The rise of smartphones heralded a stunning change in consumer choice. The ability to immediately evaluate experiences across brands and select what the customer wants. Or switch providers that disappoint and immediately post a review. All within a series of clicks. Travel, holidays, online retail shopping – it’s all easy, instant and seamless.
Within financial services, today’s customers don’t compare different banks anymore, they compare experiences. And the key is personalization, at scale. Fintechs have achieved attractive digital propositions and are aggressively looking for customers. Universal banks with sizeable customer bases but hampered with analog technologies and skillsets need to digitize quickly.
Data analytics is king and is driving superior experiences across acquisition, usage and retention through machine learning. Regulators are increasingly looking to advance competition and boost economic growth by ‘opening up’ banking. These forces are reshaping financial services and retail banking is on the frontline of this battle.
Efma held a series of banking forums with senior bankers in Singapore during 2018 to examine these issues. The output from the forums contributed to this White Paper on Digital Banking 2025.
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Keywords : Customer experience , AI/Robotics , Digital/Mobile channels , Bank Products & Services , Transformation , Cybersecurity/Authentication , Customer acquisition , Credit