Digital Banking Maturity 2020 is the 4th edition of largest global benchmarking of digital retail banking channels, answering what leaders are doing to win in the digitalization race. It is providing a comprehensive outside-in ‘mystery shopper’ assessment of retail banks’ digital channels and furthering discussion about future developments.
Digital Banking Maturity is the biggest global digital banking study, providing a comprehensive outside-in ’mystery shopper’ assessment of retail banks’ digital channels and furthering discussion about future developments.
Covering 318 banks from 39 countries, DBM analyses digital retail banking in 3 channels, based on an outside in ‘mystery shopper’ assessment of digital functionalities, customer needs research and UX evaluation.
60% of banks have closed or shortened opening hours of branches but many have also implemented new digital features, such as fully digital processes, e.g. account opening (34%), remote identification & verification (23%) and contactless payments (18%).
Digital champions don’t only lead their peers in number of digital functionalities along the customer journey, those that are incumbents outperform other incumbents in their country on average on both C/I (-4.0 p.p.) and ROE (+1.9 p.p.).
Digital champions are investing in E2E digital sales processes and have widened their lead on latecomers for key products, e.g. 51% vs 23% for current accounts, 85% vs 34% for credit cards, and 84% vs 30% for cash loans.
New functionalities typically gain traction faster with challenger banks than incumbents, e.g. bill split 27% vs 2%, virtual debit card 26% vs 2%, chatbots with advanced use cases 15% vs 4%, chatbots allowing transactionality 12% vs 2%.
65% of digital champions ranked in the top 10% for analysed UX scenarios. The largest gaps between champions and latecomers are in opening an account 71% vs 23%, buying an insurance product 44% vs 7% and beyond banking service 48% vs 11%.
If you would be interested in a in-depth findings regarding your financial institution – please contact our experts (contact data available below).
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