The days of walking into a local bank branch are long gone—at least for most customers.
Forty-six percent of consumers exclusively use digital banking channels compared to just 27 percent in 2012. To keep pace with innovative offerings and digital finance solutions, banks must further embrace digital transformation to define the customer experience.
After all, switching banks isn't nearly as difficult as it once was. Since Accenture's initial North American Consumer Digital Banking Survey in 2013, "difficulty of the process" has dropped from second to fifth on the list of switching hassles.
The currency of the digital economy? Data. Data promises to play a significant role in the evolution of financial services, new industry business models, and consumer financial wellness.
As a result, data needs to be viewed as an innovation engine and not a resource to be, shall we say, locked away in a vault. And yet, the handling and sharing of data must be secure while maintaining privacy requirements.
Banks that allow customers to empower their data by sharing it with financial management apps not only keep those customers from taking their business elsewhere but also stand to make better banking decisions.