BANKING electronic payments and customer support represent some of the areas where banks can focus digital investment to reduce operating costs in parallel to their investments in creating unique experiences and driving innovation .
Li : Throughout 2024 , digital transformation will continue to change how credit , in particular , is applied for and assigned to consumers .
Traditionally , there are high barriers of entry to accessing credit and lengthy approval processes and , even once an individual is approved , banks often issue credit cards with one-size-fits-all terms , rather than providing a tailored product based on that individual ’ s specific needs .
“ 2024 may well be the year that open banking becomes a mainstay in the global financial landscape ”
VIREN PATEL INDUSTRY STRATEGIST FOR
FINANCIAL SERVICES AND INSURANCE , WORKDAY
Recent digital innovations in embedded finance mean that shorter-term credit offerings such as buy now , pay later ( BNPL ) can give consumers immediate access to credit at checkout .
Additionally , merchants and retailers can now issue their own embedded cards directly to customers as part of a credit card programme .
These credit cards can be seamlessly integrated into customer shopping experiences , harnessing huge volumes of data to offer consumers contextualised , personalised rewards and an intuitive customer experience . fintechmagazine . com 47