Welcome to The Digital Banking Club

Thank you for registering to join The Digital Banking Club. It is our aim to make The Digital Banking Club the first place to go for information on all things digital financial services focused.

Douglas Blakey is Group Editor, Consumer Finance at Timetric Financial Services, having previously been editor of Retail Banker International and Bank Marketing International.

Blakey practised as a solicitor in Scotland before moving into business information. He maintains an editorial advisory board of leading bank CEOs and is a regular guest banking analyst with BBC radio and TV, New Statesman and other leading media.

 

Thank you for registering to join The Digital Banking Club.

It is our aim to make The Digital Banking Club the first place to go for information on all things digital financial services focused.

The heart of The Digital Banking Club will be the permanent online presence centred around a knowledge hub, complemented by forums and face-to-face gatherings for people with a common interest on all things related to digital financial services.

I hope that members will take the opportunity to chat to their peers, hear from industry experts at club meetings, learn, share lessons, experiment and learn what the digital channel really can deliver.

One of the most novel and refreshing aims of the club is to be totally inclusive. While sponsored by Intelligent Environments it is not a project that is there to sell their products. It is genuinely open. I want as many people involved as possible.

Long gone are the days when mobile banking could be regarded as hype.

Mobile is a driving force for real structural change in the retail banking sector, with the volume of banking transactions via the mobile device widely expected to double by 2015.

The challenge for banks will be to ensure that mobile banking will offer customers an enjoyable end-to-end experience and channel consistency when accessing their bank account via their mobile, their tablet or their PC.

Customers’ service expectations are being shaped by their experiences of other industry sectors and as consumers become more clued-up due to the availability of information online, it is becoming easier to compare and contrast alternative financial services products.

The explosion in the growth of the use of the mobile device has significant implications for banks.
472 million smartphones were sold in 2011, corresponding to more than 31% of all mobile phones sold.

Between 2010 and 2012, mobile internet doubled to 40% of internet users connecting through mobile access. The figure reaches 59%for the population aged 30 years or less.

Especially the new "Generation Y" segment looks for financial solutions which are delivered via modern channels like mobile channels and even via social networks.

The trend towards internet banking is huge: in 1998, only 8% of all customers were using any form of internet banking, in 2011, 59% of global internet users check their bank accounts online.

By 2020, it is forecast that 70% to 90% of all retail banking revenues – depending on the market- could be triggered thanks to digital channels.

This cultural shift in customer behaviour will place pressure on banks to adapt their channel strategies and investment priorities but also offers huge potential for lenders to maximise the potential offered by innovative use of communication and sales tools provided by the move towards digitisation.

It is going to be an exciting journey.