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It’s easy to see why the onus is on financial service providers (FSPs) to digitally transform.
Forty-six percent (1) of customers are now willing to use robo-advisers. Nearly 60 percent(2) of customers are seeking innovative spending analysis tools and up to 85 percent(2) would pay a monthly fee to receive automated social media notifications from their bank.
Technologies like IoT, AI, social media and mobility have opened the floodgates of opportunity for FSPs. Bank of America now support as many as 980 million(3) mobile account logins per quarter.
Key players in the Asia Pacific are allocating up to 25 percent of their IT budgets to next-gen technologies to transform trading, customer engagement, compliance, and risk management and eighty-six percent(4) of European financial services firms now include digital as part of their strategy.
The financial services industry has shifted to an open, integrated, future-proof technology ecosystem that, when properly designed, promises endless customer experience (CX) benefits, competitive new business outcomes and service differentiation.
Here are five ways FSPs can keep up in today’s smart, digital world:
Financial services ranked as one of the top three markets to experience massive digital disruption this year(5); however, over 90 percent of FSPs admit they struggle to make digital a reality(6). So, how can these organizations go from vision to execution?
The key is to partner with the right vendor; one that offers not only the right technology, but serves as a trusted advisor from initial strategy definition to implementation to ongoing improvement.
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Alex Kreger Founder & CEO at UXDA
22 August
Nick Green Director at Purple Patch Broking Ltd
Priya Kumari
20 August
Oleg Stefanet Chief Risk Officer at payabl.
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