Retail Banking Digital Sales & Service Maturity Model Research Report

The banking sector is currently experiencing a shift towards digitalization.

Financial institutions are embracing advancements such as leading-edge applications and data analytics to enhance customer service, improve user experiences and engagement, and maintain competitiveness.

And not all banks and credit unions are at the same level of advancement.

This research report, in partnership with Jim Marous and Emerald Research Group, takes a deep dive into the varying levels of digital maturity across financial institutions, revealing a landscape that is both diverse and dynamic.

The research and the building of the Digital Sales & Service Maturity Model paints a picture of the spectrum of maturity by categorizing banks and credit unions into distinct segments based on their readiness and implementation of digital strategies.

The study highlights include:

Digital maturity is linked to revenue growth, with the most advanced institutions reporting up to twice the annual revenue growth as the least advanced.
Organization size does not solely determine digital maturity. One-quarter of financial institutions excelling digitally have less than $500 million in assets. In contrast, more than one in seven of the least digitally mature institutions have more than $5 billion in assets.
While digital account opening is offered by the majority of the most advanced institutions, only one quarter of them provide a 5-minute online account opening experience for new customers or members and half are struggling to automate critical back-office processes.