The future has many names: For some it is the Unattainablefor the others the Unknownfor the brave ones the Opportunity. The future belongs to those who shape it themselves!
What will the banking of the future look like?
Digitalization is changing the way people interact with each other and conduct everyday business. Many of the new innovative technologies associated with digital transformation are heavily impacting financial markets and influencing the future of financial services around the world. The increasing demand from millennials and Gen Zers for a digital banking experience is changing the products and processes of the entire banking industry.
Imagine a future client like Lisa, who is in her late 20s and working in the gig economy in 2025. She manages multiple income streams and multiple loans and has just received a sizable inheritance. She interacts with her bank and pays mainly via voice-enabled mobile devices and uses many digital tools and notifications to manage her money. But she relies on the branch for more in-depth financial advice and coaching - and she wants these different channels to work together seamlessly.
In order to provide an experience that Lisa and other millennials will appreciate, banks should address the following challenges in particular:
- They make it easy for customers to deal with digitalization and actively support their customers on the path to digital banking
- They create new customer experiences in the branch that are seamlessly connected to digital banking
- They invest in their employees' qualifications in order to equip their staff for digital service and sales, who in turn focus entirely on the digital customer experience.
Many bank branches are outdated in their current form. The network needs to change faster and more substantially than most bankers want to admit. Banks that accelerate their branch transformation can not only mitigate the threat from technology companies, but also outpace their competitors, delight customers and achieve stronger, more profitable growth.
Are you interested in innovations and issues relating to digital transformation? Are you one of those courageous people who see the future as an opportunity and want to actively shape it? Then we have just the thing for you - our podcast Courage Offensive! Listen in from June 18!
created by: Laura Stiller
