Why Should Banks Enhance Their Digital Customer Experience in the Novel Economy?
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The world of banking was very different before the “new normal”. The coronavirus crisis has accelerated change in the way banks interact with customers and carry out remote operations. On the one hand, banks will continue to digitize customer interactions to address persistent public health risks and level up their digital customer experience. They will speed up their pace of innovation to deliver changes that the pandemic has brought about, evolving their value propositions at the same time to respond to fast-changing consumer needs. On the other hand, banks will restructure their workforces as well as operations to grow more agile and productive. In this infographic, we see how crucial it has become for banks in the “novel economy” to elevate their digital customer experience. Let’s get started.
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This document discusses how artificial intelligence is transforming the financial services industry. It begins by describing how AI technologies like chatbots, robotic process automation, and augmented intelligence are automating tasks and creating hybrid digital-human workforces. This reduces costs and processing times. The document also discusses how fintech partnerships are bringing new digitally-based processes and helping traditional financial institutions innovate. Finally, it explains that while AI provides opportunities, financial institutions must invest in integrating technologies and developing new operating models to fully realize the benefits of AI.
Preparing to Enter the New Decade with the Latest Digital Banking Trends and ...
Talk by Nouamane Cherkaoui at Berlin Virtual Digital Summit - 15 october 2020
FinTech, InsurTech, digitalization and innovative technologies are disrupting Banks & Insurance compagnies. Digital technologies which were initially limited to banking channels, now cover the entire banking & Insurance spectrum.
The finance industry has undergone many phases of digital transformation in the last few years. Nowadays, it’s facing crucial decisions on technology shifts adoption with emerging trends in digital transformation technologies defining the future of banking, Insurance & Asset Management.
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Credit Unions Shift to Digital
The rise of the digital experience is among the most important post-pandemic changes overtaking most industries, including banking. With Millennials and Generation Z as the dominating demographic, banks and credit unions are resorting to digitization as a key strategy for existing and new members.
In 2019, only 47 percent of Millennials and 54 percent of Generation Zs stated they would pursue a better digital banking experience even if it meant switching their primary account. A year later, the statistics exceeded 60 percent for both age groups.
Similarly, two-thirds of consumers previously indicated they preferred making deposits or withdrawals at bank branches rather than online. Today, consumers conduct almost 70 percent of deposits by relying on self-service options instead of bank tellers. This significant increase demonstrates the pandemic’s overwhelming impact on the banking industry.
Financial Services Digital Trends 2019
In 2019, financial institutions are getting more and more comfortable with digital technologies, digitizing processes, embracing big data and AI, and adopting new delivery methods beyond mobile to satisfy customer demand.
Although many of these technologies are not new, they dominate how the financial sector operates and grows in 2019. Add them to an already existing suite of platforms and technologies that either evolve or are replaced with new, more sophisticated solutions based on AI and machine learning. Beyond tech, all the trends of the year are customer-centric – the use of AI and chatbots, e-wallets, big data, and open banking are all meant to improve and personalize services to satisfy customer demands and expectations. As technologies continue to evolve, the trends of the year will replace outdated strategies and eventually lead to even more progressive solutions for the modern consumer
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The retail banking industry is facing unprecedented challenges as a result of COVID-19. Customer behaviour has changed drastically and will continue to evolve in a post-Covid world. This LABTalk explores trends in channel usage, customer preferences and brand perceptions captured in the latest REBEX Pulse Survey spanning 30 countries. Join this LAB Talk session to learn how you can use the data and insights for your next case.
Authors: Thorsten Brackert, Mindy Hauptman, Byron Marshall, Holger Sachse, Bjorn Schwarz, Aldo Tolentino & Monica Wegner
The land of Big Data and online-scoring
The document discusses the rise of fintech in Asia, particularly in lending and digital identity. It notes that Asia became the largest fintech market in the world in 2016, with lending being the most popular destination for investors. However, traditional credit scoring does not work well for many in Asia who are unbanked. New approaches using alternative data from smartphones and payments are being developed to enable scoring and lending to more people. Digital identity is also emerging as important beyond credit scoring, with some countries like China developing national social scoring systems. Blockchain may provide opportunities to give individuals more control over their digital identities and data.
