Digital Banking Channel as a Profit Center

This document is a report that outlines the transformation of the digital banking channel from a cost center to a profit center. It discusses the changing landscape of consumer behavior and competitive pressures that necessitate this shift. The report details arguments for maintaining digital as a cost center, emphasizing that digital should be viewed as essential infrastructure rather than a standalone revenue generator. It highlights the potential risks of monetizing digital services, which could alienate customers and distort priorities within financial institutions. The report also presents the concept of a Digital Products group, which could create and market digital offerings that align with consumer interests. It provides data on consumer spending trends and potential revenue opportunities for banks and credit unions through digital financial products. The document concludes by advocating for a strategic realignment in organizational structures to effectively drive revenue through digital channels.