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Exploring the Challenges for Retail Digital Banking

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19 April 2023
Michael Bernard

Celent has released a new report specifically for digital banking channel owners that covers specialized fintech, rising competition from non-banks, and the value of specialization.

The report, A New Era For Retail Digital Banking Leaders, also examines three major challenges facing retail digital banking today and offers several practical responses.

Rethinking the Digital Channel

It’s a complicated time to be a consumer digital banking leader. I know, because until recently I was one! At Celent, we hear this concern more often now from our bank clients as they navigate an expanding channel and increasingly fragmented customer relationships. And that was before today’s new worries about bank efficiency and cost savings, deposit retention, and fintech liquidity concerns (oh, and a mini banking crisis).

This concept of summarizing the “new challenges” in digital banking, and how to solve them, resonated strongly with me and has become part of my work at Celent. We’ve been rethinking what the digital channel actually is today, and how digital leaders can more effectively manage it.

Our New Report Dives Deeper

Framing the three challenges covered in the report was a team process. After analysing carefully, and drawing from first- and second-hand experience, these three truly feel like the main trends that are complicating the management of digital channel, product, and for leaders today.

Together, these trends pose the biggest threats to bank’s customer engagement goals and to customer retention in general. Banks want to be at the center of their customers’ financial lives, but as customers find more intuitive, higher-yielding, or increasingly specialized digital financial services elsewhere, that relationship has come under big-time pressure.

We’ll continue to help bankers understand the threat and opportunities that these trends are creating. Dive into the new report to see how these and other trends have complicated the definition and management of the digital channel, and how digital bankers can respond.

Take part in the Celent survey on digital organization

In April and May, Celent is surveying bank digital leaders to gain a benchmark in the areas of digital channel value measurement. If your institution would like to participate in the survey, please direct message me at mbernard@celent.com.

Participants, regardless if they are a Celent client, can receive the aggregated survey results at the close of the survey.