How Banks Can Close the 'Value Gap' and Regain Customer Trust
Across the globe, banks have faced a wide array of challenges in recent years. At a time of rapidly changing consumer expectations, upstarts from outside
the traditional banking industry have used technology to disrupt incumbents.
Taking friction out of banking white paper - US
In our white paper, ‘Taking the friction out of banking’ we research the threat from disruptive FinTech start-ups and look into designing for banking innovation with a focus on improving the digital experience for increasingly digitally-focused consumers.
Beyond whitepaper-US
Software is having an impact on everyone’s lives and we’re fascinated by its effect on user behavior. Building on our existing financial sector expertise, Beyond wanted to fully understand how people’s behavior is changing in one of the world’s oldest industries and what this change means for the future design of products and services in banking.
2018 KPMG Nigeria Banking Industry Customer Satisfaction Survey Highlights
The document summarizes the key findings of KPMG's annual Banking Industry Customer Satisfaction Survey. It finds that customer expectations are increasing as digital adoption grows. While customers use both digital and physical channels, convenience is now expected. Younger and higher-income customers seek more services beyond transactions. However, integrity and reliability are still important. Access to finance remains a challenge for SMEs. The survey interviewed over 25,000 retail customers, 3,500 SMEs, and 420 corporations to understand customer experiences, preferences, and needs.
Defining Tomorrow: What's Next in Financial Services
Ready Set Rocket and Interbrand take a deep dive in to the top disruptive trends impacting the Financial Services industry.
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The Millennial Shift: Financial Services and the Digial Generation Study Preview
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The Role of Brand Trust Mediates the Effect of Perceived Risk and Brand Image...
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The Work Ahead in Banking & Financial Services: The Digital Road to Financial...
The Work Ahead in Banking & Financial Services: The Digital Road to Financial...
Preparing to Enter the New Decade with the Latest Digital Banking Trends and ...
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Future of South East Asia Digital Financial Service
Future of South East Asia Digital Financial Service
Understanding Consumers' Local Search Patterns in a FinTech Future
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Seismic shifts: Retail banking in the wake of COVID-19
Seismic shifts: Retail banking in the wake of COVID-19
How Banks Can Close the 'Value Gap' and Regain Customer Trust
How Banks Can Close the 'Value Gap' and Regain Customer Trust
2018 KPMG Nigeria Banking Industry Customer Satisfaction Survey Highlights
2018 KPMG Nigeria Banking Industry Customer Satisfaction Survey Highlights
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Why Should Banks Enhance Their Digital Customer Experience in the Novel Economy?
- 1. TO WATCH IN THE BANKING INDUSTRY TOP 7 CUSTOMER EXPERIENCE STATS MOBILE BANKING There was a 200% rise in new mobile banking registrations in early April 2020, while mobile banking traffic rose 85%. Source: Fidelity National Information Services (FIS) ARTIFICIAL INTELLIGENCE A few customers are ready for an AI-enhanced service, but others are not. While 59% of high-net-worth individuals (HNWIs) choose an in-person meeting with their relationship manager for key investment decisions, 67% of millennials say they prefer robo advisory, compared to only 30% Gen X and Baby Boomers. Source: Deloitte WORD-OF-MOUTH MARKETING Consumers under 35 are more likely to open a primary account with a bank due to a recommendation from friends or family (50%) rather than because it’s local (30%). Source: 2019 Consumer Digital Banking Survey, PwC Digital Consumer Research, June 2019 OMNICHANNEL DIGITAL CUSTOMER EXPERIENCE Consumers are looking for an omnichannel experience. More than half of those surveyed by Accenture showed their desire to be able to switch between digital and human channels. Source: 2019 Accenture Global Financial Services Consumer Study, Accenture Research PERSONALIZATION Personalization can drive up to 15% of revenue growth for companies that operate in the financial services sector. Source: McKinsey & Company DATA PRIVACY 64% of millennials value customization and anticipation of the experience using their transaction data over privacy concerns. Source: Genesys CUSTOMER CENTRICITY Millennials want a service that puts them first – a customer-centric service like the one offered by companies such as Amazon. 1 in 4 millennials would bank with Amazon, had it been a choice. Source: cg42 Study ©2020 Compunnel Digital, Inc. All rights reserved