Skip to content

Skip to content



The banking industry ranks fifth in our study. There are two distinct groups of banks: those that have begun the digitalization process and those that have not.

Most banks have understood the importance of the customer experience on their websites and mobile applications. For this reason, banks are attempting to build attractive, well-designed websites and applications. That said, it is apparent that this is an ongoing, transformative effort; some features, for example, have visually-pleasing designs but do not yet actually work. While all banks offer iOS and Android applications, the quality of these apps varies widely, as with the websites. Not all the companies are making continual efforts to improve their digital services through their websites and mobile applications.

The banking industry ranks third in digital marketing; while none of the banks are using affiliate programs, banks are the most significant buyers of digital display advertising. They do also invest in search engine optimization and pay-per-click ads. The competition for advertising space among banks is fierce; a few leaders are fighting for it while others remain less involved. A similar situation exists in the social media dimension, with some banks lacking a social media presence entirely and others experimenting with technologies like bots that allow users to conduct banking operations directly on social media platforms.

The main issue in the banking industry is that no bank makes its products accessible online. It is currently impossible to buy any financial product from a bank website. Banks' websites only collect customer information, after which the customer is either called by a sales representative or required to go to one of the banks' physical locations. Even the simplest online actions required the customer to call the bank to get additional information to be able to perform the action. On the other hand, the customer service is well developed in most cases, and all banks offer loyalty programs for their customers.

In summary, the banks leading the digitalization of the industry today are on the right path and should begin to develop e-commerce capabilities and online portals. For the banks which haven't yet begun the process, there's no time like the present—but there is much work to be done.

Industry reports