Mobility and wearables
The mobile phone continues to evolve rapidly in terms of functionality, processing power, and embedded services. This means that the goalposts for mobile-first banking are constantly being moved. Then, of course, there are wearables, tipped to become the second-largest selling consumer electronics product, behind smartphones, by 2020.
Digital banking strategies cannot remain static when the market for consumer digital devices is expanding rapidly in terms of profile and functionality. Banking strategies will have to be continuously reworked to accommodate these shifts. For instance, when the focus of digital banking shifted from the Web to the mobile device, banking strategies had to account for some of the native functionalities of mobile devices like geolocation and camera. Now, with the addition of wearables to the mix, banks will have to reimagine service delivery both in terms of the functionalities of the touchpoints, as well as the consequent evolution of customer preferences.
Even within the smartphones category, the possibilities are continuously evolving. Take for instance, the new Force Touch technology in the latest iPhone. Is there an opportunity to leverage it to enhance the app experience for mobile banking customers? Or do customers even want banking apps anymore? After all, Siri gets over one billion requests a week. How many of those users are hoping to upgrade from an app-based to a voice-based mobile banking experience?
The point is that technology is moving faster than ever before. Consumers are adopting new digital technologies more readily than before. This means that digital banking strategies will have to run even to stand still.