Retail Banks Still Lagging on Digital Transformations

March 29 — In new research released by Unisys Corp., less than a quarter of surveyed retail banks rated themselves as “optimal” in their execution of digital transformation strategy.

In an online survey of 100 manager-level and above financial services industry practitioners in the U.S. and U.K., just 17 percent of respondents rated their organizations highly when it comes to keeping pace with digital transformations. Nineteen percent rated themselves are only beginning such a transformation, and 32 percent stated they were in the medial stages. Only 16 percent rated their omnichannel strategy as “optimal,” which in this case means most banking customers still lacked a unified view of all transaction and customer data across every channel, including web, mobile, ATM and in-branch.

“Most banks are actively seeking ways to re-invent themselves to better compete in today’s digital environment,” said Eric Crabtree, global head of Unisys Financial Services. “These organizations understand the need to go beyond traditional banking services; however, many are struggling to modernize in the face of archaic processes or legacy systems. Ultimately, an integrated, secure omnichannel platform is critical to enabling banks to deliver a seamless banking experience — a key differentiator, especially for smaller and mid-size banks.”

Banks often cite security and trust as the main reasons consumers don’t want to use digital channels to their fullest potential. A recent Unisys Security Index found that more Americans are seriously concerned about identity theft and bankcard fraud than they are about their own personal safety. This may be backed up by the fact that only 21 percent of respondents to the current survey felt their security strategy/implementation is “optimal.”

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