Today, the digital economy is disrupting all traditional industries and creating new possibilities for every market. This disruption has also set a new roadmap for digital banking and the fintech industry. Online and mobile banking have become the frontrunner in the primary banking interaction channels for consumers, and they always need a digital app for this. Banks are also investing heavily in digital resources and efforts to keep up with the latest trends in the financial world. Of course, they are doing it to stay competitive and relevant in the market.
As per the market figures published by Gartner in its recent report, 80 percent of the financial firms will go out of competition or become irrelevant because of technology intervention and changing customer behavior. Traditional banks are losing their market share because they are built on the back of many legacy systems that are struggling to keep up with the current digital trends. These old systems just can’t deliver the experience next-generation demands.
Here are the futuristic trends of digital banking, which banks should think upon:
1: Simplification:
Precisely speaking, customers have evolved into digital natives and they expect an easy-to-use digital experience from their banking partner. They can shop with one click, sign-up for any social media platform in a matter of seconds, and get instant music. So they want a similar experience and service from their banking partners.
So it makes quintessential for banks to be more focused on customer-centric experience. In the future, they have to bring more digital apps with high-end functions like-
- Simplified User Experience: These apps have to bridge the gap between physical and digital banking channels in no time.
- Simplified Functionality: The whole interface should be more focused on a user-first mentality, not on feature-first. Add value to the customer experience is the key here, new features and functions always come second to this.
- Simplified Language: Eliminate complex terms from the banking lexicon. Digital banking through apps is bound to provide the simplest user experience. Using complex banking terms can hinder this purpose.
2: Centralization of Physical and Digital Experiences
With the introduction of mobile devices and technologies like augmented reality, wearables, and machine learning, the difference between digital and reality has become negligible. The banking industry has also embraced this change and using it in achieving an excellent customer experience. Today, there are many apps available that seamlessly enable access to real-life interactions and communication. Shortly, we will see a more seamless integration of digital experience in banking operations.
Here are some examples of digital services in the banking industry:
- Customers can initiate apply for any banking services online without visiting the branch personally
- The integration of audio and video-chat solutions are enabling real-time interactions for efficient problem resolution
- Digital banks where no involvement of humans is required. Customers can help themselves by using digital kiosks
Bottom Line
Undoubtedly, the banking industry has evolved itself into a new era where all the operations are being governed by digital laws. We simply can’t predict the future of digital banking, but the dramatic shift in the workforce is inevitable. And the speed by which banks have transformed themselves into truly effective digital organizations is truly commendable.
Today, going digital is not a matter of upgradation only, it is a new norm to stay competitive in this marketplace. Banks have to meet sophisticated customer expectations through a digital banking software solution. For that, everyone needs a digital banking solution provider. For that our developers in #Mobcoder can serve this purpose. With our expertise in making digital banking apps, we can deliver you a customized product to strengthen your banking system.
