A new white paper by Avaloq warns that the financial services sector is rushing towards digisation "in the dark" with no concrete strategy.
Successful Digital Banking: Aligning business strategy with technology is a collaboration between Avaloq and software provider Mimacom that explores the "rush to digitisation" and the impact on clients.
Financial services companies should ensure their digital strategy offers "experience" instead of unrequired features and products, said the white paper.
"Customers expect service. Products are embedded into these services and must be as customisable to personal and individual needs," said the paper.
"All services should be designed as end-to-end processes. When digitising processes, they should be considered as end-to-end customer experiences. Customers need to be able to choose whichever touchpoint they want along their customer journeys."
Clients may begin their 'journey' online, but they may want face-to-face contact with an adviser before making a decision about a product, the paper said.
"This highly service oriented approach will lead to the delivery of an omni-channel banking experience."