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.


To reassure customers of genuine intentions and earn their trust, banks can take several sustainability actions, such as implementing transparency, incorporating sustainability into their lending practices, and reducing their environmental footprint.

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.

DeFi (Decentralised Finance) is expected to gain more prominence in the banking industry. The decentralised nature of DeFi, the use of blockchain, and open-source code offers advantages such as eliminating intermediaries, reducing transaction costs, and creating new financial services that are more accessible, transparent, and secure.

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.

Are you ready to thrive amidst uncertainty?

Filipa MorenoBanking Industry 2023 – “How to Thrive Amidst Uncertainty?”