FUTURE OF FINANCIAL SERVICES
of their interactions with a brand , especially when it comes to money .”
Indeed , the outcome of a consumer ’ s interaction with a bank is dependent on the product ( s ) a bank employs , and the quality of a product is , inevitably , dependent on cost .
As O ’ Neill puts it : “ Customer experiences are improving across the board , and banks now have to compete with the customers ’ last best digital experience – whether that experience was with a financial product or not .
“ Better customer experience often means more personalisation , and with increased consumer awareness of the capabilities of AI , customers will be demanding more personalisation as well as closer affinity to their daily lifestyles .
“ One of the key challenges is going to be how to use data to offer better , more personalised experiences to customers while making sure those experiences are useful and that personalisation doesn ’ t come across as invasive .”
This sentiment is echoed by Roy , who adds : “ Banking is about money , at the end of the day . And when it comes to products like loans , the cost of the product matters as much as the customer experience .
“ Especially in the current financial climate ( through the cost of living crisis and high inflation / rate regime that we are likely to witness over the next few quarters ) it is all the more important to make the underlying product more attractive .”
Banking in 2024 : Improving efficiencies Of course , with a better product comes better prospects of meeting the demands of customers – many of whom frequently experience the supreme user journeys of
large tech and commerce firms – chiefly Google , Amazon and Apple .
But , in today ’ s macroeconomic environment , disposable cash to invest in new products and services is hard to come by , particularly as venture capital consolidates following the post-pandemic funding spree in 2021-2022 .
This is where back office efficiences step in to cut unnecessary costs . For banks , making back-end processes more costeffective has become increasingly important .
108 January 2024