27/01/2020
Although we are moving towards a cashless society, and its benefits are undeniable, ATMs still play an important role in the financial life of people around the world, and reduced access to these might have unpredictable consequences for a number of industries besides the financial services – such as retail and hospitality.
Digital banking expectations are evolving, forcing the banking industry to reimagine how products and services must be delivered. At the same time, advances in Fintech are now encompassing all stages of the customer journey with chatbot technology, machine learning, and AI, co-browsing, modern messaging and automations, with more developments are in the way.
The focus for banking institutions and financial services must be to keep a strategy that puts the customer at the center of their processes, in order to ensure a more seamless and omnichannel experience.
Traditional retail banks will need to monitor the digital revolution steered by Fintech startups and challenger players in the industry, and consider opportunities for partnerships, open innovation and strategic investments that can considerably improve their operations in line with the digital revolution.
