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Digitalization of retail banking and its outcome
Data and analytics have made today’s banking enterprises deal with a faster pace of innovation. Digitalization drives banks to be more innovative in targeting, expanding, re-configuring and integrating. Following are some of the technology-driven services that the retail banking offers:
Open Banking: Open banking is expanding banking ecosystem by accelerating innovation and collaboration. Today the banks focus on making customers’ lifestyle better. Open banking makes consumer consent the central part of the strategy that emphasis on consumer value prepositions. It enables financial organizations to build on their existing customer relationships. Also, delivers personalized financial services by giving customers choice and control of their data.
Phygital Advances: Internet of Things (IoT) is aiding banking to expand steadily. Phygital component is its recent development. It is the combination of both digital and physical experiences to achieve a specific marketing goal. This technology can reshape the industry across multiple sectors. Augmented reality is one of the examples that is used to make the interactions with simulated equipment. Phygital advances also benefit the luxury goods and fashion sectors and bridge the gap between customers who prefer physical and online shopping experience.
AI-driven banking: Predictive banking is one of the innovative trends that is serving the banking remarkably. Banks gather internal and external data, build predictive profiles of their customers in real-time. It enhances customer experience and elevates security and efficiency.
Payments: The payment sector in the banking industry is constantly driven by technological advances. It is increasing customers’ expectation towards the process of payments. Banks are seeking more innovation in the payments. The innovation trends occur in the facets of the internet of things, mobile wallets, cryptocurrencies, and the blockchain. These trends help to decrease in transaction fees, increase the importance of differentiated user experiences and the application of a vast array of data.
The banking sector strategically focused and technologically advanced to respond to customer satisfaction.