Temenos has released its 2019 State of Digital Sales in Banking Report. The report compares the digital account opening capabilities of 60 mid-size banks headquartered in North America, Europe and Australia.

The ‘Digital Sales Readiness Matrix’ (Temenos’ ranking of digital enablement and readiness) , points out the key touchpoints of the account opening journey at each bank and maps out which banks are lagging behind in their digital sales implementation, have prioritized digital readiness, and have reached the optimal ‘Digital Promised Land’. Digital Promised Land, represents top scores attained by a bank, in both, the number of personal products available, and quality of experience deployed by the bank. The 2019 report states that 65% of digitally active large banks have attained the ‘Digital Promised Land’, a significant shift from 2017.

The study focuses on the large US digital banks’ progress with regards to their long digital investments and the impact of these same investments.

Mid-Market Index, a novel section that was introduced, focuses on the distinct differences between the largest, smallest, and mid-sized banking segments in the US market and exposes a mobile gap in the mid-market bracket.  Mid-sized banks, with approximately $75B in assets, find themselves in a precarious situation with digital sales. The report exposes a mobile gap in the mid-market bracket, with both large and small banks outranking mid-market sized banks by 500%.

The report also points out the challenge of omnichannel implementation with only 28% of banks delivering the omnichannel experience. It shows that the digital account opening for personal banking has increased exponentially with more than three-quarters of personal accounts being opened online.

Derek Corcoran, Chief Experience Officer, Temenos said:Globally, banks that invested in digital transformation projects three to five years ago are beginning to see the fruits of their labour in the form of improved customer-facing digital capabilities hitting the market. With banks mostly solving only the basic requirements of digital account opening for personal banking, much opportunity still exists for banks to implement advanced retail features, as well as digital sales channels for wealth management and business banking. That’s where partnering with a technology provider like Temenos can really make a difference – our winning combination of packaged functionality with the most advanced cloud-native, cloud-agnostic technology will allow financial institutions to enter the ‘Digital Promised Land’, no matter what size they are.

“With Temenos Infinity, they can dramatically reduce the cost of deploying software, while gaining agility and accelerating the speed of innovation across business lines. Banks need to act now – the good news is the solutions are out there,” he added.

Read more at 2019 State of Digital Sales in Banking Report .

by Megha Bhattacharya
Market Analyst at IBS Intelligence
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