Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


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.

© Scoop Media

Business Headlines | Sci-Tech Headlines


Land & Water Forum: Fourth Report On Water Management

The Land and Water Forum (LWF) today published its fourth report, outlining 60 new consensus recommendations for how New Zealand should improve its management of fresh water and calling on the Government to urgently adopt all of its recommendations from earlier reports. More>>



Welcome Home: Record High Migration Stokes 41-Year High Population Growth

New Zealand annual net migration hit a new high in October as more people arrived from than departed for Australia for the first time in more than 20 years. More>>


Citizens' Advice Bureau: Report Shows Desperate Housing Situation Throughout NZ

CAB's in-depth analysis of over 2000 client enquiries about emergency accommodation shows vulnerable families, pregnant women and children living in cars and garages, even after seeking assistance from the Ministry of Social Development and Housing New Zealand. More>>


Speaking For The Bees: Greens Call For Neonicotinoid Pesticide Ban

The National Government should ban the use of controversial pesticides called neonicotinoids after evidence has revealed that even at low doses they cause harm to bee populations, the Green Party said today. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news