Last week in London, hundreds of key stakeholders from across the self-service banking industry came together for Self Service Banking Europe 2017 London. In a sunny London, software providers, hardware suppliers and banks all came together to talk about the exciting transformations happening in our banking industry. While there was much discussed, a few key trends emerged.
1) Physical and digital: No distinction for a #phygital mode
Throughout all industries, the digital and physical are merging, but this is particularly visible in the banking sector, where shifting demographics and rapid technological advances have brought more opportunities for businesses and a better service for customers.
The challenge here is for banks to implement technology which will allows the seamless management of the physical and digital modes, bringing the same customer banking experience on all channels.
2) Going Glocal
A challenge faced by many of the participants at the event was how to keep their traditional market, offering and connections, while adapting to an increasingly global financial landscape. Innovation is necessary to overcome this challenge, but it’s also an opportunity for banks to strengthen their brand perception and to draw in new customers. One of our own customers Banca d’Alba was at the event discussing how adopting an omnichannel approach was key, and helped them meet customers needs throughout all the channels: from the traditional self service machines to social networks.
3) Knowing your customer is more important than ever
Shifting consumer behaviours have had an impact on banks. Younger customers have different expectations and demands to those of their parents or grandparents’ generations, as they are used to a technological world in which they can access services 24/7, wherever they are. In this changing technological environment, it is more important than ever to understand your customers and the technology they want to use to access your services.
This means that the bank is no longer just a physical environment. Customers expect the same experience regardless of the platform they are using to access to your services. This doesn’t just mean branding – it could be starting a transaction on their phone, and completing it on an ATM, or walking into a branch and the staff knowing their history with the bank.
4) Omnichannel gets clever
Taking an omnichannel approach has been a winning strategy for banks for over 20 years, but as the industry adapts to an influx of data, banks must find a way to make full use of it. Omnichannel means that banks relate to their customers on a huge number of channels, all of which need to seamlessly draw data together and communicate with each other.
Banks benefit fully from the massive amount of data and information derived from all their touchpoints. But businesses need to find a way and the right tool to extract, collect, process and analyse data from all channels used by clients, on the base of transactions and services provided by the bank, from an omnichannel perspective, to discover connections and to identify trends or useful segmentations to support business decisions and identify timely market strategies.
Technology is transforming banking services
This is an industry which is innovating, growing and continuing to transform and power the banking industry – this was clear to see at Self Service Banking Europe. The consumer demand is there to support the evolving technology on display. Brits love their banks. A recent survey by Money Saving Expert looking at the last time people used their bank branch showed that, across all generations, there is a still a strong group of regular users of bricks and mortar branches. A fifth of respondents under 25 had used a bank branch within the last week. 43% of UK respondents to a recent survey said they use an ATM on a weekly basis.