2. Retail banking: Transitioning to a mobile centric and digitally anchored institution
Banks should capitalize on the shift to a mobile-centric world by reorienting targeting strategies, product portfolios, and delivery models. Strong retail deposit bases, linked to solid digital offerings and the ability to acquire new deposits. It will likely drive better ability to sustain margins. The resulting flexibility in credit selection and pricing should support better asset quality and capital positions through the credit cycle. This context is important to frame the growing dominance of the mobile channel. It is fast replacing the branch as the focal point of the banking experience, achieving engagement even beyond that of online banking. Yet viewing mobile as just another channel is myopic. Mobile technology is not only a tool to enhance customer experience but it can also raise productivity in other channel. For instance, Umpqua Bank is piloting software that allows in-branch representatives to also serve as personal bankers on digital channels.
1. 2018 Banking outlook, Acceleration the transformation , Deloitte Center 2. By Jim Marous, Co-Publisher of The Financial Brand and Owner/Publisher of the Digital Banking Report