10 Statistics that Reveal Opportunities for Digitalization in Banking

Anusree Bhattacharya | March 31, 2022 | 73 views

10_Statistics_that
Digital transformation was already in progress when 2020 faced unforeseen challenges in the financial industry. Banks and the entire financial services adopted digitalization to survive during this unprecedented time. Although digital transformation in banking was in progress, it was easy for banks to shift their processes to digital operations during that period.

Digitalization in banking has immense benefits and presents opportunities for banks worldwide. According to a global survey conducted by Fujitsu, financial companies are the most advanced in digitalization. Currently, 83% of banks are working towards digital transformation. At the same time, 30% of banks have already achieved business outcomes after digitalization.

Therefore, looking at the current scenario, the banking industry is racing to become digitally equipped for multiple purposes. These purposes include revenue generation, future sustainability, competitiveness, and many more. According to a report by Deloitte in 2019, banks planned to invest US $9.7 billion globally to improve their digital banking capabilities.


Digital Engagement is Key to:

Banks worldwide realize how investments in digital technologies can benefit customer acquisition and satisfaction. For example, Bank of America currently receives more deposits from its customers over mobile platforms than over the counter deposits at their branches.

Investing in digital banking capabilities has assisted in improving customer satisfaction.”

Brian Moynihan, the CEO of Bank of America.

Therefore, let’s find out how digital transformation in banking will enhance digital engagement in two ways.


Optimizing Efficient Working Experience

Digital transformation in banking has improved productivity and efficiency, which are the topmost goals for banks after an intense economic fallout. Moreover, competitive pressure has triggered the need for digital transformation in banking worldwide. As a result, banking operations now look more efficient, reliable, and manageable than in the past. In addition, new ways of collaboration have helped employees transform how they used to function in banks. From handling customers to dealing with businesses, providing services, and offering products, digitalization has leveraged every level of functionality in banks across the globe.

Efficiency and organizational leverage are key concerns for banks right now.”

                                                                  Peter Hazou, Director of Business Development for Financial Services at Microsoft


Optimizing Efficient Customer Experience

Digital banking among customers isn’t a new phenomenon, but it has changed the perspective of digitalization in banking. It certainly has witnessed a rise in consumers’ use of mobile apps rather than websites for transactions. And because of this, banks are rushing to better implementation of technologies including cybersecurity, cloud, automation, and more. These technologies will enhance their services and usability among consumers.

According to the Deloitte Center for Financial Services Global Outlook Survey 2020, 71% of bank leaders worldwide have increased their budget for cybersecurity. In addition, they have even implemented 67% of cloud computing, storage, and data privacy capabilities to expand their customer base and the integrity of bank services. Banks, on the other hand, banks have spent $540 million on cybersecurity worldwide to minimize the chances of data breach.

Apart from this, during the ongoing health concerns of COVID-19, banks have contributed the most towards contactless payments since Q4 of 2020. During this unprecedented phase, Americans were skeptical about their financial situation. Most Americans do not believe in saving more, so they usually keep shifting between multiple banks, which is an expected trend post-pandemic. Despite this, four in five consumers prefer to manage their finances digitally rather than manually. According to Chase’s Digital Banking Attitudes Study, Americans (20-64 years of age) have considerably adjusted to the rising digital banking transformation. To support this fact, here are some interesting facts:

  • Majority of the customers feel they save time by managing their finances digitally
  • Nearly 70% of customers feel confident about the safety and security of making payments through digital banking
  • Mobile wallets and payment apps have also seen a significant increase in users and engagement since the beginning of the pandemic

Banks will now be more competitive for digital dominance in the future because more people are using digital platforms now.


10 Statistics on Opportunities in Digital Banking


  • Banking-as-a-Service Market forecasts that over 70% of the global population will shift to digital banking by 2026
  • The usage of mobile devices has increased by 75% by consumers for their day-to-day financial activities
  • According to the Global Digital Transformation Survey Report 2021, 78% of bank executives are satisfied with the response toward digital banking transformation in the banking sector
  • According to the Global Digital Transformation Survey Report 2021 by Fujitsu, an improvement of 60% has been recorded in customer experience and services
  • Since 2020, 40% more competitive banking services have been introduced
  • Employee satisfaction in banks increased by 15% from 2020 to 2021 due to the digitalized workforce in banks worldwide
  • According to Deloitte’s analysis, 14,000 global respondents confirmed a positive approach towards digital usage in banks
  • 78% of customers globally are now comfortable with their mobile banking services
  • Digital innovation in banking has resulted in 67% of additional feature provisions such as tax preparation, budgeting, tax filing, and more
  • Globally, 35% of better-integrated banking applications development takes place in the banking system

Statistics Say: The Rate of Digital Adoption is Encouraging

According to the stats, consumers worldwide are prepared for a higher level of digital engagement with their banks. Many consumers use their digital banking services frequently, which is a positive development. This shows online banking is not far behind. Opportunities are filling the gap in technology usage in the banking industry before and post-pandemic. A survey conducted by Deloitte in 2022 revealed that 72% of consumers are using mobile applications to access their bank’s services, and 85% of consumers are using online banking services.

