In the future banking ecosystem, there needs to be an integration of what is the best-of-breed within banking, as well as the best that we can find in other industries. Here are some key components of this vision:
- Simple, fast and secure engagement: The most used apps on most people’s phones are those that are easiest to use, well-designed and can accomplish a task in the fastest and most secure manner.
- Personalized view of finances: Rather than requiring the consumer to search for the information they want, it will be either easy to find or proactively delivered without asking.
- Access to financial and non-financial data: If a banking organization wants to be at the center of a consumer’s life, it must be able to share all the insights it has surrounding a consumer’s life. This goes far beyond financial insights, to include eCommerce history, travel history, medical information, insurance and investment data, warranties and legal documents.
- Advisor recommendations: Beyond simply providing basic financial services advisory capabilities, a banking organization of the future will need to also provide purchase recommendations, health and dietary recommendations, travel and hospitality advice.
- Digital concierge: With extensive insight into the way a customer conducts their life, it will be important for the bank of the future to provide reminders that are based on historical trends.
- Digital beyond mobile: Developers need to move beyond mobile, developing solutions that can be delivered across channels that may not exist today, such as AR and VR.
The future of the banking industry will depend on its ability to leverage the power of customer insight, advanced analytics and digital technology to provide services that help today’s tech-savvy customers manage their finances and better manage their daily lives.
We help financial services embrace a broader vision of the banking ecosystem. In doing so, banks will gain the valuable consumer insight, delivering what today’s consumer will expect. Contact us now to get your 1-Hour Free consulting to see how we can support your expansion.