Why banks must have an omnichannel digital strategy

The market is also seeing the GAFAs (Google, Amazon®, Facebook® and Apple®) surrounding the banking industry, looking for ways to participate and create value without taking on the burden of a regulated balance sheet and providing an entirely digital journey and experience to an increasing group of customers that are quite aware of the quality, customization and availability such companies are able to provide. [...]what lies ahead for banks and financial institutions when it comes to better engaging with the new digital customers is, in many ways, a blank page. The new standard imposed by the GAFAs, which includes unlimited availability, hyper scalability, individual customization, innovation and an unpreceded quality, all provided almost exclusively through digital channels, has been so deep that in a recent global survey done by CGN Research & Advisory Group has found an astonishing market data, where participants where asked if some of the most well-known technology companies offered banking services, how likely would you be to work with them? Even if his or her primary financial institution proactively connects with him or her with an offer, the digital consumer still does his or her due diligence and, if the application process, credit approval and card delivery dates and processes are not seamless, the customer will look for this solution elsewhere, for the digital customer demands experiences that offer convenience, access and ease-of-use, just like almost all the online retailers, T&E and technology companies have set for their expectations. In order to keep pace with omni-digital...