Digital and technological recourses and tools are now a more significant focal point for financial institutions and banks.

We have a different segment of our customers who digitally bank with Chase. When consumers choose to bank with us, they do so because we give them options to a bank where and how they want with the help of our tech-proof and digitally enhanced services.”

Allison Beer, head of digital for Chase.

Citi sets a perfect example with its success story when it comes to digital transformation in banking. Let’s read how it enhanced its all-inclusive banking and financial services.


Citi Bank: A Case Study of Successful Digital Banking


Challenges:

  • Citi Bank needed a CRM platform to facilitate customer service processes
  • The legacy system was one reason why the bank was lagging in providing unified customer services
  • Citi Bank faced challenges in managing the rise in customer inquiries across its channels

Solutions:

  • Implemented automation to streamline workflow and business processes
  • The online portal helped the bank in creating a unified multichannel customer services
  • Digital platforms such as chats and emails helped to build multiple channels for customers to interact personally for the bank services

Outcome:

  • Faster lead tracking enables Citi Bank to control customer data in one place
  • Customer inquiries are captured through various channels with single platform tracking solutions
  • Citi Bank presently handles about 5000 – 6000 customers digitally for multiple banking services

In a nutshell, bolstering digitalization in banking and technology in the banking industry are expanding the need for certain activities worldwide. Integrating digital and technological environments will foster more businesses and customer experiences. This is of paramount significance to the customer experience.

A survey conducted by Deloitte states that currently consumers show the possibility of using more and more digital channels (both online and mobile). This is possible if banks increase security, provide more real-time resolutions, and digitally allow for more reliable and consistent banking transactions.


Frequently Asked Question


What are the main areas of digitalization in banks?

There are four main areas of digitalization in banks: Domain transformation, customer services, process transformation, and personalization.


Why is digital transformation necessary in the banking system?

The necessity of digital transformation in banks indicates operational efficiency by automating services like transactions, deposits, investments, etc. The regular banking functions should be seamless, where digital efficiency comes into play.


How can digitalization be successful in the banking industry?

Digitalization in the banking industry can be successful in the following important ways:

  • Adaptivity
  • Tech-driven approach
  • Agility

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PNC ANNOUNCES ACQUISITION OF POINT OF SALE AND PAYMENTS SOLUTIONS FIRM, LINGA

PNC | September 27, 2022

The PNC Financial Services Group, Inc. today announced it has acquired Linga, a point of sale (POS) and payments solutions firm providing an industry-leading, cloud-based restaurant operating system. The acquisition of Linga and its technology will further expand PNC's digital resources and enhance the bank's capabilities to better serve its hospitality and restaurant industry clients. "This acquisition reflects our continued commitment to expanding our corporate payments capabilities, as well as investing in the solutions and tools our clients need to run their businesses more effectively, Leveraging Linga's proprietary solutions and PNC's competitive treasury management platform, we will be able to provide our restaurant and retail clients with the tools they need to keep up with ever-changing consumer expectations." - Emma Loftus, executive vice president and head of PNC Treasury Management Founded in 2004, Linga developed its restaurant operating system, Linga rOS®, which was the first all-in-one, cloud-based operating system introduced to the marketplace. Today, Linga remains an industry-leading provider across the hospitality industry, offering restaurateurs, retailers and others a way to leverage technology to streamline their operations, increase revenue and improve customer experiences. Over the years, Linga has added new functionalities to its operating system to support the needs of today's business owner, including online ordering, payments, QR code-based menus, and virtual kiosks, among others. The company currently serves clients in 48 countries and as of today, will be seamlessly integrated into PNC's existing digital solutions ecosystem. We believe this is an exciting opportunity to continue to grow our business and support our existing channel partners and clients, and to do so with a company that shares our vision of delivering innovative and high-quality solutions, As we've worked with PNC over the last several years, we've had incredible success with our combined payments capabilities and we look forward to continuing this strategic collaboration as we move forward together,said Onur Haytac, founder and CEO of Linga. Linga will retain its founder and CEO, Onur Haytac, its existing management team, and U.S. and Canada-based employees, and will continue to operate out of Naples, Fla., and Toronto. Linga will continue to manage its portfolio of channel partners and clients. About Linga Linga is an industry-leading point of sale (POS) and payments solutions company offering a cloud-based, platform-as-a-service solution for the hospitality industry, specifically restaurants. Founded in 2004, Linga was the first processor agnostic, cloud-based POS system designed specifically for the hospitality industry, and remains one of the most sophisticated restaurant operating systems on the market. The Linga cloud-based platform is completely customizable and includes user-friendly functionalities such as online ordering, payments, QR code-based menus and virtual kiosks, among others. About PNC The PNC Financial Services Group, Inc. is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management.

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