Digital banking: moving beyond service efficacy

BANKS are working hard to promote digital service channels. Online banking, mobile apps and advanced ATMs not only meet customers' ever-growing demands for increased control and convenience, but also reduce the need for physical bank branches or the number of service staff needed to serve us. It makes sense for banks to focus on digital products that best meet customers' changing needs and behaviours while also reducing their operational costs. But how are banks faring?

Consumers on the whole prefer digital banking to traditional forms, which comes as no surprise since there are no queues, no need to explain your actions, and just a simple finger print will identify you and allow access to a mobile banking plat…