- “Since the launching of Bank of America’s Life Plan in October 2020, more than 4 million customers have used it to set and track short- and long-term goals.
- Underpinned by AI, Fatema has over 700,000 impressions on social media and is the first digital banking assistant to have its own social media account.
- A year after Bank ABC launched ila, its mobile-only, cloud-based app, the bank’s key performance indicators—including cost-per-acquisition and number of deposits—were 4.5 times higher than expected, proving that delivering what customers want is good business.”
- “The banking and fintech industries compressed roughly a decade of ecommerce innovation into a 10-month span.
- Advancements that were estimated to be years out may now emerge as the “new normal” within months. The future of banking will not only look different in regard to more rapid digital adoption, but also in terms of service offerings, who offers them and the relationships institutions have with one another and their customers.
- 6) Micro-Personalization. Big data and AI-driven analytics bring about a new paradigm in financial services, one in which the bank will treat every customer as if they are its single greatest priority. Instantaneous borrowing, proactive product suggestions, detailed guidance on purchases, budgetary recommendations based on factors like real-time location, spending profile and much more are poised to be the new standard for financial institutions’ approach to customer personalization.”
- “In Cornerstone’s What’s Going On in Banking 2021 study, the top five technologies for 2021 are: 1) Digital account opening; 2) Application programming interfaces (APIs); 3) Video collaboration; 4) P2P payments; and 5) Cloud computing.
- Nearly half—44%—of banks and a quarter of credit unions expect to add a new or replacement consumer digital account opening system in 2021.
- One in four financial institutions are planning to invest for the first time in this technology in 2021. Going into 2020, only 20% of banks and credit unions had already deployed these tools—heading into 2021, that percentage is roughly 30%.”
Digital Banking 2020 | December 7-9 | Austin, TX
Drive your digital strategy and smart technology choices with fresh, innovative thinking from truly independent voices.
•Get real-time insights from banking innovation leaders and American Banker editors
•Draw fresh ideas from UX innovators inside and outside the industry
•Explore the latest tech platforms driving the most successful consumer products
Who’s Who in Digital Banking
With 1,700+ senior level executives from financial institutions and FinTech providers from both the US and around the globe, Digital Banking 2020 will inspire you with exceptional content, live demos and will encourage conversations. You will hear from experts in and out of the industry as they share their insights on what the future of digital banking looks like.
“An Avaya survey in India a couple of years ago found that 51% of Indians use online banking. Another report by the Office for National Statistics says 69% of UK population bank online.
Cost to acquire a typical customer (CAC)
- The expenses put in by sales and marketing teams divided by the number of new customers added on to the repository would define CAC,
Lifetime value of a typical customer (LTV)
- LTV, also known as customer lifetime value (CLV) or lifetime customer value (LCV) is a forecasting method to estimate the projected revenue from a customer over the lifetime of their relationship with your business.
- With digital banking, research suggests that you can save up to $5 on a branch visit, $2.50 for a customer call to a call centre.
As per research done by Capgemini and MIT Sloan, businesses who recognise the value of digital transformation are on average 26% more profitable than their competitors and have valuations that are 12% higher.”