Has digitization put the bank branch and cash on the extinction list? Not while consumers still demand them. To prosper today and in the future, banks will need to snatch the opportunities digital transformation offers them. Digitization is not a threat but a promise for better customer service that meets consumers where they are.
Our everyday lives are now embedded with personalised products, services and experiences. Whether it is what appears on our social media feeds, the new series Netflix suggests to us, clothing suppliers which will curate a new wardrobe selection, or supermarkets providing offers based on your previous purchases; personalisation now reaches almost every sector.
Banks that had not invested much in digital transformation are now, with COVID-19 on the scene, wishing they had. Digital automation has become a necessity to provide financial products and services in a socially distant world, and smart banks are making the most of the many technologies at their disposal. Speed, agility, personalization, security and, of course, cost savings are positive reinforcements to the financial industry’s push to transform itself.
The coronavirus pandemic is shifting the agenda for innovation in retail banking, with consumers seeking refuge in online and telephone banking in record numbers. Take a whistle-stop tour of the global technology trends taking off in the United Kingdom, as banks find opportunity in crisis. By promoting the digital self-service-banking methods used successfully elsewhere in the world, while respecting customer preferences, UK banks are finding a way through this challenge.
Small businesses are the heart and soul of commerce, despite the achievements of Big Tech giants. And any bank that wants to succeed will need to work successfully with them. Small businesses, arguably banking’s most regular customers, have a few challenges regarding their everyday dealings with their banks. What tools, such as automation, can banks employ to meet these important customers where they are at, making their experiences more satisfying?
The huge global increase in connectivity, prompted by the launch of mobile devices, has affected banks just as much as retailers. As a result, financial institutions have had no choice but to put digital at the front and centre of their strategies – using technology to enhance the customer journey at every touch point
Open banking is set to send shockwaves through the UK’s banking industry in 2018. Consisting of the CMA’s open banking remedy and PSD2, the initiative will make it possible for financial institutions to share financial transactional data with third parties online, with the aim of improving people’s banking experience.
Access to cash is a staple requirement for the on-demand generation of consumers. Cash is still relied upon as a payment option and as such the general public want to be safe in the knowledge that they are never too far away from access to our favoured notes.
The banking industry is changing. We’re now in an age where banks are competing on customer experience – and when it comes to making that experience better, using data to create connected customer journeys equals power.
It’s the year 2027 and you need some cash. You go to the closest ATM but you don’t need to look around for your bank card. All you need is yourself because this machine can look you in the eye. It scans your irises for a match before a 3D