NetFinance 2014 Adobe Benchmark Report- Financial Services Digital Trends (bit.ly/1oQsDgm)
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NetFinance 2014 Adobe Benchmark Report- Financial Services Digital Trends (bit.ly/1oQsDgm)

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THE FULL REPORT IS AVAILABLE FOR DOWNLOAD HERE: ...

THE FULL REPORT IS AVAILABLE FOR DOWNLOAD HERE:

http://netfinanceint.wbresearch.com/the-journey-to-digital-maturity-mc

MORE INFO ON THIS REPORT:

The present study evaluates the digital maturity of financial services companies, assessing the obstacles that are inhibiting their digital development, as well as the solutions and capabilities that are enabling it. The study also evaluates how financial institutions are impacting the customer experience and how they are leveraging mobile. Although the majority of financial institutions surveyed indicated that they are investing in their digital capabilities, only 3% of respondents believed that they have reached full digital maturity. This underlines the fact that digital maturity is a fluid process that often involves the transformation of organizational structures and technology platforms.

This study reflects data gathered at NetFinance 2014, the premier digital conference for financial services.

Visit www.netfinanceinteractive.com or www.netfinanceus.com for more info!

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  • 1. A WBR Digital Industry Benchmark Whitepaper Presented in Conjuction with Adobe The Journey to Digital Maturity: How Financial Institutions Are Leveraging the New Age of Digital Solutions June 2014
  • 2. 22014 The Journey to Digital Maturity Table of Contents The expansion and evolution of the digital world has had a profound impact on the way people bank, narrowing the gap between consumers and financial institutions in ways never before possible. In an age where you can transfer your rent with the click of a mouse and instantaneously deposit a check by simply taking a picture, banking branches are becoming obsolete. In this brave new world of omnichannel banking, touch points have multiplied, marketing channels have become more diffuse, and the analytics required for campaign tracking have become highly complex. With consumers increasingly controlling how, when, and where they connect with their banks, financial institutions are working to uncover new opportunities to improve their omnichannel capabilities and enhance the customer experience. In other words, digital banking has become a top priority. Financial services companies are adapting to this paradigm by adopting powerful new digital solutions. Tools for customer relationship management, media listening, marketing automation, and analytics have become essential to financial institutions living in an omnichannel world. When embedded into business goals and processes, these solutions form the core of a company’s digital maturity. Despite the proliferation of these dynamic digital tools, many financial services companies lack the structures and strategies to drive their businesses’ digital maturation. In fact, this report will show that organizational alignment is just as important to a company’s digital development. Furthermore, many marketers are struggling to engage customers and prospects in more relevant channels like mobile and authenticated sites, thereby missing high-quality opportunities. The present study evaluates the digital maturity of financial services companies, assessing the obstacles that are inhibiting their digital development, as well as the solutions and capabilities that are enabling it. The study also evaluates how financial institutions are impacting the customer experience and how they are leveraging mobile. Although the majority of financial institutions surveyed indicated that they are investing in their digital capabilities, only 3% of respondents believed that they have reached full digital maturity. This underlines the fact that digital maturity is a fluid process that often involves the transformation of organizational structures and technology platforms. This study reflects data gathered at NetFinance 2014, the premier digital conference for financial services. Executive Summary...............2 Key Findings.........................3 Research Findings The Journey to Digital Maturity.................4 Influencing the Customer Experience.........7 The Next Generation of Technologies and Solutions....................9 Digital Payments & the Future of the Mobile Wallet..................12 Conclusions & Recommendations..............14 Appendices.........................15 About NetFinance...............15 About Adobe......................16 About WBR/WBR Digital.....16 Register for Next Year’s NetFinance Conference.......17 Executive Summary
  • 3. 2014 The Journey to Digital Maturity 3 3 Financial services are lagging in their pursuit of digital maturity, with 85% saying that they are halfway there or further behind. Reaching digital maturity takes more than just powerful new technologies. In fact, 43% of respondents indicated that organizational alignment or executive sponsorship are the most important factors to their advancement toward digital maturity. 3 The digital maturation of many financial institutions is being impeded by the competition for IT resources and fragmented data sources. 65% of respondents agreed that heavy reliance on IT resources is the main challenge inhibiting their companies’ digital maturation. Fragmented data sources and compliance requirements were also common obstacles. 3 Many financial services companies are missing out on significant opportunities for conversion and engagement in the mobile space. Marketers have enhanced their ability to target, analyze, and convert public site traffic. But with web site traffic moving rapidly to mobile, very few institutions have succeeded in extending their core capabilities to mobile applications and mobile sites. Case in point, only 38% of survey respondents are leveraging analytics on their mobile sites, while a mere 25% are applying analytics to their mobile apps. 3 Technology plays a critical role in digital marketing. However, the proliferation of solutions providers has made finding and implementing the proper capabilities more important than ever. Faced with an abundance of choice, many companies are choosing to buy digital marketing solutions or build them in partnership with a 3rd-party, rather than build the solution in-house. Financial institutions are prioritizing cross-channel campaign management and responsive design in the short run, although 43% of respondents already describe their digital marketing programs as excellent. 3 Although the mobile wallet presents a tremendous opportunity to better serve consumers, most financial institutions are not yet comfortable with the technology. As a result, the majority of financial services companies only offer bill payment. While many companies agree that a clear leading technology and improved retailer support are necessary to make mobile wallet offerings more feasible, 82% believe that there is enough consumer interest to justify these investments. Key Findings
  • 4. 42014 The Journey to Digital Maturity 0 10 20 30 40 50 60 The Journey To Digital Maturity Financial institutions are lagging behind in their pursuit of digital maturity 1% Haven’t left the gate 31% Just getting started 53% Halfway there of respondents are halfway to digital maturity 85% of respondents are halfway to digital maturity, or further behind. “[I’m] surprised to see half of respondents say they are halfway there since the space changes weekly/monthly in terms of new ways to interact and engage with customers through digital (even what we mean when we say digital changes so frequently).” - Brad Leimer, VP Digital Strategy Mechanics Bank Where is your company in its journey to digital maturity? 12% We can see the finish line 3% We are at our end stage
  • 5. : 2014 The Journey to Digital Maturity bit.ly/1oQsDgm Paste the bit.ly link from the title into your browser to download the full report