Digitalization in the banking sector has been going on for a while. Banks are trying to move away from tellers and branches to online interactions. And rightly so: the cost of a phone interaction is 40 times superior to that of an online interaction (4 dollars versus 10 cents).
But what are the real obstacles banks need to overcome in automating customer interactions? Are the challenges of mobile banking really where we expect them?
The real challenges
A recent survey by Bain & Company polling over 5,000 consumers shows that:
Tapping into the (real) potential of mobile banking
There thus seems to be a lot of untapped potential for mobile banking. Banks could make a real difference by having a two-fold approach: teach the young to bank, and the old to self-bank.
By doing so, banks could drastically decrease the volume of calls and visits to their support centres, while increasing the conversion rate to digital channels.