Survey of banks reveals they are failing to seize full potential of digital banking

Today Mobiquity, a digital transformation enabler, has unveiled its Digital Banking Features Radar 2022. The Digital Banking Features Radar, proprietary research conducted by Mobiquity, surveyed 80 banks globally providing CDOs and other banking professionals with insights into how best they are maximising their digital banking features to improve customer experience. The study shows that 80% of daily banking functionalities provided by banks to customers are similar, leaving only 20% for banks to differentiate themselves. As a way of differentiating banks from the competition, the study shows that digital transformation budgets should be focused on 20% of value-added functionalities. By doing so, banks expand their offering beyond traditional services and can provide bespoke features such as gamified savings, accommodation booking, lending and investing to set them apart from their competitors. Peter-Jan Van De Venn, VP of Global Digital Banking for Mobiquity said: “Customers are demanding integrated multi-experiences and the banking industry is consequently obligated to catch up. With the rise of digital banking features, customers are met with interactions which will determine the way banks are perceived. It is essential that banks use their transformation budget on differentiating their banking features to retain and attract customers. Banks must act now to integrate into the digital ecosystems and innovate to maximise customer engagement. It’s important that banks have a clear understanding of their target group, stakeholders and brand promise, to ensure the features selected will resonate with their customers.”