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How Developing Your Digital Banking Business Gives You an Advantage

Mobiquity Inc.
Publication Date
7 August 2019

How Developing Your Digital Banking Business Gives You an Advantage

Customers are demanding seamless digital experiences more and more -- and their banking needs are no exception. Competing on the digital front can be a challenge for traditional banks that are used to delighting loyal customers in person. In fact, the thought of developing a digital experience that is both functional and offers customers the same brand experience they’ve grown to expect may seem daunting enough to make traditional banks want to stay out of the digital game altogether. 

We’re here to tell you that the climb is worth the view on this endeavor. The future of banking is digital and the good news is digital banking provides real benefits to your business.

Benefit 1: Increased customer loyalty
Local proximity no longer needs to dictate loyalty. In a traditional banking structure, where business is conducted within a specific branch, customers may be forced to change banks when they move. Mobile apps remove these physical limitations. Regardless of where they are, it’s easier than ever for a customer to use a mobile app to continue to do business with your bank. 

Just as your tellers do in a physical branch, we recommend you spend the time to understand customers’ mobile needs so you can delight them at every touch point and give them no reason to leave. By building loyalty to your brand and enabling your customers to engage with you anywhere at anytime, you’ll make them want to stay with you regardless of where life takes them.

Benefit 2: Higher profits per customer
It’s become increasingly clear that consumers want the ease and flexibility that comes with digital services, such as banking online. But banks often fear that they’ll lose out on the profitability that’s inherent with in-person interaction.

To address that concern, we look to DBS, the largest bank in Southeast Asia. DBS has been a pioneer in the digital banking space and a leader in validating the digital banking business model. They have found that:

  • Their digital banking customers produce a much higher revenue stream at an average of $1300 per customer versus just $600 for an average traditional customer. 
  • While it costs slightly more to service their digital customers ($348 for traditional versus $468 for digital), they more than make up the difference in additional income from digital services. 1

Benefit 3: Added online product sales
DBS is a great case study on the profitability of digital banking, and we’re able to gain more information on how banks drive value with online banking, specifically via online product sales, by studying US Bancorp. US Bancorp, whose 2019 performance is among the strongest in the US banking industry, cites growth in digital customer engagement as a key success driver. These successes include increases in:

  • Online loan sales, from ¼ to ⅓ of all sales in one year
  • Digitally completed mortgage sales, with 4 out of 5 now happening online 2

Benefit 4: Higher price-to-book ratio
Despite an economic climate that should provide a boon to all, big banks have been disproportionately benefiting in large part due to their superior digital services. A recent study confirms the correlation between digital services and success by studying 161 large banks, segmented into three categories:  “Digital Focused,” “Digital Active,” and “The Rest.” Evaluation of financial metrics across the three groups found that the “Digital Focused” banks were the most successful on several measures, particularly their price-to-book ratio. Among all three groups, only the “Digital Focused” group had a price-to-book ratio above 1x. 4

It’s not too late to activate the benefits of digital
Consumers are increasingly voting with their wallets for digital experiences and the benefits they bring. Financial institutions that have been more digitally progressive have been reaping the benefits of this consumer shift, but it’s not too late for smaller banks who have been slower to transform. The important thing is to take stock of where your bank is at today and find the right partner to craft a digital transformation strategy to help you retain and drive profitability with your customers. We’d love to collaborate on advancing your digital strategy, let’s talk.

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1- Robles, Patricio. “DBS Bank now earns twice as much income from digital customers.” Ecoconsultancy, March 31, 2018.
2- Ramstadt, Evan. “U.S. Bancorp customers embrace digital banking, helping company's profits,” Star Tribune, July 17, 2019.
3- McIntyre, Alan. “Top 10 Banking Trends of 2019,” Accenture, 2019.
4- McIntyre A, Skan J, Leruste CA, Caminiti F. “Does digital leadership in banking really matter?” Accenture, June 6, 2019.

Let our expertise complements yours

We believe that addressing customer challenges gives you opportunities to delight. Using our proprietary Friction Reports and  strong industry expertise, we dig deep into customer sentiment and create action plans that remove engagement roadblocks. The end result is seamless, relevant experiences that your customers will love.