The increasing influence of BigTechs like Google, Amazon, Facebook, and Apple, and other high-tech players has raised the bar for customer service and seamless user experience. This has forced banks to turn to design thinking methodology to understand the customer journey, extract deep insights, and develop a user experience across the customer lifecycle.
FREMONT, CA: Over the last decade, the banking industry has undergone a paradigm shift where traditional companies are struggling to stay relevant in areas like product offerings, future-ready innovations, seamless, and individualized customer experience at every touchpoint. The increased competition from BigTech companies and challenger banks has made the banking environment even more complex and encouraged banks to move beyond traditional products to meet the changing customer needs. OpenX, a new ecosystem, characterized by more effective and open collaboration with new industry players like fintechs, has emerged, facilitated by API standardization and shared customer data insights. As a result, banks are exploring point of sale financing and unsecured consumer lending, and also enhancing their digital channels expertise to reach a broader customer base.
The increasing influence of BigTechs like Google, Amazon, Facebook, and Apple, and other high-tech players has raised the bar for customer service and seamless user experience. This has forced banks to turn to design thinking methodology to understand the customer journey, extract deep insights, and develop a user experience across the customer lifecycle. The advancements in technology have created a gap between the existing skillsets of the incumbent workforce and capabilities needed to implement those technologies. There is an increasing awareness about the importance of building a future-ready workforce to retain ongoing relevance. To create a digital mindset among bank employees, training programs are being designed and implemented. The intelligent bank of the future is on executives’ strategic radar screen.
Tech-driven innovation has forced upon new trends in the banking sector. Preparing banks for a digital era of the workforce has become a top priority. Retail banks are equipping employees with digital competencies to cope with rapid technology disruption in the industry. An increasing number of banks can be found collaborating with fintech to explore point of sale financing. Point-of-sale financing appeals to consumers who want more flexibility than traditional credit purchases allow. Banks are slowly exploring the unsecured consumer landscape through digital channels. The digital unsecured lending market is a new business source that many institutions have yet to exploit. Blockchain solutions have taken the banking ecosystem forward and improved KYC and identity management programs. Banks are looking to blockchain technology to streamline KYC and identity management programs to manage regulatory requirements more effectively.
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