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
ATM crime will always exist in one form or another. The European Association for Secure Transactions (EAST)found that in 2016 transaction reversal fraud was up 147% compared to 2015, highlighting how certain types of attacks are becoming more prevalent in some geographical areas.
Imagine you walk up to an ATM to withdraw cash, and it automatically recognises you. It knows all of your personal details and remembers the sort of transactions you usually complete
As digitisation trends transform nearly all aspects of modern banking, banks are having to rethink how they interact with their customers at every step in the banking journey.
The impact of digital banking, artificial intelligence, machine learning and changing customer preferences is prompting banks around the world to rethink their branch strategies.