Digital transformation in retail banking still lagging in key areas

Many retail banks are struggling to keep pace with digital transformation.

According to new research from Unisys Corporation surveying 100 manager-level and above financial services industry practitioners in the USA and UK, only 17% of respondents rated themselves as 'optimal' in the execution of their digital transformation strategy.

Also, only 16% of those surveyed rated their omnichannel strategy 'optimal,' meaning that most banking customers are still lacking a unified view of all transaction and customer data across every channel, including web, mobile, ATM and in-branch – inhibiting the overall customer experience.

Eric Crabtree, global head of Unisys Financial Services said that financial services understand the need to go beyond traditional banking services, however, many are struggling to modernise in the face of archaic processes or legacy systems.

“Ultimately, an integrated, secure omnichannel platform is critical to enabling banks to deliver a seamless banking experience – a key differentiator, especially for smaller and mid-size banks,” he said.

“At Unisys, we believe that proper security and a good customer experience are not mutually exclusive. Today, banks can incorporate tools like behavioral biometric authentication, which can help verify transactions and users based on individual tendencies like typing speed – helping customers achieve their financial goals however they prefer to do so – securely.”