A global guide to digital banking

Introduction

COVID-19 has permanently altered the way global consumers engage with businesses, rapidly increasing their adoption of digital technologies. Smartphones have become the remote control consumers use to engage – at the bank, grocery store, restaurant – you name the task, and consumers can probably initiate or even complete it with their smartphone. This has changed how people go about their day. But how have these changes in consumer behavior altered the way you think about banking? With virtually every business exploring or pursuing digital transformation, how will banks pivot to acclimate to this “new normal”?

Digital banking around the world

The vast and swift adoption of technology among a large majority of the population has led to an acceleration in digital transformation for global banks around the world. Let’s take a look at the global landscape to understand how the industry has evolved and some of the trends that may shape how banks approach digital and open banking in the near future.

As more banks begin to invest in innovative methodologies and consumers double down on their affection for digital, it’s more important than ever for banks to begin thinking about how they will pivot and offer a digital solution that enables safe, convenient banking services to their customers. So how can banks begin their digital journey? Let’s review some ideas.

What can the financial services industry learn from FAANG?

FAANG refers to the stocks of five prominent companies: Facebook, Amazon, Apple, Netflix, and Google. These companies all have one major commonality: they are customer-obsessed. While many competitors have come and gone, the FAANG have always prevailed. Why? They work to meaningfully understand the human condition and then use that knowledge to build and design usefully applied technology that intuitively solves the unmet needs of their customers.

How will your bank apply this concept to its own user group? Can you dedicate some resources to getting to know your customers and what they want from their bank? Can you test new features in your mobile app or online portal to see which ones have the most value for your customers and your business? The reason the FAANG companies are so successful is easy to replicate if you truly want to transform your bank. Becoming customer-obsessed is a great place to start. Find out how you can put the human touch in touchless banking. How can your digital program build on the brand you’ve already created? Thinking this through will enable you to create a program customer love.

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