We are witnessing incredible changes in the new era of digital business that we live in today. 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.
As speed, convenience and integration across online, mobile and partner channels shift from “perks” to prerequisites, an entire service chain is affected. Take these points, for example:
- Customers are expecting to be able to instantly buy products and services from any merchant, at any time, using any payment method on any device they choose.
- Corporations are expecting improved conversion ratios, (i.e. avoid 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?
On October 6 at 12 PM EST, I will be presenting a webinar with an honored guest speaker from Forrester Research, Jost Hopperman. He will highlight survey results covering medium-term trends in financial services and summarize key elements from Forrester's view of banking of the future and related target state architectures. I will then provide technological and customer insights that illustrate these points. It’s not too late to join us by registering here.
The journey to becoming a truly digital business can be a winding road in our ever-evolving world of digitalization. But those changes can be harnessed and propel companies forward to long-term success.
TOPICS: Banking & Insurance