For years, the dramatic growth of the fintech space has been a challenge for traditional banks. According to a survey by Blumberg Capital, a San Francisco-based venture capital firm, roughly 57% of consumers believe that traditional financial institutions will cease to exist in their current state within their lifetime. The same survey revealed that three quarters of modern banking customers believe that banking and fintech innovations give them greater power over their finances. More than half believe that these technologies allow consumers to access services that were previously only available to a select few and some 69% see solutions as tools that will help everyone be better off financially.
There are various digital capabilities that enable banks to create real value in the era of digital transformation – from increasing a bank’s connectivity and refining decision making using analytics to automating and digitising repetitive processes and fostering innovation across products and business models.
Below are a few cornerstones for achieving mobile banking success in a digital world.
Speed up innovation: Banks that find success in the digital world are the ones that look to innovate, improve and create game-changing prodcuts and solutions. Speeding up innovation means testing and learning, always trying to stay ahead of the curve. Developing offerings that satisfy customer needs and then consistently improving on these offerings is essential.
Go mobile-first: Going mobile-first means building a suite of mobile apps that streamlines the banking process for customers. By creating an omnichannel experience, customers should experience the same level of service no matter what channel they use to interact with their bank.
Culture change: How do banks successfully combine new technologies with traditional procedures? Embracing mobile banking innovation means making cultural changes so that your bank is more agile, responsive and customer-focused. Ultimately, this means combining the functionality of traditional banking services with mobile innovations to optimise the experience of clients.
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