Digital transformation in financial services is an ongoing process
Digital transformation alongside automation enablers like Artificial Intelligence (AI) and Robotic Process Automation (RPA), coupled with the responsible utilization of data assets will be determining business success factors over the next five years. While the landscape will be enormously different in the coming years, Phillips says that the brands who will succeed the most are those that move beyond a fascination with the technology itself but to understand how it can address ever-changing customer needs and expectations, remembering that winning will be defined by how the technology capability has delivered a world-class user experience.
Looking forward, increasing digital interactions, engagement, digital delivery of services or products will fast become the norm. The further demise of brick-and-mortar and its associated servicing models is almost guaranteed. Many more consumers and business move into the digital world. Seamless digital interactions that are built around user needs will allow organizations to deliver bespoke solutions in near to real-time, effectively removing friction in value delivery
The approach by financial institutions will need to change as they look to evolve. In this way they will gain a much better understanding of every consumer, recognizing too that they are all different.
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