November 2022

Digital Banking
Maturity 2022

Closing the Gap to Fully Digital User Experience in Banking

KEY TAKEAWAYS

DBM identifies champions and leading practices worldwide

Covering 304 banks from 41 countries, DBM analyses digital retail banking in 3 channels, throughout the customer journey, based on an outside-in
‘mystery shopper’ assessment of digital functionalities, customer needs research and UX evaluation.

01 02 03 04 05 06
The pandemic The gap between Banks are E-commerce Growing advisory UX is a key
has changed the best and the becoming more solutions on function differentiator
the world and rest has widened than just banks the rise of banks
User experience of
banking sector Taking the role of a digital banking
Digital maturity is rising Leading banks are In response to the
irreversibly across the whole growing importance trusted advisor, banks channels can be as
becoming multi-service important to customer
banking sector (e.g. platforms, with offerings of e-commerce, banks support clients’ everyday
Changes in all markets satisfaction as the
~70% of researched in areas such as are implementing finance management
and industries have scope of functionalities
banks now offer a mobility, solutions designed for with a wide array of
impacted customer implemented. New
remote account e-government, online sales – digital solutions, such as
expectations regarding features bring the
opening option vs 55% healthcare and including the PFM tools, multiple
digital banking most value to clients
in 2020) but the best commerce. Supported development and investment options, risk
services, which are when they are added
players have widened by regulations and implementation of profiles, automated
now higher than ever. according to a well-
the gap to the rest, cross-country solutions, marketplaces, investment advisory,
particularly in areas embedded in banks’ and portfolio defined strategy with a
banks are building focus on UX.
such as bancassurance, ecosystems that can digital channels. management.
investment services, provide clients with a
and card management unified view of all of
and authorization. their accounts.

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NEW NORMAL EMERGES

The pandemic has changed the sector irreversibly - digitalization has

accelerated and banks are challenging the conventional business model

2021 2022
JUNE OCTOBER FEBRUARY

”In order to compete in a crowded ”Modern banks must provide the customer service ”The economics of the next decade will challenge
marketplace, digital transformation is vital. and functionality required for the digital age, with a banks to adopt a future fit technology strategy —
Banks face many challenges: they must streamline customer-first approach.” rooted in customer obsession and enabling an
operations, increase efficiency, manage costs, Wall Street Journal unprecedented level of adaptivity, creativity, and
amplify security and ultimately improve the resilience — or fail. Banks must capitalize on
customer experience.” the pace of change and innovation and set
their course for the next decade.”
Financial Times ”Consumers are looking for financial services
experiences that meet them exactly where
AUGUST Forrester
they are: on their devices, using various
”Consumer expectations are sky-high applications, accessing their money both MARCH
as a result of the new and improved options, traditionally and digitally, and doing more with
accelerating the speed of innovation as companies their money.” ”The future is digital, and banking is no
compete to meet these demands.” Bloomberg exception to that. So, if the advent of Banking as
a Service, open banking, and the booming Fintech
World Economic Forum sector were not proof enough, we now have a
”The first driver have been a shift to roaring statistic of expected 3.6 billion digital
e-commerce and a temporary avoidance banking users by 2024, that puts a number to the
”Traditional banks are joining and adding digital of business locations as people stayed home future of banking.”
services, while embedded finance is allowing and practiced social distancing. A secondary driver
non-financial businesses to offer financial has been a shift to contactless payment.” Economic Times
services in new ways and at the point of need.” The Economist
World Economic Forum

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 Digital Banking Maturity 2022
01 Description of the study is the 5th edition of the largest global
benchmarking of digital retail banking
channels, answering what leaders are
doing to win in the digitalization race.
02 Global results

03 Chile results

4 | Copyright © 2022 Deloitte.

