With the emergence of cloud computing, the world has never seen such an evolving state of technology. Particularly regarding the changes within the financial sector.

To put this statement into context, here are a few industry statistics and predictions:

  • financialMobile banking usage will exceed 1.75 billion by 2019, representing 32% of the global adult population. (Juniper Research).
  • 69% of customers currently use the Internet to buy financial products, according to PWC.
  • 72% of Millennials would be likely to bank with nonfinancial service companies that they already do business with. For example, Amazon.
  • Nearly 50% of the world’s banks will disappear through the cracks opened by digital disruption. – BBVA chairman.
  • The majority of Millennials would rather lose their sense of smell than their technology. – Newscred.

In such a competitive financial industry, how do banks stay ahead of the curve and compete while also ensuring that customers are protected and content?

Focus on the customers

Banks first and foremost need to appeal to the ‘me’ generation and provide excellent customer service, across whichever medium is convenient to its target audience.

How do customers like to contact banks now? Keeping up with user trends is vital. There is no point having a fully functioning and manned call centre if nobody calls and everyone prefers email or online chat.

Redirect your IT strategies

Bank IT strategies should also shift in order provide the level of customer service desired by its clients. Keeping up with the latest trends such as Apple Pay are essential to retaining happy customers.

 

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