Never mind Open Banking, most retail banks are still struggling to keep pace with digital transformation, with legacy systems preventing them from helping customers to bank conveniently across whatever channel they use, be it mobile, desktop, ATM or in-branch.

According to research conducted by Unisys among financial services practitioners in the UK and US, only 17% of respondents rated themselves as “optimal” in the execution of their digital transformation strategy.

Of those surveyed, more than half rated themselves as only beginning or in medial stages of digital transformation (19% and 32%, respectively).

Similarly, only 16% of those surveyed rated their omnichannel strategy “optimal,” meaning that most banking customers are still lacking a unified view of all transaction and customer data across every channel, including web, mobile, ATM and in-branch – inhibiting the overall customer experience.

Unisys Financial Services global head Eric Crabtree said: “Most banks are actively seeking ways to re-invent themselves to better compete in today’s digital environment. These organisations understand the need to go beyond traditional banking services, however, many are struggling to modernise 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.”