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Changing Face of Banking in 2021

The changes happening in Banking Industry are not just about moving from traditional banking to a digital interface. It becomes very vital how banks and financial institutions interact with the customers and satisfy their needs. It is incumbent upon the players in digital banking to understand customer behavior, his needs, aspirations, his choices, and his preferences.

Consumers are constantly raising the bar with ever-increasing expectations. They are ready to ditch where they currently bank if expectations are not met. The most effective way to transition from traditional banking to digital banking is the Omni-Channel approach. Here the customer is put at the center and all channels are tightly integrated around it.

Customers of today are tech-savvy and sophisticated and to cater to their demand a unique banking experience is the need of the hour. The key to success in a competitive marketplace is to deliver an Omni-Channel experience be it in Opening an account, Conducting a transaction, Checking balance Loans, Credit, Customer support, or Wealth management.

The average customer would want to be able to bank without a physical branch with a self-service technology that covers most of their needs.

The pandemic has turned the world upside down. The way consumers conduct their financial business is likely to be changed forever. Contactless banking has gained momentum during the pandemic and it is likely to speed up going forward. From policy improvements to advances in digital banking, we have come a long way.

In the future banks will have to get creative in encouraging savers. They will have to devise ways to encourage deposits. Prize-linked savings is one option that has a great prospect and it will see growth in 2021.

In 2021, retail banking customers will be on the lookout for new, innovative ways to get increased interest on their savings. Banks of the future will have to up the ante in providing an enhanced saving experience.

During the pandemic, the trend to pay digitally and in real-time was safer to use and also more convenient. This norm is expected to pick up in the future owing to its simplified and comprehensive customer experience. Usage of digital payments will only get more mainstream from thereupon.

The customer experience in banking of tomorrow will be virtual, contactless, and seamless.

With more and more population doing business from their homes; banks and financial institutions will have to enhance the online experience in a way that replicates the in-branch experience. With the heightened buzz around mobile apps, contactless transactions, and similar digital services; banks will be better able to meet their customers virtually. Physical branches will more likely become a thing of the past.

As digitalization goes mainstream there are some challenges as well. Identity theft can be a nuisance and a security threat. Stemming from social scams to data breaches there will be an increase in identity theft. With increased social isolation and mass unemployment, people are prone to fake employment ads, and romance scams.

The banking industry’s future goals need to be oriented around building communities of individuals, stakeholders and enterprises working together. The value needs to be delivered through engagement platforms.

With our demonstrated expertise in the transformation of the banking of the future, we suggest you get in touch for an enhanced and comprehensive package that we bring to the table.



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