Digitalisation and IT-based innovations have changed many sectors in recent years, sometimes in fundamental ways. Along with enabling completely new services, they also allow much greater convergence of previously separate services, products and channels – also in the world of banking. In its study “Innovations in Retail Banking”, Swisscom now shows how well Swiss banks have already adjusted to this digital transformation. The study is a collaboration between the Business Engineering Institute (BEI) St. Gallen and the Competence Centre Sourcing in the Financial Industry of the Universities of St. Gallen and Leipzig.
Seventy-eight per cent of the banks surveyed concern themselves with the effects that digital technologies have on their business model at strategic level. Fifty-five percent of the banks have appointed people internally to be responsible for digital initiatives. However, only 28 percent of the financial institutions have a decision-making culture that promotes experimentation in the context of digital innovations. The banks are also still relatively unprepared to close the digitalisation gap at system level. Many prerequisites for the seamless interplay of channels, customers and bank employees have not yet been put into place. Examples include the replacement of paper-bound processes, the standardisation of software in the front and back office and the availability of infrastructures for integration.
The innovations in digital financial assistants and financing are the most relevant according to the banks polled. They include, for instance, tool-supported self-profiling and consulting as well as end-to-end on-line-based application and release processes. Services for secure data storage, digital marketplaces or banking app stores are seen as less relevant by the banks. On average, less than 20 per cent of the digital innovations are effectively implemented.
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