Automating the Future: Digital and Mobile Banking Trends in 2023
By: Gill Haus
Chase CIO Gill Haus talks about the latest trends in digital and mobile banking and how they’ll change the way our technologists work to create great customer experiences.
The results of our third annual Digital Banking Attitudes Study are in and they paint a picture of a consumer that has changed a lot due to the impacts of the pandemic and the ongoing generational shift in purchasing power.
Today’s consumers overwhelmingly prefer to manage their finances in a single place — that means they want to monitor their account balances, make deposits, apply for a mortgage and book travel all through the same portal. With everyone’s preference continuing to favor simplicity and convenience, it’s no wonder that two in three respondents said that they can’t live without their banking app.
Delivering the seamless, all-in-one experience that customers want presents a huge challenge to our technology teams. How do we prioritize safety and security for our more than 50 million mobile and 60 million digitally active customers without sacrificing ease and convenience? How do we deliver new features as quickly as customers want them? And, maybe most importantly, where will the next big innovations come from over the decade?
Here are my predications for the trends that will keep all of us up at night as we continue building tools that meet and (hopefully) exceed user expectations in 2023:
- Automation is the way: Consumers want new and enhanced features quickly and speed of delivery increases customer satisfaction. To make experiences positive and seamless, and eliminate outages or errors, automation is critical for deployments, testing (blue/green) and rollbacks without manual intervention. Our focus on a single source of record utilities, micro service development practices and reducing response times helps us improve the experience for and deepen engagement with our customers.
- Modernizing in the cloud: Moving our core banking technology to the cloud leverages the investments of cloud providers and their clients in infrastructure and features that are well beyond the scale that most organizations could match — even one as large as Chase. Cloud computing means it’s easier to manage infrastructure and scale, innovation can happen at warp speed and we can meaningfully use machine learning and artificial intelligence (AI). For technologists, this approach helps them build the skills that are used across the market.
- Winning technologists will continue to put consumers first: A customer-centric approach is vital for growth and customer retention. Legacy organizations risk falling behind if they don’t quickly adapt to an agile mindset, testing/experimentation and data-driven decision making to ensure their products, platforms and features are meeting their customer’s needs. Working together across data, design, product and technology builds tools that have customer needs at their core and help make it easier to manage their money.
- Prioritizing safety and security: Phishing, smishing and vishing will continue to evolve and cyber criminals and fraudsters will persist in their attempts, so we need to continue to evolve our safety and security and anticipate risks. With the rise of AI, new risks are also possible, and they require us to continue prioritizing safety and security for our customers.
Putting customers’ needs first is what will continue to drive innovation. From small changes like where we display information on a customer’s screen or the words we use to describe products, to big changes like integrating new features seamlessly into how customers manage their money, we’re building a digital and mobile banking experience as convenient as it is intuitive.
For Informational/Educational Purposes Only: The opinions expressed in this article may differ from other employees and departments of JPMorgan Chase & Co. Opinions and strategies described may not be appropriate for everyone, and are not intended as specific advice/recommendation for any individual. You should carefully consider your needs and objectives before making any decisions, and consult the appropriate professional(s). Outlooks and past performance are not guarantees of future results.
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