These days, we are witnessing incredible changes in the new era of digital business. Digitalization is changing the face of trade, retail, commerce, business, and social interactions before our eyes. This is a new frontier and I believe banking has a special role to play in these phenomena.
As convenience and integration across online, mobile, and partner channels shift from “perks” to prerequisites, it affects an entire service chain. It’s important to take note of this fact.
Take these points for digitalization into consideration
- It’s no surprise that customers are expecting to be able to instantly buy products and services from any merchant, on any device.
- Corporations are expecting improved conversion ratios. This involves avoiding having end-customers abandon an e-purchase at the payment step if the payment service is not convenient or matching their habits).
- Banks must now respond to increasing demand for deep customer insights, a superior customer experience, ubiquitous banking, and financial risk assessment. Individual banks will react with short-term tactical changes, but the changing landscape will also cause a longer-term shift in how the industry serves its customers.
So, that leaves us with an important question: how can today’s financial services providers ensure they are creating new revenue streams and remaining competitive as market paradigms shift?
Back on October 6th, I presented a webinar with an honored guest speaker from Forrester Research, Jost Hopperman. He highlighted survey results covering medium-term trends in financial services and summarized key elements from Forrester’s view of banking of the future and related target state architectures. I also provided technical and customer insights that illustrated these points.
The journey to becoming a digital business can be a winding road. But those changes can be harnessed and propel companies forward to long-term success.
Learn more about digitalization in open banking here.