Traditional banking relationships are based on years of face-to-face customer care, but modern banking relationships are based on a customer’s ability to swiftly access banking goods and services digitally, via their phone or any device.
According to Deloitte, only 11% of financial institutions throughout the world have properly upgraded their core systems. Other banks, on the other hand, are having difficulty implementing modern technologies.
The challenges being faced by Indian banks:
Public Sector Banks struggling with economies of scale are not able to unleash technology on full scale to pass on low costs to consumers so far and despite the abundance of solution providers ready to help, more than half of the companies said they are having difficulty deploying artificial intelligence (AI).
Financial institutions will need to use new technologies that enhance agility, efficiency, security, and innovation to address these issues and become future-ready. Intelligent decisioning, open banking APIs, embedded solutions, cloud computing, metaverse banking, and cybersecurity will differentiate banks and credit unions in 2022 and beyond. Every technology deployment should make a concerted effort to improve digital consumer experiences on a big scale and in a timely manner.
Trends Revamping Customer Experience in Banking for 2022
AI and applied analytics
AI and advanced analytic algorithms can project reports on the organization’s processes and employees may use this data to improve back-office processes, customer service, loyalty, revenues, and save money and time.
Financial institutions will be able to p