The rise of the digital consumers, need for cost containment and efficiency, multi-channel integration, and rising threat from non-banking competitors were some of the key challenges faced by banks in 2014. Banks are specifically aligning their technology priorities around digital transformation and are heavily focusing on formulating their go-to-market strategy with customer-centric offerings. Direct channels, such as mobile and internet, have become increasingly important for retail banking. At the same time, there is growing focus on mobilizing the power of social media networks to engage with the next-generation customers, while promoting their brands.
In a highly mature and competitive market that is characterized by low differentiation for products and prices, banks are leveraging digital technology themes in order to keep up with the next-generation consumer base, which prefers to perform daily banking activities on an anytime/anywhere basis.
In this research, we analyze consumer-facing digital functionalities as well as the associated business impact on 14 retail banks in the United States. These banks have been mapped on the Everest Group Ability | Performance | Experience (APEX) Matrix, which is a composite index of a range of distinct metrics related to each bank’s customer-facing digital investments and business impact. In this report, we focus on:
Only publicly-available information (i.e., information from a consumers’ lens) has been used for the entire analysis in this report: