How do they become an Amazon of financial services, providing a great user experience whilst having secure, reliable transactions. The digital transformation of the financial service industry has a major impact on our society as a whole. Consumers are the driving force behind this change. In particular, there are two segments that are accelerating this change.
- This generation has less loyalty and is simply looking for the best banking experience that is frictionless and convenient
- Millennials are changing the world through interaction – the use of social, mobile and peer2peer technology is accelerating that change
- According to the alliance for financial inclusion (AFI) an estimated 2.5 billion people do not have access to formal financial services, representing a huge untapped potential for economic and social development.
- There are 7 Billion people that use Mobile Phones but only 4 Billion that use a toothbrush. Mobile is a must if we want to onboard the unbanked population.
- Socio-economic development: It touches the lives of all societies. Especially of course those that are citizens and small businesses functioning without a secure infra-structure to run their business and livelihoods. Accepting deposits, providing life insurance cover, providing retail services like bill collection, sale of forms, saving their money etc.
Mobile is key to reach the masses
The impact of channel migration is changing the foundation of financial services as we know it. This seismic shift in consumer behavior is prompting banks around the world to innovate their mobile offerings. Exciting innovations are occurring at every mobile banking customer touch-point at banks across the world. From initial registration and transacting to channel integration and social media engagement, banks are leaping forward with new ideas that will simplify mobile banking while providing additional functionality. Mobile has become the primary way customers expect to do business at the touch of a finger, trusting the app to be secure. It is essential to protect customer personal data because these methods of engagement directly drive revenue and impact brand value.