The banking industry is in a better place this year and has submerged from the financial slump in 2018.
As banks are forced to adapt to modern customer lifestyles, there is a substantial shift in the banking industry today. Digital banking is shaping how banking clients manage their finances every day.
Why is digital banking growing?
This shift will also help banks to be less dependent on their traditional channels and be accessible to more clients wherever they are.
Here are the digital predictions that will happen in the banking industry for 2020:
5G will greatly improve the customer experience
Mobile banking will be made easier with faster internet service and hasten the process of transacting with customers online. This will boost the customer experience and will offer a more intelligent business process.
Use of enhanced data to project timing of need and purchase propensity information
Knowing the behavior of consumers in terms of purchasing is relevant to predict and understand what the consumers want to buy and need. Having the knowledge of the customer’s journey and behavior using social listening tools becomes an asset to effectively cater to the customers.
Increase in competitive digital-banking-only landscape is going to cause banks to overhaul their entire business, catering to the demands of the digital era
Since the majority of the consumers are relying on digital banking, mobile banking to be specific, banks are now forced to change the landscape of their businesses and strategies to cater to the market’s needs. They make use of the platform as a payment method by bank transferring.
Artificial Intelligence will drive banking processes and strategy
Banks are using automation solutions to make hassle-free transactions. Internal business processes are made to cut down on time and resources, resulting in a more effective and efficient customer experience.