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(originally published by Booz & Company)

When Banks Go Digital, Everyone Wins

Digitization will enhance the customer experience, and can save banks up to 30 percent.

Most of us pay our bills online, and many of us make a variety of bank transactions from our smartphones. Banking has clearly gone digital, or so we think. It turns out that working with a financial planner at the majority of banking institutions today remains a decidedly offline experience—one that revolves around paperwork and fax machines. But there’s a better way.

At a few leading banks, digitization is transforming client interactions. These institutions have adopted highly automated processes that cut operational costs by 15 to 30 percent, while offering a more streamlined experience for the customer. Other banks will need to follow suit.

In this new interactive graphic from s+b, you can see both processes in action—the cumbersome current state, and the simpler, more efficient target state. Compare for yourself.

Laura W. Geller

Laura W. Geller is senior editor of strategy+business.

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