Most banks still in digital desert, few have reached the promised land: Avoka report

Digital customer acquisition company Avoka released its 2017 State of Digital Sales in Banking Report. The second annual edition compares the digital account opening capabilities of 32 large banks in North America, Europe and Australia by offering breadth and customer experience.

North American and European banks are inching along in their digital capabilities but are still largely failing to attract and retain a customer base that is migrating to mobile. The report suggests banks are conquering the promotional side but struggle when converting that into sales.

Avoka introduced a Digital Sales in Banking Readiness Matrix which anonymously maps out how well banks have adopted a digital sales approach. Roughly one in three, including six Australian banks, have reached what Avoka terms the “Digital Promised Land”.

When improving their online presence, banks are better at desktop online capability than they are with mobile, the report adds. Only 42 per cent of assessed products can be opened on a mobile device, which is up from 31 per cent in 2016. Aussie and European banks fare better than North American ones, which have only improved the availability of their digital offerings by six per cent.

Small business owners take note: Only 26 per cent of small business banking services can be applied for digitally, with a mere nine per cent available through mobile.

“What we have found is that many banks have made progress on the experience of their flagship deposit account, but the breadth of offering across all personal, wealth and business banking accounts lags behind”, Avoka CEO Phil Copeland said. “Mobile sales capability is still well below desktop access, important given the growing customer desire to engage from a smartphone.

“Importantly, there has been no change in the number of products with advanced digital features, such as Save and Resume, that are required for an Omnichannel experience.”