OPEN BANKING WILL GAIN ACCEPTANCE
Historically, banks have been hesitant to integrate their systems with third-party software and platforms due to strict consumer privacy laws and harsh penalties for breaches.
However, 69 per cent of banks now see open banking as more of an opportunity than a threat, up from 50 percent in 2016.
CUSTOMER SERVICE WILL BE VITAL
The proliferation of both traditional banks and now specialised fintech companies means consumers have more choice for financial products and services than ever before.
To stand out amongst a crowded market, banks will be forced to invest in, and compete with, their customer experiences.
Gartner found 89 per cent of organisations now compete primarily on customer experience, which means banks who are looking to gain market share may be best served by focusing on service rather than products.
THE INTERNET OF THINGS (IOT)
Most consumers aren’t interested in opening a checking account from their refrigerator (yet), but with the proliferation of the IoT banks need to be able to provide account opening abilities anywhere and with any internet-connected device.
Expect to see this trend continue as IoT companies focus on improving user experiences on a multitude of devices.
If a bank isn’t focused on building omnichannel digital acquisition processes, it is already behind its competitors.
Derek Corcoran is the Chief Experience Officer at Avoka. This story originally appeared on avoka.com