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Four Key Trends in Digital Banking
Digital channels are gradually displacing brand marketing. It means that users' first impressions of a financial brand are formed through their interactions with its digital service.
Fremont, CA: More prospects for development and advancement have never existed before in the digital age. Banks must adopt a fresh attitude, business approach, and innovative technologies to take their services to the next level. Customer loyalty and trust are essential for overcoming these obstacles.
Here are four trends in digital banking:
New digital platforms transform consuming
We are now accustomed to desktop, mobile, and wearable (Apple Watch) devices, but this pales compared to what the future promises. Conversational services, IoT, VR/AR, Robots, and Neuro services are all projected to become commonplace in our daily lives in the near future.
Switching brands becomes the new normal
Customers prefer financial brands that can make their lives easier and provide positive emotions through their products over those that offer complicated solutions that give them headaches. As the number of user-centered alternatives grows in the market, open banking makes switching easier than ever before.
Big Tech performs emotional disruption
We live in a world dominated by Big Tech corporations. GAFA is already causing havoc in the banking industry, and we all know it's only the beginning. The ability of these tech conglomerates to deliver value and build an emotional connection is one of the reasons for their widespread popularity. This could turn out to be a blind hole that financial institutions are unaware of.
Digital channels substitute marketing
Digital channels are gradually displacing brand marketing. It means that users' first impressions of a financial brand are formed through their interactions with its digital service. The user's trust and sympathy for a corporation can be damaged if the digital solution's experience isn't suitable. This is why it's critical to begin thinking of digital products as a reflection of the entire company.