Economic fluctuations, emerging tech trends, data accessibility and the drastic generational shifts are changing the customer behavior, including customers of banks and financial institutions. So what banks of the future will look like?
For businesses operating in today’s fast-moving, endlessly innovative world, one thing is for sure: those that don’t keep up with the times will soon get left behind. As far as financial institutions are concerned, one of the biggest trends to be aware of is the self-service revolution that is ongoing. Customers want the independence to complete as many tasks as possible on whatever device they choose, when and wherever they wish.
Trends that banks need to consider to win the battle for customers
- Money liberation – that is making money much more accessible for consumers. Mobile technologies and e-commerce eliminate barriers to banking services.
- Cloud technologies – opportunities to earn money online form the new epitome turning consumers into businessmen of new age creating new work and lifestyle patterns while providing indefinite number of new modes of consumption.
- Digital technology is driving market changes and it possesses the power to change monopolies that control money flow and trade
- Technological development resulting in artificial intelligence will become capable of managing risks, consultations and customer experiences better and effectively.
Getting prepared for transformation
- Focus on quality of service and customer experience
- Form digital departments and develop customer centric applications for banks clients
- Leverage process driven technologies to manage a complete customer journey and enhance customer experience
- Propel change management to implement changes
- Consider partnering with third party organisations to provide top-notch Finserv technology to your customers
- Invest in developing and leveraging next-gen technology
Top notch technology banks are adopting and which Mauritians banks can consider
Tablets offering contactless smart card payments which can change the behavioral patterns of salespeople and service. E.g. The commonwealth Bank of Australia.
Transformation payment system that employs deep social integration and lets users send payment for Facebook friends and contacts in the cell phones. The payment system can intelligently analyses user spending providing them customized personal offers. E.g. Garanti Bank from turkey
Smart offices with video calls, tables and ATM allowing clients to apply for loan and contact the bank via a video conference call. E.g. Citibank Asia
Fingerprint-based biometric ATM authentication system. E.g. Getlin Bank and Bank BPH in Poland
The Anglo African team can assist you in unlocking the full potential of FinTech for the prosper of your bank. If you have any queries or if you would like further information, please contact us on 2331636 or by e-mail at email@example.com .