Digital Banking Awards 2019
In a remarkably short space of time, digitalisation has revolutionised the world of banking. Nowadays, there’s nothing unusual about customers paying for items with the tap of an app, or checking their bank balance on their smartphone while on the move. Advanced technologies have transformed the way we bank, with remote, on-demand services becoming the new normal.
Mobile banking has fast become the go-to method for customers looking to review their spending, transfer money and make payments. By 2021, consulting firm
For younger generations – and digital natives in particular – convenient, highly personalised mobile services are expected to be the standard. To keep up with these evolving preferences, traditional banks must ensure they are successfully incorporating the latest technology into their operations, while also anticipating what the next digital trend might be. For those that manage to stay abreast of these rapid developments, digitalisation presents a number of exciting and potentially lucrative opportunities. On the other hand, those who fall behind risk losing ground to their more innovative competitors.
With new technology rewriting the rulebook for financial institutions across the globe, it’s clear that the banking industry is at a crucial moment in its history. Decisions made today will have a profound impact in the years to come, meaning banks cannot afford to make any digital missteps. The World Finance Digital Banking Awards 2019 celebrate the firms that are leading the way with their digital strategy, prioritising innovation and setting a path for future growth.
Time to act fast
With new technology rewriting the rulebook for financial institutions across the globe, it’s clear that the banking industry is at a crucial moment in its histor
As such, customers have grown to expect remote, round-the-clock customer care from their financial service providers. But rapid responses aren’t enough on their own – the entire customer service experience needs to be tailored to each customer as personalisation rises up the list of customer demands. The runaway success of fintech start-ups reflects this growing appetite for personalised services.
Traditional banks, meanwhile, have learned from the success of these tech-savvy start-ups and are now using advanced technology to improve their customer service. The most significant example of this is the widespread adoption of artificial intelligence (AI), which banks are using to deliver frictionless, 24/7 customer care. Research by
In the same year,
Chatbots aren’t the only way banks are strengthening their relationships with customers. The advent of biometric identification – such as iris scanning and fingerprint recognition – has allowed banks to offer clients an additional layer of security to their online interactions, responding to a growing demand for more personalised security measures. In an age when data protection and online security is a top priority for many, this enhanced feature helps put customers’ minds at rest.
Unlocking insights
For banks, this data – if collected and analysed effectively – presents a number of exciting opportunities. By tracking spending patterns, banks can better understand their clients, creating detailed profiles for each customer. This enables banks to offer greater product personalisation, helping them to devise new products and services that are tailored to customers’ specific needs.
What’s more, the successful analysis of big data allows for improved fraud detection, as banks are able to use machine learning to pinpoint transactional behaviour that differs from customers’ regular banking habits. In 2018,
In safe hands
We are now living in a smartphone-filled society. These devices are a fixture of modern life and have created an ‘always on’ culture where most of us have grown accustomed to 24/7 access to the internet. At the touch of a button, smartphone users have almost limitless access to a wealth of information, various forms of entertainment, social networking sites, online shopping channels and, perhaps most significantly, an unprecedented means of communication with businesses and brands.
Biometric identification and AI-powered chatbots are perhaps the two most noticeable ways that banks are employing new technology in their customer-facing operations. But behind the scenes, big data might be the most important tool available to financial service providers. Each day, banking customers generate vast amounts of data through credit card transactions, cashpoint withdrawals and other purchases and payments. Every customer has their own transaction footprint containing plenty of useful information about their spending and saving habits.
The digital transformation of the banking industry has opened traditional financial service providers up to a wealth of opportunities, helping them boost efficiency while cutting costs. This significantly improves their customer service operations. However, the digital era also comes with its fair share of challenges, and banks must take care to protect themselves and their customers from the risks that accompany increased digitalisation.
