strategy+business: Corporate Strategies and News Articles on Global Business, Management, Competition and Marketing
(originally published by Booz & Company)

When Banks Go Digital, Everyone Wins

Laura W. Geller

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

 

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.

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When Banks Go Digital, Everyone Wins