Branches
Dissenting
with many forecasts, there will still be branches, because people want to see
who copes with their money, it is a matter of trust. But the branches will
change.
New fresh
bank counter design will provide an open and trustful image of future banks.
Generally the branches will look more inviting and more open to the customers.
There will most probably be fewer branches and smaller ones with less staff.
New technology will be provided inside. It might be possible 24/7 to get face
to face assistance via monitor and teleconference. Many services can be done by
the customer himself within the branch on special counters.
Further
also smaller developments have to be stressed, like new design for ATMs which
increases privacy.
Do-it-yourself
It is
estimated, that the customer can do 90% of banking services on his own. So why
not encourage the customer to do so and through this make banking faster as
well as save costs?
Future
branches might therefore rather resemble check-in counters at airports, where
the customers can do their banking business on their own. There will only be a
few people assisting these actions in case of questions or insecurities.
The most
opportunities for do-it-yourself banking most probably offers online banking. It
is accessible every day and during all times of the day. Further you can reach
it from your home via computer or mobile phone app. These online services will
be further redesigned to make it even easier in the future to do your business
from the place you are at the moment. Along with online and do-it-yourself
services comes mobile banking and customization.
Mobile
banking
Mobile
banking via the internet is definitely still a trend and a growing market. It
allows the customer to transfer money from every place he is. It paves the way
to 24/7 omniscient service, which also means 24/7 possibility to make business
and spend money, possibly increasing spending.
Furthermore
mobilization also concerns the field of assistance. The customer will connect
his device to the bank and get assistance via teleconference or video
conference directly on his mobile device or PC. This advantage makes assistance
faster, accessible from everywhere and every time. No longer the customer has
to go to the branch and queue or make an appointment if a problem appears, he
gets help instantly.
Customization
A trend for
the future is surely also customization. User interface will be tailored to the
customer´s needs in order to make access faster, easier and more efficient.
This might also reach new customer strata who are not using online services by
today. The advantages of the digital age, offering much data to analyze your
customer gives the company many opportunities to customize services, offers and
profiles.
There will
be new ways to perform research on customization. Demographics will no longer
play such an important role, the trend will shift to psychographics. Nowadays
many offers are tailored to life-stage banking but more efficient might be
lifestyle banking guided by the customers´ attitude, values and beliefs.
Cooperation turns to co-creation
Cooperation
is still essential in the future. But even more crucial is creating new
services and offers. In an interconnected world this will more often only be
possible in cooperation. Banks, retailers, technologists and telecommunication
providers will cooperate to co-create new trends. A focus should be especially
put on the cooperation between banks and telecommunication providers. Banks
have the knowledge, experience and licenses for the money business while the
telecommunication branch provides leading-edge possibilities to reach customers
as well as an overall network and infrastructure to offer services everywhere.
Cooperation
can also be regarded under the fact that people no longer strive for owning
things as long as they can still use them. Car-sharing schemes or internet
services like Spotify are an indicator for this trend. This might inspire some
new co-creations.
Digitalization
Digitalization
can be as well a blessing as a curse. Firstly it opens up new opportunities to
offer services to customers and make banking mobile and therefore everywhere
accessible. Secondly it provides the opportunity to gather more information in
an easier way, which allows the company to tailor its services and marketing
better to the demands of the specific customer.
However, digitalization
and major shifts triggered by it in the market of financial services also
changes the environment. New competitors in this field might appear, like for
example Google. The company recently started the Google Wallet service and
payment services are one of the three top priorities for Google in the future.
There are already real life examples how digitalization can change whole
markets and the structure in it. Apple is nowadays the world´s largest music
retailer with its iTunes online store, totally disrupting the market with its
initial actors.
Digitalization
also means "Bye Bye" paper, which has the advantage that many tons of
it will be saved, decreasing costs and having a positive effect on the
environment.
Sources
Matthäus
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