Boost revenues and cut wasted marketing spends with enhanced insight into digital sales

Digital marketing and promotion is now commonplace in retail banks. And with the rise and popularity of online banking, how customers consume financial products has also been transformed. Sales, the crucial link between the two, is also making digital progress too. The top ten banks across the UK, US and Australia now offer digital applications for 6 in 10 personal banking products. The ever-growing power of the internet makes the need for this integration of digital – and the opportunity it presents – obvious.

While substantial progress has been made it also shows there is still room for improvement. And this is especially true when it comes to digital sales. For example, retail banks are behind when it comes to the sharp rise in smartphone use, and the potential for mobile as a sales channel. Despite the availability of online digital applications, only 9% of personal banking products in the UK can be applied for using a mobile device. With two-thirds of UK adults now owning a smartphone, there is every reason to forge ahead in this area.

Robo-advisors – as revolutionary as they seem?

The rise of the robo-advisor has been well documented over the past year or so. The FCA recently announced an Advice Unit that helps firms develop robo-advisor models, and RBS has also publicised that they will be sacking hundreds of face-to-face advisors in favour of robots.

Armed by what appears to be a cheaper, more accessible service, the likes of Nutmeg and Wealthfront have not been shy in their promotion of being at the forefront of opening up obtainable investment opportunities to a wider audience.