17 Aug PWC Publishes Report On Fintech And New Technologies In Banking
PWC published a new report in co-operation with the Dutch Banking Association on how fintech and new technologies can benefit banking customers and strengthen the positions of the banks that will be able to incorporate new technologies to better service their customer base going forward.
Banking customers are increasingly expecting digital banking services due to the general digitization of products and services. Banks need to adapt to these new customer demands to offer the best possible services to its customer base and to ensure customer loyalty. As there are now many competitors for traditional financial services transactions, such as money transfers, currency exchanges, digital payments, etc., it is important for banks to innovative their services offering not to lose customers. Given that banks tend to have a stable and loyal customer base they are actually in a great position to take advantage of new innovations by actively seeking co-operations with companies from the fintech sector.
Key banking-relevant developments in financial technology that the report highlights are customers’ expectations to ‘go mobile’, adopting the Blockchain technology to monitor transactions, the use of artificial intelligence to digitally respond to customer queries, the advanced use of data analytics to improve risk management, the use of cloud computing to reduce costs, using biometric applications for authentications, the use of robotics to improve customer experiences and adopting Internet of Things (IoT) technologies to create a smoother and more efficient customer experience.
The report further highlights the mutually beneficial relationships that banks and fintech start-ups are forming through accelerators, innovation projects, and collaborations, as both parties recognise that they need each other to best serve the so-called ‘super consumer’. The ‘super consumer’ is a newly emerging type of financial services consumer who expects a high quality of service and shares their views about their experiences with companies with their peers publicly.
