Digital Banking Trends of 2019
Intuitive and Seamless Digital Experience
Customers would eventually migrate to digital systems that are familiar, simple and efficient so Banks in 2019 would need to respond by investing more in innovation & invention of their digital touch-points for customers. Every touch point that the customer interacts with needs to be seamless, simple & intuitive for that seamless experience.
(JP Morgan Chase has implemented a Mobile First Digital Everything policy while Santander Bank has invested in 4 different apps in the online lending space alone)
Open Banking
Open Banking would be the biggest buzzword in 2019. In absolute simple terms, Open Banking means providing access to user data (often financial) to outside 3rd party service providers via open APIs.
(9 of the largest retail banks in UK including Barclays, Lloyd Banking group, Santander, HSBC, RBS etc are becoming a part of the open banking initiative)
AI Based Predictive Banking
Amongst all of the emerging trends, none is newer & emerging than AI based apps driving Predictive Banking concepts. AI analytics tools are crunching through massive data sets that analyze customer spend habits and financial patterns to predict user behavior & suggest automated financial strategies to help banks offer solutions that are tailored to individual needs.
(91% of Middle East Bank CEOs believe that artificial intelligence (AI) will significantly change how they do business in the next five years, in line with the global results. Although 43% have plans to start introducing AI initiatives in their organisation in the next three years, and 23% have already introduced AI into their business, half the proportion globally)
ChatBots, Voice Based Assistants & eKYC Solutions
Chatbots & Voice assistants are providing automated services such as instant customer support & even helping fully digital branches that are completely paperless & human less.
The newest emerging trend is eKYC solutions that enable banks to onboard new customers in real time & within the app/portal itself.
Core Business Automation — Robotic Process Automation
2019 will also see a huge surge in banking organizations looking to automate, digitize and modernize their internal legacy systems & applications in a process that is now called as RPA or Robotic Process Automation.
(According to Gartner, the RPA market will top $1 billion by 2020)
Data Security & Compliance
As solutions and systems get fully digital, data & information is flowing freely and constantly. Privacy concerns reached new peaks with multiple cyber attacks, hacking scandals and other such concerns. Any deviation from this risks the bank to lose trust and see a massive migration of customers to competing banks.
Any additional trends worth mentioning in this list? Do share your thoughts.
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