A revolution has finally arrived in banking, and it will change the way we interact with banks for good. The digital disruption in financial services is under way, and alongside Fintech, banks will be able to create better, faster and cheaper services that will make them an even more essential part of everyday life for institutions and individuals.
Technology in finance has evolved, and clients have evolved with it. Nowadays people are more connected than ever before, they are moved by even deeper emotional boundaries, and values now matter. Some keynotes addressed the topic at FINNOSUMMIT event in Bogota and talked about the opportunities of innovation in this sector.
A key presentation during the event was given by Felipe Hillard, Head of Fjord Brazil, where he explained how banks have to adapt their service to a new type of society, where technology and innovation are key. Like he mentioned, users are now more social and conversational, everything they do expresses individuality. These changes force banks into arduous situations and they are faced with the challenge of regaining trust and shifting the traditional ways to fulfil customers’ needs. Banking has to redesign its traditional model to a more personalized customer experience having in mind that ”one size no longer fits all”.
Fintech allows banks to cope with this revolution, it helps them digitalize their services while maintaining them traditional, but fun. But going digital is not only about going paperless, it also means engaging with the customers and delighting them during all key moments of the customer journey, making user experience a differentiator that will regain trust from customers in financial institutions and will create a life-lasting bond. Banks should be able to create a whole new experience for their clients, making everything fresh and exciting. When you rethink the basics you start to see opportunities that you may have not foreseen.
The key resides in getting to know the insights of the customers, their lifestyles and preferences, and offering valuable services that not only fits, but also improves their way of life. Personalized services according to people’s daily experiences is the goal of the new kind of bank, and in order to do so banks have to adapt their services to different segments of the population and raise questions that have never been asked, like how can elders’ experience with banking improve? How can banking adapt to millennial’s way of life?
In the end, it will all come down to looking ahead and moving forward. The goal is to evolve hand in hand with the customer, using emerging and cutting edge technologies to do so. Banks not willing to change will be left behind, and those with the best digital services will become part of customers daily lives, and will nurture a long-term relationship with their client. It’s all about changing and evolving the core interaction that banks have with their customers, adapting to their needs and engaging as a partnership. As Hillard said Fintech improves efficiency and customer experience to connect emotionally over time.