Age of Convergence for Banking
It’s the age of “convergence” for financial services and retail banking. The means the blurring of lines between traditional financial products and the acceleration of technologies that include mobile banking, distributed ledgers, and cognitive computing.
Data, advanced analytics, personalization and improving the customer experience are aligned with the convergence.
A Banking Strategies article states, “The impact of new players, digital technologies, changing regulations and the power of advanced analytics will define future winners and losers in the banking industry.”
It asserts, “Banks will finally figure out that customers aren’t visiting branches to open accounts anymore and that digital acquisition is imperative.”
Among the top 10 predictions for banking are:
- Removing friction from the customer journey.
- Increased use of big data, artificial intelligence, and advanced analytics.
- Improving integrated multichannel delivery.
See other top predictions at: https://www.bai.org/banking-strategies/article-detail/top-retail-banking-trends-for-2017