ABOUT THE STUDY

Digital Banking Maturity is a global accelerator,

helping banks respond to change

3
DIGITAL CHANNELS
Digital Banking Maturity is the (public website, internet
biggest global digital banking banking, mobile app)

study, providing a comprehensive

6
outside-in ’mystery shopper’ CUSTOMER

304 41
JOURNEY STEPS
assessment of retail banks’ digital
channels and furthering discussion

17
about future developments. CUSTOMER
JOURNEY SECTIONS
BANKS MARKETS
ASSESSED COVERED

1.2k+ FUNCTIONALITIES
AND FEATURES

5k+
CUSTOMERS
SURVEYED

203 LOCAL MARKET

RESEARCHERS

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ABOUT THE STUDY

DBM is the biggest benchmarking of

digital banking channels in the world 41
304

39
COUNTRY

318
BANKS

38
16 248
1 115
15 2022
2020
Biggest global digital
banking study with
participation of key
2018 Expansion to new
regions and continents,
global economies: USA,
China, India, Brazil
including Americas and
Expansion from CE to
2016 2017 Western Europe and
EMEA region
Asia

Thought leadership Covering 15 additional

material for European CE countries and
Financial Congress over 100 banks

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 Functionalities Customer User Experience
benchmarking needs research study
ABOUT THE STUDY

Digital Banking Maturity 2022 covered 41 countries

from 5 continents, including key world markets
ASIA
China
Brazil - Country included in UX analysis
India
EUROPE Israel
Belgium Qatar
Bosnia and
Saudi Arabia
NORTH AMERICA Herzegovina
Bulgaria Singapore
Canada
Mexico Croatia Thailand
Czech Republic United Arab
United States
Emirates
Denmark
Finland
Germany
Greece
SOUTH AMERICA
Hungary AFRICA
Argentina Iceland Nigeria
Brazil Italy Serbia
Chile Luxembourg Slovakia
Colombia Netherlands Slovenia
Norway Spain
Poland Sweden
Portugal Switzerland
Romania United Kingdom
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METHODOLOGY

Three components were assessed in order

to compare digital maturity between banks

FUNCTIONALITIES BENCHMARKING CUSTOMER NEEDS RESEARCH USER EXPERIENCE STUDY

Analysis of 1208 digital functionalities Survey-based research focused on Supplementing analysis of customers
through ‘mystery shopper’ approach on identifying 26 most important banking perception of user experience.
real retail current accounts in each bank. activities and preferred channels (branch,
Internet, mobile).

Assessment of 6 customer journey steps Customer preferences between channels Assessment of 15 scenarios reflecting key
in terms of most common banking areas of customer activity at top UX banks
activities
Analysis of digitalization of 13 core banking
products Best practices Playbook and Virtual Data
Room available covering the analysed list
Functionalities library with world’s leading of scenarios available for Deloitte
practices consultants

DBM BENCHMARK UX ASSESSMENT

An exhaustive overview of digital Assessment of digital banking channels
maturity between banks from customer experience perspective

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 Functionalities Customer User Experience
benchmarking needs research study
ABOUT THE STUDY

We have analyzed over 1200 functionalities

to track the entire customer journey

10 End
relationship
Account closing

515 Expand
relationship
Product x-sell (basic)1

15 Information Product x-sell (complementary)2

gathering
533 Day-to-day
banking
Bancassurance

56
Availability of Account Investment services

79
information Account & product
opening Customer management
Beyond Banking
Opening process onboarding Authorization
Ecosystem and account aggregation
Channels accessibility
Card management
Guidance for new users
Customer support
Personal finance management
Transfers and payments

Note 1. Product x-sell (basic) includes debit card, credit card, overdraft, cash loan, cheque, bank draft
Note 2. Product x-sell (complementary) includes car loan, mortgage, currency account, saving account, term deposit, private banking account
9 | Copyright © 2022 Deloitte.
 Functionalities Customer User Experience
benchmarking needs research study
ABOUT THE STUDY

Usage and preferences for banking channels were evaluated

based on a customer survey with over 5000 respondents

5084 respondents’ How often do you perform the following banking activities?
answers provided insights
on customer preferences on EXAMPLES:
26 activities mapped with Looking for information about current accounts Active investing
customer journey steps

26
in 3 banking channels. Opening an account and/or debit card Looking for customer support
All activities were linked
to the 1208 functionalities ACTIVITIES Checking current balance or transaction history Managing your account
assessed in the study, to find
out what is in demand from Applying for a personal loan Making payments/transfers
the customer’s side.

Which of the channels is/would be your preferred choice for each of the following banking
activities?

