The rapid rise of digital banking offers banks the opportunity to improve relationships with customers and differentiate themselves from competitors. However, the fast pace of change in this sector makes it difficult for providers to keep up with increasingly tech-savvy customers. Verdict Financial explores emerging scenarios for online and mobile banking over the next five to 10 years.
Sculpt your strategy by knowing how digital banking will evolve over the next 10 years time.
Improve your customer-centricity by understanding how customer behavior and consumption of banking will change.
Invest in the right areas by discovering the technology trends that will shape online and mobile banking.
Learn how the competitive environment will change as new threats emerge.
How will emerging consumer trends impact the provision of digital banking?
What product innovations are likely to emerge over the next five to 10 years?
What threats to existing banking providers will emerge in the future?
How can banks "win" in various future scenarios of digital banking?
There will be a divergence of provision for accessing banking services via apps and web browsers. Banks focused on being cost-effective should utilize HTML5 web browsing banking, while banks focused on achieving the highest level of customer usability will opt for native mobile apps.
Threats to existing banking security systems will force radical redesigns involving the use of biometric technologies. Consumers could be saved from the pain of having to remember several usernames and passwords with the introduction of a single digital identity.
Consumers want their personal needs recognized; they are no longer happy to accept a one size fits all approach to financial services. Banks will feed big data into their customer relationship management systems to personalize the online banking experience and the marketing material customers receive.