Trends in Banking
Shaping the future of banking together.
We show you what you need to know about digital transformation in the banking sector and give you insights and ideas for the future. This trend report is written by USEEDS° for Consorsbank.
#1 A perfect storm
The regulatory change of the millenium and how it will affect banking.
The financial crisis has exposed weaknesses in the transparency of financial markets which can contribute to harmful socioeconomic effects. Strengthening transparency is one of the shared principles to strengthen the financial system as confirmed by the G20 Leaders’ statement in London on 2 April 2009’ (EU LEX) No 600⁄2014. Regulated access to data will result in increased demand for personalized services and customer experience. What does that mean for the bank of tomorrow?
#2 Digital payment
Payment is an integral part of everyone’s daily life, enabling many great experiences, from buying sweets for your kids, to beginning the New Year with a gym subscription or booking that summer holiday.
Payment galore! And yet, the actual act of paying is not considered a great experience in itself. But at its best, the act of payment is so easy that you don’t even notice it. How do we get there, how will digital payment develop?
#3 Fintech factor
The relationship between banks and fintechs has come of age, with both sides having gained valuable experience in dealing with each other over the last few years. Since then, the market environment has completely changed, and some important lessons have been learned along the way. The relationship between fintechs and banks has matured.
#4 Customer experience
The customer experience is a complex aggregation of thousands of micro-experiences that a customer has with your brand over time, and each one presents countless opportunities to engender loyalty. In banking business, the main focus is on customer relations and his experience. There are myriad variations and outcomes, all of which require strategy and stewardship. How do we create customer experience in banking to convince the people?
#5 New Touchpoints
What does Siri have to do with the bank of tomorrow? Artificial intelligence, robots, and conversational design are today embedded in consumers’ lives, acting as virtual personal assistants and making daily life a lot more efficient. People interact with these applications really confident and have their needs met in ways that are as individual, responsive, and adaptable as humans themselves are. How does this impact the brand-to-consumer experience? About the design and engineer empathy.
#6 IT platform
Adaptive IT strategies for banks. We need to rethink the banking IT architecture. How do we improve new IT ecosystems for tomorrow’s banking? The legacy systems of traditional banks often consist of a complex set of hard-coded, dated IT components, making it almost impossible to keep up with fintech innovations in the banking business value chain. To stay competitive, legacy systems need to be rebuilt as a network of components, connected with APIs and thus open to new partners. Will it be the development of a new open banking platform?
#7 Innovation methods
Designing the New! With rapid technological advancement, innovation is developing at exponential speed. Organisations need to adapt to the reality of an ever-evolving business environment. The ultimate challenge for an organisation is how quickly it can change, to offer rapid innovation in its thinking, operation and delivery. How will this affect the banking of tomorrow?
The paradigm shift toward self-managing teams. In the old days, workers turned up to the office and did what they were told. Today, business leaders have vision, but workers are empowered to manage themselves. That’s why the greatest organisations offer inspiration and a sense of purpose to their employees’ lives. Forget the old pyramid-based hierarchies and attract the greatest talents of the current generation, in banking business as well.