Payment Innovation and how banks can win…
We need Digital Simplicity !
Consumer expectations are increasingly influenced by the advances of digital pioneers in the retail sector, such as Amazon, Netflix, and Uber. The emergence of innovators like Apple Pay and Google Wallet is also changing the competitive landscape for banks. New products and payment methods are challenging the relevance of traditional banks’ offerings and threatening their customer relationships. Unless they act, banks face an increasing risk of commoditization: customers will begin to regard banks as public utility companies, a trend that will put downward pressure on margins and undermine pricing power.
One way for a bank to avoid that fate—to differentiate its offerings and value—is to provide a superior customer journey. But doing so is also a challenge. Increasingly, customer transactions are not only multichannel but also multistep. Users are often distracted, their attention fragmented. Often, they use product applications and complete other banking tasks over several sessions, perhaps using more than one device. Mobile-device screens are small, and bank advisors aren’t present to guide the way. Any provider able to surmount these impediments and give the customer a smooth, painless, digitally simple experience will be ahead of the pack in winning the customer’s loyalty.
At GlobalPaymentSummit various track-session will discuss topics like development in digital technologies and data analytics as they represent a significant opportunity for banks not only to better meet the needs of their customers but also to lower their costs and increase their efficiency.
The best banks are now fully seizing these opportunities and capitalizing on them. Those that fail to act will be left behind.
Enhanced digital capabilities drive substantial and measurable improvements in banks’ financial and operational performance. These benefits can include boosting revenues per customer by 50%, increasing customer penetration by 30%, and reducing operating costs by as much as 20%. A very interesting report by BCG ( https://www.bcgperspectives.com/content/articles/financial-institutions-technology-digital-customers-steer-digital-trends-driving-retail-bank-transformation/) does give more detailed insight from an analyst perspective. At GPS we will focus on live cases for success and discuss directions amongst international peers. Have a look at our program (living document) as it develops towards 12-13 October 2016!