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AsiaPac leading with interactive banking customer experience

AsiaPac leading with interactive banking customer experiences

Digital is undeniably everywhere, but according to PwC’s Global Digital Banking Survey, AsiaPac banks are well positioned in the digital space, with leading practices, top-down views and holistic approaches well underway. In contrast, digital discussions appear less often on European and North American board agendas, which increase the chances of misalignment between corporate and digital strategies.

PwC New Zealand Partner and Banking & Capital Markets Sector Leader Sam Shuttleworth says, “When business leaders see the business strategy mirrored in the IT strategy, they are more likely to see their goals to completion. In AsiaPac, our banks are a good example of this with digital strategies routinely part of board’s agendas, banks have a grasp of what their customers want and need, and they have the talent to expand their digital channel offerings thanks to collaboration with all relevant departments.”

Recognising the potential of misalignment, European banks are pushing digital banking strategies for board approval. According to our survey, European banks are expected to make the most progress in their approach to digital channel strategy for mobile banking, social media and production co-creation.

Despite spending the most on their information technology (IT) budgets, North American banks aren’t yet seeing corresponding results. AsiaPac and European banks are gaining more return on investment – a reflection of more advanced strategies that enable them to increase revenue with the budgets they have.

Thirty percent of respondents cite advancing customer experience as the most important factor driving their digital channels strategy for the next two years, second only to expanding market share.

“We’re heading into the co-creation phase, where consumers help develop the personalised products and services they want. The ultimate goal is to establish communities of individuals, stakeholders and enterprises working together to produce value through engagement platforms designed to enable mutual collaboration,” says Mr Shuttleworth.

An omnichannel experience – allowing customers to interact with banks effortlessly across all channels regardless of transaction type – is another feature needed to progress consumers’ banking experience. However, less than half of survey respondents (43%) indicate that online and mobile channels are currently operating on a multi-channel platform. Fewer banks have integrated social media, with only 19% reporting combining online, mobile and social on a common platform.

Customers use digital outlets for simple transactions, whereas branch visits are reserved for complicated transactions and problem resolution, according to our findings.

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