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DIGITAL BANKING Tips - Tip 20: Digital Analytics

Reducing cost to serve was the first motivation while banks started to invest in Digital Banking. The idea was simple: migrating the transactions from branches (high cost channel) to self-service channels (low cost channels: ATM, Contact Center, Internet and Mobile). Transaction Migration model has been successfully deployed by many banks so far, Internet and Mobile (digital) banking done the heavy lifting for non-cash transactions and proved their value to the banking industry. After the maturity reached for Transaction Migration, the shift moved from Cost to Serve to Revenue Generation. Selling On-line is an important prerequisite for Revenue Generation and it requires having strong customer insight about what is going on your web, mobile and social perimeters. That is where, Digital Analytics (DA) involved.  

Perhaps we should start with the definition, Digital Analytics (DA) is most commonly known as “Web Analytics” – this is understandable because it has started with it. However, according to current market standards this is a very narrow definition because the scope is not limited with web only, but also social and mobile (native & browser) too. 

This is the short version of the post. 

Starting from Tip 2 to Tip 30 only short versions of my posts are available at Finextra. From Tip 31, full (long) versions of my posts can be read here.

 

 

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This post is from a series of posts in the group:

Innovation in Financial Services

A discussion of trends in innovation management within financial institutions, and the key processes, technology and cultural shifts driving innovation.


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