Financial institutions struggle with complex regulations, legacy systems, new technologies and competitors, and an increasingly demanding customer base. Insights from a crowdsourced panel of 100 financial services influencers, industry analysts and banking providers combined with the results from a global research study helps identify future trends and strategies for long-term growth.
AI can improve customer personalization, identify patterns and connections that humans can’t, and answer questions about banking issues in real-time. Financial institutions are already finding success with AI. However, what may be ‘amazing’ today will be table stakes in the near future.
Check out this huge collection with over 75 photos of 14 different branch projects from across the globe — ideas and inspiration for your next project.
The results of a global survey exploring the CX maturity of banks and credit unions found that most organizations are not prepared for the future of increased consumer expectations.
To find the best innovations in retail banking, you need to look beyond North America. The best evidence of this ongoing trend is a review of winners in major financial innovation competitions worldwide. Here is a summary with some of the best-of-the-best.
Here’s why banks and credit unions should believe in artificial intelligence and invest in the power of advanced data analytics.
Open banking enables third parties to develop new products and services through use of APIs. By working together and taking advantage of APIs, banks and fintech firms can leverage their complementary strengths, enhancing the customer experience much more than either entity could do on its own.
Research reveals Millennials are willing to change their banking provider, and what might be needed for retail financial institutions to win over greater market share.
Are banks and credit unions keeping up with consumer demands when it comes to digital banking offerings? With roughly half of all consumers using only digital channels for their banking, expectations are outpacing experiences at most organizations.
Amazon Prime is considered one of the most successful loyalty programs in retail history. While many believe the success of Amazon Prime revolves around free shipping, it is really the removal of friction and focus on experience that sets it apart. Banking can learn a lot from Amazon Prime.
In the Digital Age, your website is the most important touchpoint. Consumers’ expectations are soaring, as they compare your online experience against savvy players like Amazon, Facebook and Netflix. If you don’t have a world-class website, you simply can’t compete. That means if your website has a visual style stuck in the 90s or hasn’t been redesigned in the last three years, you’re probably overdue for a makeover.
The importance of providing digital-first convenience to banking customers is a goal for most financial institutions. CIBC is delivering on their digital promise by allowing customers to open accounts on their phone, use voice commands for basic transactions as well as digitizing the mortgage application process.
2018 will be a challenge for most financial services organizations, with external threats affecting their ability to remain competitive and internal stagnation impacting profits. Check out Forrester’s predictions, recommendations, competitive opportunities, organizational shortcomings, and suggested strategic action plans for the year ahead.
The benefits of becoming a ‘digital bank’ include the potential to boost revenues per customer by more than 50%, increase customer penetration by more than 30% and reduce operating costs by up to 20%.
The digital revolution has morphed from an ‘existential threat’ to a mandatory ‘survival strategy’ for the world’s retail financial institutions.
Despite the rise in digital banking, an advantage of branch banking continues to be the value of personal interaction. But, could the benefits of face-to-face interaction be incorporated into augmented reality (AR) and virtual reality (VR) solutions?
This annual study fielded exclusively by 36kr breaks down Google search trends across the banking industry — what consumers and marketing execs are looking for… and when.