The banking sector of the future has been different from what it is at the present. The banking sector would be more refined and safe as it is going digital. The pandemic has completely changed our lives from our shopping, traveling, working to even how we bank. It has driven a change in customers.
With the pandemic, the economic and social landscape has been reshaped while customer needs and expectations continue to dynamically evolve.
Consumers have been more demanding of digital experiences. The pandemic has also changed the need for easy access to banking products and information. Moreover, the customers are now comfortable using online channels, the traditional customer loyalty for physical proximity of branches. It is influenced by personalization and customization provided through digital offerings. Most of the key purchase drivers would be value for money, ease of buying, personal safety, personalization, and customer experience.
The market has been flooded with a new wave of growing banks. There are traditional banking, these are not burdened by legacy technology and operating with greater agility. Neo banks are officially offering a personalized experience. They are communicating seamlessly by a generation that demands a smart digital experience.
In most traditional banks, security is a powerful motivator for going digital. With a growing number of specialized banks and FinTech, competition for acquiring new customers and retention of customers have been set higher than earlier. The advantage these traditional are offering has been a specialized bank and FinTechs is that they have a 360-degree offering in. Terms of products and services.
There are a few emerging technologies that combine to redefine the bank-customer relationship. We are expecting to see a rapid uptake of open banking approaches and models as people become more aware of the benefits it can provide to their customers and small to medium enterprises viz.