of change in the marketplace, and deliver a highly personalized user experience through digital channels. This era, hallmarked by the digitalization of banking, is the time when banks should be standardizing and revolutionizing the way digital platforms improve the customer experience, so we’re building the foundation to drive these types of connected commerce solutions for our customers.
In an exclusive sit-down conversation at TAGxPIX 2018, Jeff and Kony CTO Bill Bodin discussed why it’s all about the platform: