Frost & Sullivan’s latest white paper, titled Driving Faster Innovation: The Evolution of BAnking and How It Is Using Emerging Technologies to Be Future-ready, discusses how banks use digital tools to improve customer experience and allows for a more personalized approach.
The paper’s first section outlined the strategic goals of banks with their use of CX platforms, highlighting the priorities of managing the customer journey, ensuring customer trust and improving customer care, the latter of which was placed as the greatest driver of investment in technologies that improve CX. The section went on to examine how digital transformation in banking should be implemented, emphasizing the need for flexibility and adaptability in any new technologies that are used, citing changes in digital culture and therefore consumer expectations over time.
Another section of the paper highlighted the use of cloud computing in banking, showing that most if not all global banks have shifted workloads to a public cloud format, driven by the need to engage customers remotely during the COVID-19 pandemic. While that was the initial driving force, the report states that “the way customers interact with their banks will only move forward with technology; we are not going backwards”, further highlighting how critical digital means of contact are to the future of the banking world.
The final section speculates on the future and how to create a future-ready model for organization-wide implementation, with Europe’s open banking regulations and industry convergence being cited as changes to the landscape that will occur in the next few years. This section of the report emphasizes a need for hybrid models, and that software, not hardware, will define the future of digital innovation in banking.