Digitalization within the Financial Industry
The convergence of digitalization within the banking industry is one of the most concerning topics for industry leaders. The need for easy to use digital services is paramount; otherwise, consumers will go elsewhere. Recent studies have proven 86% of consumers would change their financial Institutions if they couldn't access digital services easily. Furthermore, a staggering 57 million people in the US currently use mobile banking.
Digital banking will bring precision and efficiency within the financial industry in areas such as fraud, customer experience and marketing. Not to mention, digitalisation of the banking industry will lead to profit growth and an increase in clients.
Omnichannel is another critical aspect of digital banking, which is proven to help consumers seamlessly make transactions on any device with their bank through a number of channels while ensuring their overall experience is consistent.
Current statistics show 61% of people worldwide carry out their banking needs on their mobile phones, furthermore 48% of people use a dedicated mobile banking application.
Fully digital branchless banks appeal to the next-gen customers due to the reduced fees, convenience and enhanced customer experience not to mention, not having to go into a banking branch to complete certain transactions.
NatWest in conjunction with the Royal Bank of Scotland is currently trailing biometric cards, enabling their customers to use their fingerprint instead of their PIN, and the results are impressive. Biometric cards have various benefits, such as ease of use and increased security protection.
There are so many critical elements of digital banking; it can be hard for financial institutions to keep up. Not to mention, three of the largest global banks have just announced they'll be using a blockchain platform for all their syndicated loans, which is just the start.
Plus, the introduction on Artificial Intelligence (AI) will help banks understand their client's preferences and behaviour, thus, simplifying the overall customer experience such as offering tailored services and compliance systems that will help prevent fraud.
This year's 2nd World Digital Banking Summit will provide an ideal platform for banking, financial services, and FinTech professionals to discuss new advances in processes and technology to improve overall banking experience.
Attendees will learn how to introduce voice-enabled gadgets to enhance contextual personalization and integration using blockchains within financial transactions and services.
Experts within the banking industry will give presentations on how to find the right balance in personalization and new digital business models plus accelerating your digital transformation through a customer-centric lens.
Other key areas of discussion will be underlying the development of biometric technologies progresses, and the impact of AI and ML on the banking industry and cognitive banking applications as well as how open banking and data sharing will bring new relevance to APIs. Plus, critical information on compliance with PSD2's Regulatory Technical Standards.
If you hold a key position within your organization within the financial industry, this year's summit is a must. More info: http://bit.ly/digital-banking-summit