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Jan 10, 2018

Industry insights,

A banking transformation

A few years ago the thought of changing your bank would send shivers down your spine, and if you did take the plunge and changed your bank account, you would have to go through a series of rigours and laborious tasks to make sure all your planned payments had migrated. The knowledge that customers rarely switched their banks meant that banks did very little to create customer loyalty and ensure customer retention. 

The landscape is completely different now, driven by a number of influencing factors, such as digital technology advancements, and a shift in attitude with a new generation of Millennials wanting to engage with banking in a different way meaning the customer experience is now a key differentiator in a crowded market place. What the accumulation of these advancements has developed is a banking sector that focuses on the customer journey and identifies key products and services, often emerging, that will attract new customers and retain existing ones. 

Banks nowadays need to offer their customers with an omni-channel environment. They need to be available around the clock, and they need to offer self-service options such as ATM’s, online and telephone banking. And because they provide their services to such a diverse range of demographics, who are at different stages of technology adoption, they need to be all things to all people.

All of these areas will continue to transform the way banks provide their services. As a result, banks will be looking to expand their offering for a digital age to meet the growing demand and expectations for new innovation and customer experience excellence.

Consumer appetite for data-driven services is strengthening, and many consumers are open to the use of digital technology such as Google, Siri or Alexa personal assistants. Other emerging technology that banks will likely start to roll out in the coming year are biometrics, with fingerprint scanning and iris recognition likely to be increasingly in demand this year.

The Digital age is very much upon us and evolving the way we choose to interact with our banks. This year banks will need to do far more to meet the increasing demands of their customers and to ensure they are able to differentiate their offering, in what is one of the most competitive and crowded markets.