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07. 24. 2018

Welcome to the age of ‘helicopter banking’ – W.UP Digital Banking Weekly

Relying on their bank as an always-on service provider and a long-term advisor is more and more important for clients, a new survey on customer experience trends found. Banks may also need to revamp their revenue models as customer expectations change – and big techs move more into financial services.  

Customer experience trends turning the industry upside down

What are the main trends revolutionizing customer experience in banking? Check out the latest survey of financial software firm FIS to find out how mobile has become the main branch and why banks need to become the Yoda to their customers.

And most importantly, welcome to the age of helicopter banking!  Financial institutions have quite a task at hand: they’re expected to be always-on, to remain distant but accessible, to be a long-term advisor and to be there for their customers in the moment of need. Much like ‘helicopter parenting’ when bringing up millennials, The Financial Brand explained.

New revenue models to the rescue

“The traditional banking business model is no longer sustainable”, says Martin Haering, Chief Marketing Officer at Finastra. It’s time banks adapted their models to compete in the brave new world of customer expectations.

The answer? Haering recommends a ‘bank as a platform’ approach, which can open up entirely new ways to generate revenue, pump up innovation and deliver the exact services customers want. This is especially important at a time when banks are suffering from shrinking returns on their existing portfolio.

There’s no stopping Google

Google pushes further into financial services by rolling out new updates for P2P payments and payments info. Google Pay and Google Pay Send will merge so users can send or request money right from the Google Pay app (currently only available in the US but soon to be introduced in the UK, too).

But that’s not all. Google Pay now allows customers to split bills and makes it easier to manage payment info in the app and on the web. And with everything being synced with the user’s Google Account, when one’s payment info is updated on the web, it’ll be updated on their phone too.

Backbase and Jumio join forces

Backbase has teamed up with Jumio, the global leader in trusted identity as a service, to introduce AI-powered identity verification. They expect that this will help financial institutions slash abandonment rates and take digital onboarding to a whole new level.

Now customers on the Backbase digital banking platform can add Jumio’s online identity verification capabilities, making onboarding easier. Their shared banking customers already include HSBC and Metro Bank.

For more on what banks can learn from other industries and competitors about implementing AI and ML-driven technologies, and how to unlock their power in sales and analytics, download our white paper on AI in banking sales!

AI and ML in digital banking sales