Press Release

Study from Bank of the West and Fiserv Quantifies the Value of Digital Banking Based on Customer Engagement
SAN FRANCISCO, CA | Aug 15, 2016

Valuable customer relationships are built on digital banking, which offers customers enhanced conveniences that help them stay on top of their finances

Valuable customer relationships are built on digital banking, which offers customers enhanced conveniences that help them stay on top of their finances

Bank of the West, a leading regional financial services company, and Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, today announced the results of a study quantifying the value of digital banking customers over a two-year period.* The Digital Engagement Study revealed that digital banking has a significant positive impact on customer relationships.  

In addition, Bank of the West finds in recent customer satisfaction surveys** that new customers who are digitally active have nearly 15 percent higher advocacy level (i.e. more likely to recommend to others) than their offline counterparts. Longer tenured customers who are digitally active have five percent higher advocacy level.

"These studies confirm what we've long thought to be true - digital banking drives customer value," said Jamie Armistead, executive vice president and head of digital channels at Bank of the West and one of American Banker's / Bank Technology News' 2015 Digital Bankers of the Year. "Being able to quantify the value of digital banking better informs decisions about product prioritization, road maps and adoption strategies based on what's important to our customers. There's no question that the landscape is changing – and customer service needs are changing based on what we're hearing from our customers. We're focused on developing digital banking experiences that allow our customers to bank with us on their terms."

Armistead spoke about the results of the Digital Engagement Study at the Digital Banking Summit in New Orleans on June 21.  

The white paper, "Quantifying the Value of Digital Engagement," provides insight for financial institutions regarding digital banking customers and is available for download via: Examples of what the study reveals about enrollment in digital banking:

  • Digital banking customers are less likely to leave their bank. These customers have access to the enhanced convenience of services such as alerts, mobile photo deposit, online bill pay and mobile photo bill pay, which allow them to stay on top of their finances.
  • Average total product holdings increase, following digital banking enrollment.
  • Both credit transactions and debit transactions increase following digital enrollment,  indicating the importance of account information (i.e. balances) for customers who are making buying decisions about groceries, transportation, and daily other daily purchases, as well as special purchases, and business and vacation travel.

"Today, financial institutions are operating in a world that moves faster than ever before, where consumers compare their digital banking service to all other digital experiences," said Matt Wilcox, senior vice president, marketing strategy and innovation, Fiserv. "Bank of the West's commitment to understanding its customers' digital banking activity is reflected in their delivery of innovative services that engage and satisfy customers."

The Digital Engagement Study was conducted by Bank of the West and Fiserv research teams.

Bank of the West takes a customer-centric approach to banking, and also works to ensure its branches are designed to meet the vast needs of the communities they serve by reflecting customers' preferences for using digital channels for everyday transactions while also providing the ability to receive guidance from knowledgeable bankers.

About Bank of the West
Bank of the West is a regional financial services company headquartered in San Francisco with $80.7 billion in assets as of June 30, 2016. Founded in 1874, Bank of the West provides a wide range of personal, commercial, wealth management and international banking services through more than 600 branches and offices in 23 states and digital channels. Bank of the West is a subsidiary of BNP Paribas, which has a presence in 75 countries with more than 189,000 employees.

To learn more about Bank of the West, visit About Us.

About Fiserv
Fiserv, Inc. (NASDAQ: FISV) enables clients to achieve best-in-class results by driving quality and innovation in payments, processing services, risk and compliance, customer and channel management, and business insights and optimization. For more than 30 years, Fiserv has been a global leader in financial services technology. Fiserv is a FORTUNE 500 company and this year was honored to be named a FORTUNE magazine's World's Most Admired Company for the third consecutive year. In 2015 the company was recognized among Forbes magazine's America's Best Employers. For more information, visit

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Legal information and Disclosures

*The Digital Engagement Study: 2013-2014

**Bank of the West customer satisfaction surveys: 2015