What then does the next generation of banking truly mean to unique markets and do their approaches effectively leverage channels that their customers need or even want?
While the coronavirus has accelerated financial institutions’ (FIs) plans for digitisation, trust remains a fundamental element in a consumer’s decision to switch or stick with their bank. Firms must therefore consider how such a pivot toward rapid digitisation may impact that level of trust. Cybersecurity threats and data privacy also influence this dynamic, as consumers’ openness to innovation goes hand-in-hand with maintaining trust.
The US approach to open banking remains unresolved, resulting in FIs continuing to view it as a capability or tool rather than a regulatory framework. Though absence of regulatory certainty has not (yet) stifled progress or interest across the States, it amplifies weaknesses in the understanding and application of open banking across the globe.
The predominant branch network in the US remains a key channel for services to be offered while maintaining social engagement with customers who prefer physically to ‘meet’ their bank. By undervaluing this social interaction, traditionalists may find themselves in a vulnerable position should the ‘build it and they will come’ open banking mantra begin to look a little unrealistic, or even stale.
Join us for this Finextra webinar, in association with EPAM Systems, to listen to the industry expert panel discussion on the following areas:
- How can banks better serve and better target their customers’ need for social interaction? Can digital channels and modern conversational interfaces replace and supplement interaction via physical branches?
- Is the traditional banking app’s time over? Have digital banking apps under-delivered, and what comes next?
- What role does trust play in deciding to decrease, increase or even repurpose physical branches?
- Is low adoption for neobanking a sign of poor trust or lack of different value propositions in the sector?
- Where should banks be looking to capitalise and deliver the next generation of banking services?
Speakers:
- Gary Wright - Head of Research, Finextra [Moderator]
- Panos Archondakis - Senior Director, Banking and Wealth Management, EPAM
- Carmen Podgurschi - Global Payments, Wells Fargo Treasury Services
- Brad Scrivener - President and CEO, Vast Bank
> Watch the webinar now