Digital banking: moving beyond service efficacy
The move to hyper-personalisation means that banks should be using technology to build long-term and active relationships with their customers on a personal level.
BANKS are working hard to promote digital service channels. Online banking, mobile apps and advanced ATMs not only meet customers' ever-growing demands for increased control and convenience, but also reduce the need for physical bank branches or the number of service staff needed to serve us. It makes sense for banks to focus on digital products that best meet customers' changing needs and behaviours while also reducing their operational costs. But how are banks faring?
Consumers on the whole prefer digital banking to traditional forms, which comes as no surprise since there are no queues, no need to explain your actions, and just a simple finger print will identify you and allow access to a mobile banking platform. In the financial studies that JD Power conducts on customer experience with retail banks, satisfaction with mobile banking is increasing and often is the highest rated service channel across markets and key demographics.
Moreover, the future of mobile banking looks ever more interesting as fintech in China, California, London, New York, Berlin and Singapore has enhanced the mobile experience and connected financial services via the Internet of Things (IOT) to make offerings more accessible, seamless and relevant for customers. With banks opening up their Application Programming Interfaces (API) to non-traditional players, customers can link their accounts to the products and services that they like. For example, Citibank in Singapore linked up with Grab - a regional equivalent to Uber - and other players are providing offers with e-retailers or online travel portals (for example Lazada, Airbnb, etc).
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