Digital Xperience in Banking
Businesses need to evolve at the same pace as technology does – or at least try. This will increasingly be a challenge as every day new technologies emerge and significantly affect our daily lives. Technologies like AI and the Cloud are the core technologies businesses need to create faster, more customer-driven digital experiences.
Mobile banking is a growing market due to its fast and uncomplicated nature, but also to younger population growth and the demand for digital and convenient experiences. As banks as the guardians of our money, it is only natural for customers to want a secure, fast, and convenient service. Digital experiences should fulfil these needs, and since we’ve been conducting the Banking Industry Study, we’ve seen increasing digitalisation and consequent adoption of mobile banking services.
Challenges & Opportunities
Future of Banking
Future is uncertain, but there are some challenges that banking will have to overcome and emerging trends that could present interesting opportunities.
While personalised CX is important for banks, many are struggling to deliver effectively. It is critical for banks to deliver a hyper-personalised omni-channel experience to their customers.
The aftermath of a cyber-attack can be costly and time-consuming, with a potential loss of customer trust in financial institutions. Banks must adopt a multi-faceted approach to protect against them.
With technological advancements and the ever-changing regulatory landscape, banks find it increasingly challenging to remain compliant. They must possess a broader range of expertise and gain deeper insight into identifying risks while providing adequate oversight across the organisation.
2023 presents significant challenges to the banking industry as it faces economic uncertainty caused by inflation, geopolitical instability, banking collapses and other factors. Banks needs to create conditions for customers to be assured of its robustness.
AI-based chatbots are set to revolutionise the banking sector. Chatbots are providing an efficient, more personalised, and cost-effective way for customers to interact with their banks.
Banks must cope with geopolitical tensions, pandemic disruptions and more volatile capital costs. Becoming more agile requires banks to embrace change, innovate and be open to new ideas and technologies. By doing so, banks can improve their competitiveness and better serve the evolving needs of their customers.
Businesses should be grounded in innovative technologies, and collaboration habits with other market players should
become part of their DNA. To thrive in these uncertain times, fostering a customer-centric culture, embracing disruptive strategies and modernising business architecture is crucial.