Our ancestor’s Bank was structured as a columned building with tellers and bank clerks, whereas ours is a fast iconic touch screen operated with a single touch. The traditional banks represented solidity and presence, now our new banks is a portal into a dynamic digital world.
Yes!! Now we all are living in the digitalized world, we all except to have simple intuitive transactions in the Banking field – no matter of what. So it should be no surprise for the bankers that their customers are also starting to increase their demands. Whether the customer needs to make an investment or want to research new credit options, they expect products should be credibility. And your customers except to access information online, across web and Mobile device interfaces.
- Mobile, a big player in Banking Sector
Bankers and their customers have the same options: interaction via mobile devices will continue to grow in Omni-channel world and traditional banking system will not go away. But still many customers who dislike mobile say that they prefer ATM’s and visit bank branches frequently, even if mobile banking service improves. Off course, these attitudes will change as customers become more familiar with the Mobile Services. New technologies are emerging in the banking sectors and mobile apps are becoming more intuitive for the customers.
On the other hand, mobile offers unique business value for both bankers and customers. Mobile services only deal with the low-value transaction, so that bankers can greatly improve efficiency and service and also this can help them to grow their business significantly with lesser operation costs.
- Moving beyond transactions
Banking sectors are more concentrating on the mobile services to embrace customers. Banks are offering more compelling experience for the customers, which means going beyond the basic service. The demand is high, seven out of ten bankers say that customers except high quality mobile service with more security. Sensing the danger, bankers are more concentrating on the mobile services and significantly expanding mobile capabilities for customers over the next few years.
The majority of the mobile service offers management of accounts, information about the banking products, ATM locations, alerts, transfers and payments.
After five years from now, banking sectors will provide mobile service which is moving beyond the transactions. The emphasis will shift to more advanced features like spending analysis, opening new accounts, personalized offers, budgeting decisions and mobile wallet.
- Banking Sector will be more beneficial from the “Internet of Things”
Banking sector may not be the first sector which springs into our mind when discussing about the “Internet of Things.” The internet connected devices will provide better data for any decision making, so the boom of the IOT spread wider in all sector. When banking sector adapts the IOT, it helps in managing huge customer data for decision making and it starts to get interesting when it comes to figuring out how to monetize the data with a great effect.
Even this technology can be adoptable in the auto insurance telematics, real estate building system and also in agriculture or manufacturing industries.
- A New Competitive Landscape
Our traditional banks are not isolated from the advanced technology and emerging trends. But they are facing huge competition from the startups gnawing away at some of their key banking transactions, like PayPal and Square for ordinary payments.
Trendsetting bankers no need to worry of borrowing successful experiments in less developed markets and adopting them to the rapidly changing needs of exciting customers. As there is huge competition in the banking sector, bankers must think less in terms of improving their other business units and more in terms of identifying their new users and services that effectively respond to the changing needs of customers.
- User-Centered Customer Journey
Customer journeys should be compelling, smooth and ease of use for all processes like opening new account, information about the banking product, getting approval for a loan or reconciling payments. To make this journey simpler and speed, banks need to adopt changes and update with the new technologies to acquire deep capabilities in customer experience and user interface.
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