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Digital Banking Benchmark Improving the Digital Performance 2 Contents Deloitte Luxembourg Digital Banking Benchmark Improving the digital performance 2 Contents Executive summary 4 Quick overview of the performance and identified weaknesses of retail banks 6 Constantly changing operating conditions 8 Eight dimensions of the customer journey 10 Web banking 12 Mobile banking 22 Example of a fully digital bank 26 Conclusion 28 The information/data contained herein is based on the circumstances at the date of the document, in the specific jurisdiction as analysed by Deloitte on a best endeavours basis and is therefore subject to change at any time. Deloitte has therefore no responsibility to nor will consider the impact of any events or circumstances between the time of analysis of the information/ data and the time of publication of this document. 3 Executive summary Three billion is the forecasted number of global users that will have access to retail banking services through smartphones, tablets, PCs, and smartwatches by 2021.1 The digital revolution is disrupting With 230 criteria regarding public the relationship between banks websites, web banking, and mobile and their clients and new features applications of around 10 Luxembourg continuously appear to enhance banks, this study will provide banks customer experience. However, with a better understanding of Luxembourg banks do not seem their performance around eight key to have implemented tremendous dimensions: improvements in terms of digital • Onboarding (automation and channels over the past two years. user-friendliness of the process) In an environment composed of • Content and functionalities (basic and fully-digital banks, FinTechs, and value-added functionalities offered) non-traditional competitors, banks Design and ergonomics (device struggle to deliver innovative • functionalities and are still hesitating compatibility and possible about the key priorities to pursue. customization) • Navigation (search tools and ease to Luxembourg banks still offer significant find the required information) room for improvement in terms of automation and online assistance. If they • Cybersecurity features (assessment offer good features regarding design of some key elements) and ergonomics that also fulfil basic • Advice (level of general and customized requirements, common features in the advice provided) new digital era could still be implemented. Money management tools, automated • Credit (possibility to make a demand customized advice, and robo-advisory are and management of pending credits) some of the trends banks may embrace to • Account closing (attempts to retain the move away from competitors. Increasing client and understand the closure) online services ensure higher efficiency and better customer experience. Just like in the Digital Benchmark 2015, three types of digital performers have The Deloitte Digital Banking Benchmark been identified in Luxembourg: the 2017 offers a multi-dimensional analysis Luxembourg leaders, the medium with a current picture of the Luxembourg performers, and the sub-performers. digital banking market for retail clients, The total difference of points obtained a view on the improvements carried out between “leaders – medium performers” over the past two years, and a comparison and “medium performers – sub- with banks from neighboring countries. performers” is symmetric, but there are inequalities within the dimension Additionally, some insights are provided assessed. regarding the new trends that could enter the Luxembourg market in the coming years. 1 Digital Banking users to reach nearly 3 billion by 2021, Voicendata, 2017 4 The Luxembourg leaders The sub-performers This group offers the strongest national This group does not fulfil some performance. Luxembourg leaders of the basic requirements from a differentiate from other categories customer perspective in terms of mainly thanks to their more developed digital performance. The content and onboarding process, their better functionalities offered barely fulfill the functionalities offered in account needs of clients in their everyday account management (e.g., card management; management. As examples, these possibility to open various types of banks do not enable starting an online accounts) and their improved design and onboarding or booking an in-branch ergonomics. In terms of mobile banking, appointment online. Important digital leaders deliver a better performance investments have to be carried out to regarding content and functionalities. reach the upper category and the digital On the other hand, national leaders offer has to be included in the banks' deliver weak performances in terms of strategy. advisory and credit services, and still lack automated and deeply customized The results of the benchmark highlight features in comparison to foreign that even if leaders offer the best general markets. Taking inspiration from outside performance, they still have room for Luxembourg’s borders would allow them improvement in certain dimensions to to reinforce their position and gain a new break away from the other categories. competitive advantage. Additionally, it demonstrates that the medium and sub-performers The medium performers have to relativize their ranking by the dimensions assessed to understand their These banks deliver satisfying services strengths and weaknesses. The Digital regarding daily account management Banking Benchmark 2017 concludes its and aim at challenging the leaders in assessment with a prospective thought terms of credit features and design and on the tactical and strategic adjustments ergonomics. However, some measures banks should implement in order to face should be taken to reach the upper the upcoming changes that will affect category. These banks should take them at an individual and industry level advantage of the opportunities presented within the coming years. by initiatives such as PSD2 and the SEPA instant credit initiative to develop innovative features including money management tools (the possibility to set up a custom budget or saving goals, or a wider offering of languages available on their website). Additionally, their navigation functionalities are one step behind the leader category. These banks could potentially be rapidly outdated in the near future if they do not develop more automated and customer-centered functionalities. 5 Quick overview of the performance and identified weaknesses of retail banks As in the 2015 edition of this Digital Banking Benchmark, we identify five main tactical areas for development. Retail banks in Luxembourg should work on and invest in these points in order to provide stronger online services and take advantage of a strongly- built digital channel strategy: 04 “Increasing online services ensure higher efficiency and better customer experience.” 6 01. Automated account 04. Customization of the opening and credit demand services and constant Facilitating users to upload required assistance documentation would free bank resources A deep profiling of clients, for instance for more value-added tasks. It would also through questionnaires and the use of improve customer satisfaction by allowing analytics on historically collected data, has them to carry out actions without having to be utilized to offer services and products to visit a branch. This replies to a growing that fit clients’ individual needs. Moreover, a need for customer empowerment. constant assistance (phone call, traditional chat, chatbot) should be developed as a 02. Implementation of matter of dedication to the users. advice features 02 Regarding the profile of each user and 05. Improving the coverage their historical data, implementing advice of cybersecurity features functionalities would enable users to without impairing user achieve their goals in terms of savings, experience returns, or investments. The use of While the cybersecurity features analytics and a robo-adviser could be benchmarked for web banking are tracks to follow. implemented for most of the banks with minor differences, there is more room 01 05 03. Development of smart for improvement to extend cybersecurity money management tools capabilities for mobile banking applications. The current offering is basic, and clients This can partly be explained by the greater will increasingly require tools that maturity of web-based applications and the automatically analyze and categorize the longer presence of regulatory requirements 03 account movements. Forecasting tools applicable to web banking. The concern for that estimate the upcoming incomes and cybersecurity aspects is real, as shown by expenses based on client data facilitate the results of the Deloitte Global Mobile account management and enhance Consumer Survey 2016 where 29 percent of customer experience as well as reduce the respondents in Europe indicated they costs for banks. do not use their phone to make payments in-store for security reasons. 7 Constantly changing operating conditions The digital revolution of the 21st century A Deloitte survey carried out over financial services from companies such is reshaping the customer relationship 31 countries states that 94 percent of as Google, Amazon, or Apple rather than with the banks. People of all ages are people between 18 and 75 years old have from their own nationwide bank.5 now connected 24/7 to their financial access to a computer and 88 percent data, and millennials, the internet-born have access to a smartphone.2 Digital New regulations constrain generation, require new services to satisfy natives invading the labor market and the
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