Strategies for the digital transformation of banks

Gemalto: Digital transformations in banking white paperThis 21-page white paper from Gemalto examines the digital transformation taking place in the global banking industry, and sets out a series of strategic recommendations for traditional banks, digital- and mobile-only banks, and technology companies.

Produced in association with Juniper Research, the ‘Digital Transformation in Banking White Paper 2016’ begins with an overview of the ‘Omnichannel Banking Era’ — describing multi-channel and cross-channel strategies as “old news” as vendors slowly adopt strategies to provide seamless, integrated experiences across channels including in-branch, phone, mobile, online and wearables.

Such strategies are being fuelled as the connected world that millennials — defined as those born between the late 1980s and early 200s — have grown up in increases desire and expectation that content and services should be made available online and on-demand, wherever and whenever they are needed.

The report says enterprises, including banks, which fail to meet these expectations risk alienating a demographic which will form an increasingly large proportion of their potential customer base.

It is “essential that the customer’s first digital experience with a bank is positive”, the report says, adding banks which offer a substandard mobile or online experience face the prospect of losing disenchanted customers to the likes of new competitors such as digital-only banks making use of new technologies.

This white paper has been produced and sponsored by Gemalto and has been approved by the NFC World editorial team.

How to access this report

This 21-page document is available free of charge to NFC World Knowledge Centre members (PDF format, 2.1MB).

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This item is part of the Mobile Payments Knowledge Centre.