Digital sales In Banking: all the Stats, Facts, and Data you’ll ever need to know

In this day and age, technology has become such an integral part of our lives. It’s hard to imagine living without it. The banking world is no exception. Digital sales in banking are becoming more and more commonplace as banks strive to keep up with consumer demand for convenience. Here, you’ll find all the stats, facts, and data you need to know about digital sales in banking. 

How Does Digital Sales Work in Banking?

The concept of digital sales refers to a company’s ability to target specific customers through digital channels, providing them with the right service at the right time. Major digital channels in the financial industry include online banking, ATMs, bank mobile apps, and CRM systems, E office.

But how well do digital sales perform in the financial sector? To get the big picture, let’s compare the marketing strategies used by traditional and digital banks.

Three Best Practices for Increasing Digital Sales

1 Stay Customer-Friendly

Making your customer feel welcome should be a priority for any business, but traditional retail banks often overlook this. So, instead of making such mistakes, try to create a customer-friendly service.

For digital bank branches, this entails developing a quick registration process as well as a visually appealing design. Celebrating music after each operation can also make user interaction more enjoyable. Remember that the ability to use electronic signatures and upload ID scans will improve customer experience and expand financial operations in your digital channel.

2 Apply Advanced Digital Tools

Although customers can now make payments and perform basic transactions using a banking app and SSTS, there are still some complex operations that are difficult to complete online. Thus, you can easily transfer money, pay taxes, or renew insurance with a single click, but you still need to visit a bank branch to receive a mortgage or close a large deal.

At this point, the primary goal of any digital branch is to make all of these processes easier for customers by removing all obstacles.

3 Provide Effective Support

Digital bank branches must also provide 24-hour support. Because customers perform the majority of their transactions in SSTS and banking apps on their own, ensure that they can easily open an account and will not encounter any difficulties when making transactions.

It’s also critical to give each customer the impression that your bank is always available to help. So, look for solutions such as real-time push notifications and advanced chatbots. However, keep in mind that these technologies require a support team.

Conclusion

Digital sales in banking are growing at an alarming rate. Financial institutions are scrambling to meet the needs of their customers who want fast, convenient access to their money 24/7. The number of people using digital banking services has doubled in the past five years and is predicted to continue to grow. 

This explosive growth means that there are huge opportunities for banks and other financial institutions to increase their market share and profits by offering digital sales services. Are you ready to take advantage of this opportunity? We can help you create a winning digital sales strategy that will boost your bottom line. Contact SmartOSC Fintech today to learn more!