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
Mapping Out the Generative AI Future at Three Large Fintechs
Over the past five years, Javelin Strategy & Research has persistently raised the alarm about the escalating influence of three dominant fintech platforms—Intuit, Block, and PayPal...
Three Mobile Banking Priorities for Smaller FIs
Small FIs don’t have the resources to compete with the largest banks in developing mobile banking features. Instead, community banks and credit unions outside the top 20 must count...
Mint’s Shutdown Presents Opportunity for FIs Willing to Evolve
The PFM space has always been FIs’ game to lose. However, the longstanding success of the app Mint and the reaction to its demise underscore that an opportunity for FIs to win rema...
Make informed decisions in a digital financial world