3 Mobile
banking
Internet
banking Branch
CHANNELS

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 Functionalities Customer User Experience
benchmarking needs research study
ABOUT THE STUDY

Best UX practices were identified thanks to deep-

dive research on selected players

Selection of scope Research of local solutions Assessment Synthesis

1 2 3 4
First, a multinational team of UX Local UX experts and Collected results from each Based on the results of our
experts and managers selected 10 researchers went through the bank & country were assessed analysis, we have developed
top UX banks from 10 different selected user scenarios, to identify solutions, a playbook of best practices
countries. identifying the best user- approaches and features as and guidelines for banking
oriented solutions, general well as to derive key trends, app UX, as well as created
15 scenarios were selected for flows with a hypothesis for the
principles that characterize areas of focus and
deep-dive analysis in core areas of optimal solution for each
good UX, as well as areas for overarching rules shaping UX
customer activity within banking analyzed scenario.
improvement in each bank. of banking apps.
apps.

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 Functionalities Customer User Experience
benchmarking needs research study
ABOUT THE STUDY

Analyzed UX scenarios 15 KEY SCENARIOS WE FOCUSED ON:

cover key areas of

1 Opening a current account​
customer activity 2 Onboarding in the app​

3 Logging in to the app​

4 Making a domestic payment/transfer​

We followed the user through
their banking experience 5 Requesting money​
journey: from opening an
account, through day-to-day 6 Applying for a mortgage​

banking activities, up to closing 7 Applying for a personal loan (e.g. cash loan)
an account.
8 Leveraging third-parties services

9 Active investing

10 Managing your payment card​

11 Checking account balance & transaction history​

12 Tracking expenses

13 Contacting the customer support​

14 Closing a current account​

15 Other innovative user-oriented solutions​

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 The global banking sector has
01 Description of the study increased digitalization in every
customer journey step and for every
product since the last edition. Analysis of
Digital champions – best 10% of
02 Global results
researched banks – shows that they
focused on the development of
authorization methods, card management,
03 Chile results bancassurance and investment
functionalities.

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 GLOBAL RESULTS

Card, account and product management and account opening are sections
which recorded the highest digitalization level increase since 2020

% of level of digitalization of Customer Journey sections offered by banks 1 Growth in 2022, pp

Information Account Customer Day-to-day Expand End

gathering opening onboarding banking relationship relationship

+6
+8
+8
+12 +3
+4 +11 +7

+15 +6
+5 +3
+8 +10

+8 +10
+4

Product x-sell (basic)

Product x-sell
(complementary)
accessibility

product mgmt.

Beyond banking
Account

Account closing
Availability

Customer support
Card management

management
Authorization
of information

opening process

Channels

for new users

Account &

Ecosystem &
Transfers &

Investment services
payments
Guidance

Personal finance

Bancassurance

account aggregation
Note 1. Sample of 193 banks which were covered in 2020 and 2022 edition
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GLOBAL RESULTS

Transactional products and bancassurance are the product groups in which

digitalized end-to-end processes grew the most

Avg. growth for

% of digital end-to-end functionalities related to banking products offered by banks 1 the whole group
Result in 2020 Growth in 2022, pp

Credit products Bancassurance Saving & Investment Transactional Products

8% 11% 6% 11%

+8

+1 +13
+14
+11
+9
+9
+10
+12 +7
+8

+7
+5 +11
+5
+6

Term deposit
Brokerage account
Overdraft

Currency account
Saving account
Cash loan

Current account
Car loan

Unit-linked

Credit card

Debit card
Mutual funds

Pensions
Non-life insurance
Mortgage

Life insurance

Note 1. Sample of 193 banks which were covered in 2020 and 2022 edition
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GLOBAL RESULTS

Our study divides banks into four groups, according to their level of
digitalization, and identifies digital champions

What defines DBM index 1

Digital champions?
Digital Digital Digital Digital
latecomers adopters smart followers champions
Digital champions offer a
wide range of functionalities
relevant for customers
and a compelling user
experience.

Digital champions set key

digital trends and have
leading market practices,
which makes them examples
to learn from.

