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More Things to Bank on

Posted by N. Narasimha Prasad (View Profile | View All Posts) at 7:08 AM

Mobile has been the key driver for innovation in the digital space, and banks have long since moved from the "mobile-also" to "mobile-first" strategy. While this strategy has helped banks to transform for their digital journey, nowadays with the rapidly evolving capabilities of mobile phones, technology has proved to be somewhat of a moving target to keep up with.

Banks have realized that as things stand currently, just being innovative with a "mobile-first" strategy is no longer good enough. Along with smart mobile phones, there is a new breed of connected devices that have captured the imagination of the digitally savvy masses. Fitness trackers to wearable technologies, there is a connected device for every aspect of your life, and the customers love it. The issue for banks in this ever evolving world of technology is being present in all the channels that their customers are in. As a result, in 2017, banks will be working towards crafting an omnichannel strategy that enables them to provide contextual and relevant solutions on all channels that their customers use; banks will look to find more things to bank on.

Banks and other financial services institutions are already providing services/products, like healthcare insurance, which are tailored to fit the customer based on their fitness tracker activity. Even as the range of connected entities are growing, the humble mobile phone has also gotten a makeover. Now customers are interacting with virtual private assistants (VPAs) instead of apps present on their phones; VPAs have made it possible for banks to reach customers, who otherwise aren't very digitally savvy. Banks are also leveraging the extended capabilities offered by mobile to create immersive experiences for customers - augmented reality, and chat bots for personal finance management are two very good examples of banks reaching out to customers through innovative offerings.

With the number of things to bank on steadily increasing and the mobile phones becoming smarter every day, 2017 will see the banks investing in the creation of a robust omnichannel hub for service delivery. This will be a chance for banks to re-imagine their business processes and reach customers on the channels that are the most relevant to them. A big challenge for banks in the coming year would be to keep track of the new, and old channels that customers have traditionally used - brick & mortar branches, ATMs, call centers etc. The answer would be to design a strategy around all the channels, old and new included, and create offerings that are relevant, irrespective of the channel. Banks will have to run in the age of evolving technologies, to even stand still.

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