What the Future of Banking Looks Like

By CIOReview | Friday, April 20, 2018

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In the future, banking organizations will utilize the sheer volume of insights that they have at their disposal, eventually transforming into the most crucial aspect of a customer’s digital financial ecosystem. Combining internal potential with external innovation, banks are already on the path of digital transformation to be an advisor, a value aggregator, and an access facilitator for their customers. To deliver enhanced customer experiences, the likes of Amazon and Google, the banking ecosystem requires the melding of their proprietary best-of-breed technology with the best of what other industries offer.

Banking organizations are constantly endeavoring to facilitate simple, secure, and active engagement with their customers. Offering seamless user experience requires changing archaic procedures of communications, and these organizations are looking to do so in an Amazon-like manner, utilizing apps. Data analytics, too, is going to play an integral role in the future of the banking industry whereby banking companies can assess real-time financial profile and data of their customers to deliver customized solutions and products proactively. In addition to that, banks must be able to share all other essential insights encompassing a consumer’s life, such as medical information, e-commerce history, insurance and investment data, warranties, and much more to offer a single digital repository for everything related to finance for a costumer. Apart from financial services advisory capabilities, banks of tomorrow will also provide purchase recommendations, travel and hospitality advice, healthcare insurance suggestions, and much more under a broader umbrella of services. With the marketplace evolving at the pace of advancement of next-gen technologies, banks are also ready to adopt newer technologies like augmented reality (AR) and virtual reality (VR) to take customer experience a notch higher.