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Retail Business Review | Saturday, April 02, 2022
The growing impact of BigtTechs, like Google, Facebook, Amazon, Apple, and other high-tech players, has raised the standard for customer service and seamless user experience.
FREMONT, CA: The banking industry is experiencing a transformational shift. Customary players face challenges to staying applicable in product and service offerings, seamless, future-ready innovations, and individualized customer experience at every touchpoint. Moreover, competition from challenger banks and BigTechs is growing in complexity, enabling banks to explore beyond standard products to satisfy ever-changing customer needs.
The developing ecosystem called Open X permits for more effective and open collaboration with new industry players, like FinTechs, simplified by API application programming interact standardization and shared customer data insights. Therefore, banks are investigating new business models, partnerships, development opportunities, and methods to personalize oblations.
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The growing impact of BigTechs, like Google, Facebook, Amazon, Apple, and other high-tech players, has increased the standard for customer service and consistent user experience. Steadily, banks are choosing design thinking methodology to realize deep insights into customer journeys and develop a user experience across the customer lifecycle.
Let us look at some trends in retail banking:
Expanded Collaboration with Fintechs
Point-of-sale financing attracts customers who desire more flexibility than standard credit purchases offer.
Blockchain Solutions Enhancing Identity Management Programs and KYC
Banks are adopting blockchain technology to facilitate identity management programs and KYC to manage regulatory needs more efficiently.
Adopting Design Thinking
Banks are doing workshops to achieve better insight into customer needs and expectations. After that, they build digital prototypes around the learnings.
More Collaboration with RegTechs
2020 noticed a growth in the number of rules and the associated cost of compliance, enabling more RegTech adoption among banks.
Technology Innovation Encouraging Banks’ Risk-Compliance Initiatives
Technological innovations allow banks to satisfy regulatory needs and subsequently use this to acquire a competitive benefit and deliver customer-centric solutions.
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