Instead , customer databases should be centralised to break down silos and back-end systems should be containerised so they can be improved upon without impacting the rest of the organisation .
Of course , we also can ’ t talk about innovation without mentioning AI . A strong customer experience is important to stay relevant , and AI is showing signs of upgrading this . Banks should be investing in the technology now to give themselves an edge over competitors .
Q . DO YOU FEEL MODERN-DAY BANKS ARE DOING ENOUGH TO RETAIN THE TRUST OF THEIR CUSTOMERS ?
» Retaining customer trust is a top priority for modern-day banks and every senior technology and business leader is constantly thinking of two things - cybersecurity and fraud .
Digital native generations are making for an increasingly tech-savvy customer base . Our Trust in Generative AI survey showed that 44 % of ‘ Boomers ’ expressed a total lack of trust in AI , compared to 21 % of Millennials , and just 12 % of Gen Z consumers .
We need to meet these generations where they are and that means moving towards a more digital environment , without opening up cybersecurity risks . To combat this , modern-day banks are continually asking themselves how risks can be minimised and eliminated , and how data leaks and breaches can be prevented . fintechmagazine . com 21