June 29, 2017The Age of the Customer, Featuring Forrester Insight

In our webinar, The Future of Banking: Adopting Innovative Technology, guest speaker Alyson Clarke from Forrester Research explored how groundbreaking technologies have empowered customers and given rise to a new era of digitalization.

The smartphone is the most recent example of how technology can transform how individuals interact with businesses. Ten years after the first iPhone release, customers today can do nearly everything from their phones, including mobile banking. This mobile revolution has brought about ‘the age of the customer,’ in which clients are in control instead of businesses.

So how can banks get ready for the next evolution of technological advances in order to meet their clients shifting expectations?

Move to where your customers are

It used to be that customers had to go to where the businesses were. That’s no longer the case; companies must be online and mobile if they want to reach their clients. As the Internet of Things (IoT) continues to develop, businesses will need to connect with clients completely on their terms and through the platforms they use most.

Use data to personalize

Many clients think that banks all offer mostly the same products, mobile experiences, and types of accounts. With artificial intelligence (AI) and cognitive technology, banks will be able to personalize their customers’ experiences by predicting what they need instead of simply trying to sell them the newest product.

Collaborate to create value

Instead of a bank trying to do everything themselves, an ecosystem of partners that specialize in different areas will create a well-rounded customer experience. As clients’ expectations evolve, they will expect services that are up to their standards and accessible in one place.

Invest in foundational initiatives

No innovation is perfect from the start. For instance, today’s chatbots offer uneven experiences and aren’t developed enough for extensive use in the financial services. But once chatbots have access to real-time data—which will happen soon—they will advance exponentially. By investing in innovation in its infancy, banks won’t have to play catch-up when big developments take place.

To find out more about how customers will be banking in the future, including relevant examples and a real-time chatbot use case showcased by Appway’s Zoe Niu, you can watch the recording of The Future of Banking: Adopting Innovative Technology webinar.

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Written byJürg TrunigerProduct Marketing Lead, Appway