The impact of new players, changing regulations,
digital technologies and the power of advanced analytics will define future
frontrunners and dark horses in the banking industry current year and beyond,
as per more than 100 industry leaders who shared their thoughts for the Finance & Banking Market ResearchReport. These trends were also validated and ranked by
responders to worldwide industry survey, with strategic priorities identified.
·
Removing
friction from the customer journey:
The most favorable customer journey
makes each step and touch point in the buying cycle, efficient, consistent, streamlined,
and personalized from the customer viewpoint. Financial institutions must visualize
their core journeys from front to back by approaching chief customer pain
points, making out new opportunities to delight customers in distinguished
manner.
The relatively weak performance by
a many of traditional organizations of finances services in delivering a
customer-centric opening of digital account, on boarding and cross-selling
process is a chance for those institutions that want to embrace the potential
of becoming a ‘Digital Bank’.
·
Use
of Data, Al and advanced analytics:
In 2017, Data is the fuel of the
digital economy and the foundation for all the trends and forecast. Regrettably,
while the consumer has indicated a readiness to share information about
themselves with credit unions and banks, the capability for financial firms to
leverage this insight has been far short of best possible.
·
Supporting
integrated multichannel delivery:
Many customers continue to utilize
multiple channels to perform their banking based on transaction kind and
individual behavior patterns. To evolve more transactions to digital channels, financial
institutions need to move their sole focus away from cost reduction, and rather
than focus on improving the integrated multichannel experience.
As noted in previous market research report, the reliance on
branches must be taken with a grain of salt since several many institutions
have made the procedure of opening accounts digitally extremely hard, and/or
have not done a sufficient job of enlightening customers on services like
mobile deposit capture.
·
Emergence
of challenge banker:
If Challenger Banks are going to
drive noteworthy numbers of customers to change financial relations, they should
not only offer strongly attractive choices and developments. They must also convince
customers they are trustworthy, to deliver on their promises and for security
and confidentiality. 2017 is a year, where the industry finds out about the
lasting strength of this segment.
As per in Retail Banking study, the percentage of banks with an innovative
strategy have grown slightly in 2016 to 74%. It is only a 1% point rise from
last year, but still importantly than the level in 2009.