Defined as
Top10% of
Note 1. DBM index measures maturity for channels and products offered by a bank. Data for 304 banks which were covered in 2022 edition
bank s2
Note 2. Selection of 30 banks defined as Digital champions
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GLOBAL RESULTS

Digital champions achieve better financial performance indicators

Selected KPIs of incumbent Digital champions 1: average difference to peers 2 Digital champions Other banks

Share of net fee income in total income, 2019-2021

30% 31%
28%
24% 25% 25%

ROE ROA

+1.5 pp +0.1 pp
2019 2020 2021

Note 1. Incumbents – banks with long-established position on the market. Challengers – relatively small bank competing with large long-established banks
Note 2. Average difference to peers – peers are incumbent banks in the same country that were covered in the DBM survey
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GLOBAL RESULTS

Digital champions develop functionalities that help expand customer

relationships and have built a significant advantage over other players

% of functionalities offered by banks 1 Top categories

Digital Digital Digital Digital Advantage of champions

latecomers adopters smart followers champions over the others2
Information gathering Availability of information 1.3x
Account opening Opening process 1.5x
Customer Channels accessibility 1.3x
onboarding Guidance for new users 1.5x
Account and product mgmt. 1.7x
Authorization 1.6x
Day-to-day Card management 2.3x
banking
Customer support 1.5x
Personal finance management (PFM) 1.9x
Transfers and payments 1.5x

Expand Bancassurance 2.7x

relationship Beyond banking 2.7x
Ecosystem and account aggregation 2.9x
Investment services 2.5x
Product x-sell (basic) 1.8x
Product x-sell (complementary) 1.9x
End Account closing 2.0x
relationship

Note 1. Data for 304 banks which were covered in 2022 edition
Note 2. Ratio of functionalities % between Digital champions and other banks score
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GLOBAL RESULTS

Digital champions have invested significantly in bancassurance, card

management, authorization and ecosystems areas since 2020

Where have Digital Digital champions increase in advantage over peers

champions gained the difference between % of functionalities implemented by Digital Champions in 2020 and 2022, pp

biggest advantage over

peers in the last 2 years?
Information Account Customer Day-to-day Expand End
gathering opening onboarding banking relationship
Expand relationship relationship
functionalities (avg. 11 pp
advantage) has been a top
priority for Digital champions, 19
17
especially bancassurance and 15
investment services (19 pp 14 14
advantage). Champions have 10
also strengthened in card 8
7
management (17 pp) and 5
6
5
5 4 4
authorization (14 pp). 3 3
0

X-sell (basic)
Ecosystem and account agg.
Account and product mgmt.
Channels accessibility

Beyond banking

X-sell (complementary)

Account closing
Personal finance management
Customer support
Authorization

Card management
Availability of information

Opening process

Guidance for new users

Investment services
Transfers and payments

Bancassurance
Note 1. Based on the data for 30 Digital champions from 2022 edition & 32 Digital champions from 2020 edition
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 The local banking sector has increased
01 Description of the study digitalization considerably since the
last edition in 2020. Let’s see the results of
the study and what they focused on in
these past two years.
02 Global results

03 Chile results

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 LOCAL RESULTS

Chilean banks advanced in digital maturity during the pandemic, but

CL
the gap between local banks widened

DBM index 1

Digital Digital Digital Digital

latecomers adopters smart followers champions

- Illustrative -

Chilean Banks in 2020

Chilean Banks in 2022

Defined as
Top10% of
Note 1. DBM index measures maturity for channels and products offered by a bank. Data for 304 banks which were covered in 2022 edition
bank s2
Note 2. Selection of 30 banks defined as Digital champions
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 LOCAL RESULTS

CL Chilean average score is still lower than global average, with the exception of
functionalities in “expand relationship”
DBM score by CJ step, %
Based on 1208
functionalities and
UX features (6
87%
customer journey 83%
steps) scored 77%
according to global 71%
weights 62% 62%
52% 54%
49%
45%
40%
37%
34%
29% 26% 26%
22%
11%

Best country
Global average
Result in Chile 2022 Information Account Customer Day-to-day Expand End
gathering opening onboarding banking relationship relationship

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 LOCAL RESULTS

CL CJ sub-steps: Digital Champions vs. Chile average

DBM Score for CJ-related functionalities offered by banks Digital champions
Chile
79% 77% 75%
71%
69%
64%
61% 60%
59% 57%
52% 54% 52%
47% 48%
+40p.p.
+45p.p. 39%
52% 35%
48%
42%
37% 37% 38% 37%
34% 33% +46p.p.
31% 29% 30%
28%
22%
18%
2% 11%

Information Account Customer Day-to-day Expand End

gathering opening onboarding banking relationship relationship

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Will you drive change or be driven by it?

Feel free to reach us for more information:

Agustin Alcaide Bianca Santillana Francisco Pecorella

Partner FSI Chile Partner FSI Consulting Director Digital

[email protected] [email protected] [email protected]

24 | Copyright © 2022 Deloitte.