How banking has evolved to be more then just a bank
As we have discussed prior, banks are millennial institutions which due to technological progress and fierce competition such as Fintechs are finally evolving. Nonetheless, could they do more? Are users really satisfied with their services? How does a bank, become more then a bank?
We believe mobile banking and Fintech users expect more functionalities in this pivotal App, by way of time and technological progress these new services will be delivered sooner, rather then later; meeting user’s expectations. Be it through innovation, revolutionary technology, or maybe a shift in paradigm on how user profiling is conducted, whilst making life better, and simpler for day to day customers.
We believe mobile banking and Fintech users expect more functionalities in this pivotal App, by way of time and technological progress these new services will be delivered sooner, rather then later; meeting user’s expectations
Millennia’s and generation Y are building the foundations of this new dawn, generation Z will build on what we have created. According to Forrester research, banks should get closer to users leveraging their mobile banking touch points; becoming more intimate and closer to users through new functionalities. Enticing users to interact more often with mobile mobile banking Apps, generating a higher post user engagement and improving user experience.
According to Forrester research, banks should get closer to users leveraging their mobile banking touch points;
Now, how can this be achieved when most mobile banks are more or less all following the same strategy? Some traditional banks have incorporated new solutions developed by competitors, which aggregate all bank accounts iton one, allowing users to have the full picture of one’s finances in their main mobile bank application. Others have ventured further, implementing some very important and innovative solutions linking digitally banks to services; such as N26 with Glovo, Tencent; or Openbank with Amazon amongst others.
Notwithstanding, users still want more. Can you imagine if Amazon would create a bank? They would have the full customer journey in their hands (except for what’s purchased outside Amazon), together with the user’s financial information. Nowadays, banks are still in the transactional stage of the customer journey, but if they would have the data on users that amazon has (consumption data), but on the full customer journey (which they could, given their position), across all purchase channels, this would be the holly grail. Not only for the banks, but also for users who would be offered products and services that they really want, before they even know they need it.
Can you imagine if Amazon would create a bank? They would have the full customer journey in their hands (except for what’s purchased outside Amazon), together with the user’s financial information.
In order to get here, we need to create functionalities which touch the most sensitive points of the largest consumer base today (millennia’s and generation Y). These two areas are easy to highlight, personal finances and health.
Through Machine Learning + Deep Neural Networks + Semantics; a technology which could be the missing variable in the equation has been created. Allowing users to seamlessly improve their personal finances and health watch, through the incorporation of an SDK (Software Development Kit) in their mobile banking, Fintech, Consumer Shopping Assistant App.
This is a wonderful opportunity for the companies that want to be at the forefront of financial innovation. Through this technology, a user could know what he or she consumes down to brand level, simultaneously providing banks with this data (just by taking a picture of the purchase receipt). Moreover, banks would only know what users consume in Amazon, but what’s bought when, how (online/offline) and everywhere.
In this same function or action, users would also be able to extract all the nutritional values of what they have bought (carbs, sugars, calories etc…).Helping them, through a picture monitor their health, and compare it with others creating a health benchmark.
In this effortless method of improving user experience, mobile banks could take customer service, targeting to a whole new level. Putting the cherry on the cake, users should not be forced nor encouraged to this, they should simply have the option to do it if they desire to spend more effectively; or know if this week they have bought too many products which are not good for their health.
Disclaimer : This article was orignally published on our blog and has been written by Antonio Irusta, my teammate Aboutgoods Company.
Antonio Irusta for Aboutgoods
