Solving the Digital Banking Mystery: Targeting the Right Customers
- Date:July 12, 2015
- Author(s):
- Mark Schwanhausser
- Chris McDonnell
- Report Details: 11 pages, 5 graphics
- Research Topic(s):
- Digital Banking
- Digital Strategy & Experience
- Mobile & Online Banking
- PAID CONTENT
Overview
As digital banking becomes more popular, there is a clear mandate for financial institutions (FIs) to “go digital” and invest in mobile and online banking technologies to satisfy consumer needs. But the name of the game has shifted. “Digital migration” has evolved into “digital integration” – and that means it’s essential for each FI to find the best mix of digital and traditional channels for its unique customer base.
The key to achieving that ideal mix is for FIs to apply holistic segmentation to assess their customer base in order to understand their needs and habits better than ever before. Armed with this critical insight, FIs can map their digital path to attract and retain customers based not only on demographics, but also on banking behavior and attitudes toward future use of branches, ATMs, call centers, mobile banking, and online banking. Holistic segmentation enables FIs to prioritize channel and marketing investments, and reassess personal banking in a way that optimizes the return on investment (ROI) from branches, call centers, ATMs, and digital banking.
Learn More About This Report & Javelin
Related content
Digital Banking Threat Assessment: Robinhood
Robinhood is making news for its acquisitions, plans to add private banking services, the expansion of its crypto capabilities, and providing access to a network of financial advis...
Open Banking Lessons From the UK
Long at the forefront of regulations regarding open banking, the United Kingdom serves as a reference point and offers a blueprint for how U.S. banks, fintechs, and digital banking...
The Savings Continuum: A Digital Playbook to Help Savers Succeed
Javelin’s analysis of 21 savings features in mobile banking at five top banks—Ally, PNC, Truist, U.S. Bank, and Wells Fargo—found that FIs largely take a check-the-box, product-foc...
Make informed decisions in a digital financial world