A graduate of Boston College, David Donovan served as a senior trader at Fidelity Investments for 13 years. After he left Fidelity, David Donovan joined Publicis Sapient. He oversees the firm's financial services portfolio for the Americas in his role there, focusing on helping C-suite banking executives implement digital-transformation strategies.
Convenience, functionality, and transparency rank high on the list of consumers’ banking expectations. Many industry professionals believe that success in today’s increasingly digital landscape requires banks to develop capabilities that support and improve invisible banking, which refers to conducting banking transactions remotely via mobile devices and automated processes. Here are four capabilities valuable to invisibility:
1. Partnerships
Banks must be able to leverage distribution networks through their own markets and other marketplaces to effectively power products. JP Morgan Chase and Goldman Sachs, for example, partnered with Apple and Amazon to power products.
2. Consumer Trust
Consumer trust is a bank’s greatest asset. As such, it’s critical for them to utilize data and analytics to understand consumer behavior while cultivating the trusting relationship necessary for customers to share personal data.
3. Technology Strategy
In a digital age, choosing the right technology tools to provide customers with a seamless experience is vital. Today’s advanced technological scene offers an abundance of solutions, including legacy data management, cloud platforms, and artificial intelligence.
4. Customer-first Focus
Banking consumers want personalized, real-time services that can attend to their needs from anywhere. Convenient and easy-to-use online and mobile options for banking are essential in the current digital banking ecosystem.
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