When Banks Go Digital, Everyone Wins

s+b Blogs Posted: September 9, 2013 Laura W. Geller Laura W. Geller is senior editor ofstrategy+business.       Finance   INTERACTIVE FEATURE How Banks Are Digitizing Their Business The current state of bank–client interaction is fragmented and cumbersome. But some leading banks have adopted a more efficient, highly automated process—resulting in cost savings of 15 to 30 percent and enhancing the customer experience. Most of us pay our bills online, and many of us make a variety of bank transactions from our smartphones. Banking has clearly gone digital, or so we think. It turns out that working with a financial planner at the majority of banking institutions today remains a decidedly offline experience—one that revolves around paperwork and fax machines. But there’s a better way. At a few leading banks, digitization is transforming client interactions. These institutions have adopted highly automated processes that cut operational costs by 15 to 30 percent, while offering a more streamlined experience for the customer. Other banks will need to follow suit. In this new interactive graphic from s+b, you can see both processes in action—the cumbersome current state, and the simpler, more efficient target state. Compare for yourself.